Process for hiring Bank Locker:
In order to rent a safe deposit vault, you must first have a savings account with the particular bank. Some banks may also ask you to deposit a fixed amount as cautionary deposit for a specific time period. You have to pay the locker rent in advance, either for one year or more, depending on the bank. Apart from the usual documents required for opening a bank account (identity and address proof), banks conduct a signature verification process before renting out a locker.
You can operate the locker either singly or jointly, but only one key is allotted per customer, while the other key remains with the bank.
A bank locker can be assigned to any adult, firm or association, on a single or joint basis. You have to fill a simple locker application form and locker agreement, agreeing to abide by the terms and conditions, and pay the deposit amount and the rent. Most banks insist on some kind of financial collateral. So, they give a locker only to their existing account holders, or to those who agree to open an account (savings or current) or make a fixed deposit that covers rentals for three years and charges for breaking open the locker in case of an eventuality.
