Indian Bank Locker Charges 2024 – Get Locker Online

Indian Bank was established in the year 1907 as a part of the Swadeshi Movement. After 7 decades of operation, the Government of India inherited this financial institution in 1978. At present, this bank extends services through 2900 branches established all across the country. Apart from different banking facilities, Indian Bank also offers locker facilities to its customers. Know about the Indian Bank locker charges, if you are willing to book a locker here. 

Latest Indian Bank Locker Changes and Its Types

The locker charges in Indian Bank are different compared to other banks. Depending on the locker size the annual rental charges are determined:

For this bank, a small locker measures 4.5 x 5.875 x 20.75 (in inches). Whereas, large lockers are 15.5 x 19.9375 x 20.875 (in inches). 

If you delay paying bank locker charges in Indian Bank, the overdue is calculated as per the following regulations:

1. First quarter: 10% of annual locker fee
2. Second quarter: 20% of annual locker fee
3. Third quarter onwards: 25% of annual locker fee
4. Fourth quarter onwards: 40% of annual locker fee

Features of Indian Bank Locker

There are several exclusive features of Indian Bank lockers available to customers opting for this facility. These include:

1. Availability of various locker sizes like small, medium, large and extra-large varies according to locations.
2. In addition to the locker size, the rates can vary based on location as well.
3. You can set the auto-debit feature for paying your Indian Bank locker charges which makes locker maintenance a lot easier.
4. Nomination details can be added swiftly both for individual and joint lockers. Also, the procedure of releasing locker contents to the nominee is simple. 
5. You can visit the bank on any working day to access your locker. Up to 12 locker visits are free for a particular year. After that, the bank will charge ₹100 per visit.

Eligibility Criteria to Open an Indian Bank Locker

Before you continue searching further for Indian Bank locker charges, ensure to be aware of the basic criteria necessary for booking a locker. These eligibility requirements include:

1. Individuals can apply for the locker facility either singly or jointly.
2. Two or more people with clauses like “Former or Survivor”, “Anyone or Survivor” or “Either or Survivor” are eligible
3. Firms, trusts and limited companies can also opt for locker services.
4. Even non-resident Indians with an existing Indian Bank savings or current account can get a locker.

Documents Required to Open an Indian Bank Locker

To hire a locker you must submit updated copies of each of the following documents:

1. KYC documents (Aadhaar card, PAN card, Driving licence, Passport, NREGA job card, Voter ID card)
2. Recent passport-size photograph
3. Passbook or chequebook photocopy of your existing bank account
4. Locker agreement (involved stamp duty varies according to respective State Government)

In addition to these documents mentioned here, you are also required to issue a security deposit while opening a locker. Indian Bank demands this sum to cover unforeseen expenses that may arise from events like the loss of keys. 

Please note: The document list is as per the updated norms issued on 15th May 2023.

How to Open an Indian Bank Locker Online?

Please follow these steps for a hassle-free locker opening experience:

• Step 1: Search with the phrase “Indian Bank Online Locker” and tap on the first link.
• Step 2: In a new window enter your state, centre, and branch and finally fill out the CAPTCHA carefully.
• Step 3: Click on ‘View Availability’.
• Step 4: Considering your desired locker size is available, continue filling out a locker opening form.
• Step 5: Upload the scanned files of all above-mentioned documents.
• Step 6: Add the necessary nomination details.
• Step 7: Finally, click on ‘Submit’.

Now, you have to wait for SMS confirmation from the bank’s end. 

How to Open an Indian Bank Locker Offline?

Besides a convenient online method, Indian Bank has kept its traditional offline method active for opening a new locker. Here you can refer to the steps involved:

• Step 1: Visit the official website of the Indian Bank.
• Step 2: Navigate to the ‘Departments’ tab and select ‘Application Forms’.
• Step 3: Download a Locker Application Form.
• Step 4: Duly fill it out and submit the necessary documents to your nearest Indian Bank branch. 

Indian Bank Locker Rules & Regulations

Just knowing about Indian Bank locker charges and eligibility criteria is not sufficient to ensure smooth locker operations. You should learn about the operating protocols as well to avoid penalties. 

Here we have listed the rules:

1. You must visit the concerned branch along with the locker keys to access any locker content inside during normal banking hours.
2. During each visit you must enter the locker number details, and time of visit and duly sign the register before entering the vault. Also, you should abide by the instructions of the in-charge of safe deposit lockers.
3. You cannot enter the deposit vault alone and must be accompanied by the in-charge admin.
4. Before coming out of the vault you must ensure that nothing valuable is left behind inside the locker room.

Final Words

If you are satisfied with the Indian Bank locker charges you can consider using their facilities. Your valuables will be completely secure as no one except the hirer is allowed to access the locker contents. For related assistance, the bank officials always stay in touch with you. 

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.