Most of us prefer to use a bank locker to keep costly goods such as jewellery and crucial documents safe. We prefer to utilize the locker service at a branch near our home. However, you may find that the bank does not have any lockers accessible in that branch since they have already been taken.

How to obtain a bank locker quickly — How to get a bank locker quickly?

In such a case, if you wish to open the locker in that branch, you can sign up for the bank’s locker wait list. Banks are mandated by RBI regulations to keep a wait list for locker allotment. Every application for a locker should be acknowledged by the bank and assigned a wait list number.

The lockers are available on a first-come, first-served basis. As a result, if someone cancels their locker service and your name appears on the waitlist, you automatically qualify for it.

You do not need to have a bank account to use the service. Banks typically require you to open a fixed deposit (FD) with them in order to use the locker service.

According to RBI regulations, banks may require depositors to open a fixed deposit equal to three years’ worth of rent plus fees for opening a safety deposit box in the event of an emergency. The bank will issue an acknowledgement of the FD, which will be held as a security deposit.

You must use your locker on a regular basis or the bank will cancel the allotment and unlock the locker regardless of whether you have paid the rent or not. The bank, however, will first send a notice.

Customers with a medium risk profile should use the locker at least once every three years, while high-risk customers should use it at least once a year. Banks categorise their customers as low, medium, or high risk based on a variety of factors such as financial or social position, sort of company activity, and consumer geography.