At times it feels too risky to store valuables like jewellery and other important papers at home. There is no doubt that many would relate to this and thus they look for reliable locker facilities. To meet these requirements, Bank of Baroda offers Deposit Lockers, a safe place for anything that holds value for you.
In this article, we will walk you through the Bank of Baroda locker charges and other associated details that you need to know.
Latest Bank of Baroda Locker Charges and its Types
In the table below, you can see the updated Bank of Baroda locker rent charges:
The locker types are also referred to as classes. You will find the final rent a bit higher compared to the fee mentioned above as here the rates are GST-exclusive.
For the latest Bank of Baroda locker charges in India, it is in your best interest to check the bank’s official website.
Features of Bank of Baroda Locker
Depending on the location (metro/urban or rural/semi-rural), the annual locker fee changes.
Here are a few other noteworthy features that make Bank of Baroda lockers one of the safest options for storing valuables:
- The lessor ( bank) and lessee (customer) relationship is well-defined for all who use the Bank of Baroda locker facility. As per the legal agreement, it strictly prohibits a person from keeping illegal items in a bank locker.
- You get a flat 10% discount on Bank of Baroda locker charges upon furnishing an annual rent for three years in advance. Also, the refund claim process is hassle-free if you wish to revoke the facility amidst the already-paid term.
- The bank offers an auto-debit facility from existing savings or current accounts for seamless deduction of the locker fee.
- Nomination details can be easily added, modified and deleted via online or offline means.
- All BOB branches giving locker facilities offer a special feature called ‘Dual Control’ which makes managing the safe deposit lockers a lot easier.
- The allotment process for a new applicant is quick and takes place through digital channels.
- You can apply for a locker singly or jointly on having an existing savings or current account with the bank.
- Two or more people with “Anyone or Survivor”, “Either or Survivor” or “Former or Survivor” clauses can opt for locker facilities.
In case of further queries, you should get in touch with the bank before opening a locker.
Eligibility Criteria to Open a Bank of Baroda Locker
The following entities are eligible to open a Bank of Baroda locker facility.
- Resident Indians
- Non-resident Indians
- Private/Public Limited Companies
Note: Bank of Baroda does not allow locker allocation to minors.
Documents Required to Open a Bank of Baroda Locker
It is vital to present all the below-mentioned documents for gaining access to a BOB locker.
- KYC documents like an Aadhaar card, Passport, PAN card, Voter ID card, NREGA job card, or Driving licence
- Passport size photos
- Details of your Bank of Baroda savings account or current account, such as a photocopy of the passbook or chequebook
- Security deposit
- Locker agreement
Once the bank officials confirm the authenticity of these papers, you can start using the locker for storing valuable possessions.
How to Open a Bank of Baroda Locker Online?
Here you can find step-by-step guidance on how to apply for a Bank of Baroda locker online:
- Step 1: Visit the Bank of Baroda’s official website.
- Step 2: On the homepage, click on the ‘Apply Now’ button. In the new window, you will be able to fetch information about the branch-wise availability of lockers.
- Step 3: Mention your state, district and branch before submitting the details. Now, all the Bank of Baroda branches with locker facilities appear on the screen. At this stage, you can inspect the locker availability.
- Step 4: Click on ‘Register’. Here, you have to fill in some additional details and mention whether you are maintaining a bank account with the Bank of Baroda.
- Step 5: Carefully fill out the account details like the account holder’s name, account number, contact information, etc. and solve the CAPTCHA.
- Step 6: Finally, click on ‘Submit’.
Always keep the reference number handy for further processes. You will receive this information on your BOB account-registered phone number.
How to Open a Bank of Baroda Locker Offline?
If you have already collected the specifics regarding Bank of Baroda locker charges, now you can follow these steps to avail the offline locker facilities.
- Step 1: Visit the nearest BOB where a locker facility is provided and enquire about the locker availability.
- Step 2: Take care of the KYC formalities and duly fill out the locker opening request form.
- Step 3: Finally, you must acknowledge a Memorandum of Letting and pledge your FD to cover the locker fee.
Bank of Baroda Locker Rules and Regulations
In the upcoming section, you will find the most important regulations related to the operations of a Bank of Baroda locker:
- To be eligible for a locker, you must be an existing current or savings account holder of Bank of Baroda.
- Single ownership of lockers is allowed only for people aged above 18 years. Minors can be added in case of joint ownership.
- For NRIs trying to open a locker in the Bank of Baroda, no prior certification is necessary from RBI’s end.
- Lockers are allotted on a first come first served basis.
- You must access the locker contents at least once every 6 months. Failing to operate the locker for more than a year leads to a notice initiation stating that the bank may cancel the allotment because of safety concerns.
Once you pay the Bank of Baroda locker charges annually, the concerned branch starts protecting all your valuables. You can confirm the rates mentioned above by contacting your nearest branch. Considering you are satisfied with the response, you may continue opening a new safe deposit locker.
Possibly yes, you can change the size of a Bank of Baroda locker after opening one. It depends on the locker availability for a concerned Bank of Baroda branch. You can call the bank officials or visit the branch to get confirmation regarding the same.
The RBI introduced a phased renewal provision for existing bank locker agreements. Under this regulation, you must resubmit locker agreements for existing safe deposit accounts by 31st December 2023.
You are not supposed to store cash or any currency in a bank locker. Banks vouch to safeguard only legitimate metals like jewellery, important documents and other valuables inside protected vaults.
For inoperative lockers (of above 1 year) or owing to non-payment of the annual rent for a long period, the bank holds the right to open a person’s locker. However, they will be informed before such actions.
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.