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Bank of Baroda provides safe deposit lockers for people to put their valuables, like gold, jewellery, important documents, etc., into. The charges for Bank of Baroda lockers vary according to the locker type you select. In short, this indicates that one will have multiple options to choose from to secure their valuable items in Bank of Baroda. In this blog, we will learn about the Bank of Baroda locker types and the charges available for each of them, benefits, and features.
Key takeaways:
Bank of Baroda offers multiple variants of its lockers for people to deposit valuables safely.
Every locker may have certain charges that people need to fulfil as per the Bank of Baroda's policies.
The Bank of Baroda offers safety lockers in different sizes to its customers.
What are the benefits of the Bank of Baroda locker?
There are various benefits of the Bank of Baroda safety deposit locker. These include alarm systems, code word facilities, etc.
Here are the major benefits of the Bank of Baroda facility:
Modern lockers: Bank of Baroda offers state-of-the-art safe deposit lockers to customers.
Burglar alarm system: The locker facilities use the latest burglar alarm systems to help protect the lockers.
Code word facility:The bank provides the code security facility to customers.
Different sizes: Lockers are available in different sizes as per the customer’s preferences.
Hence, these are the major benefits of the Bank of Baroda.
What are the core features of the Bank of Baroda safety deposit locker?
There are certain features that Bank of Baroda facilitates through its locker services, including safe storage, locker fees, etc.
Here are the features of the Bank of Baroda safety deposit locker:
Safe storage: Bank lockers and safe deposit vaults offer a secure way to keep valuables such as jewellery, important documents, and other precious items.
Annual locker fee: The relationship between the bank and the locker hirer is that of a lessor and lessee. Customers are required to pay an annual fee for keeping a locker with the bank.
Fee based on locker and branch:The locker fee depends on factors such as the locker size and the branch location, whether it is in a metro, urban, semi-urban, or rural area.
Hence, these are the features of the Bank of Baroda safety deposit locker.
What are the Bank of Baroda locker service charges?
The Bank of Baroda provides locker service charges to people according to the variant they choose to keep their valuables.
Here are the Bank of Baroda locker service charges:
Class of Locker
Metro/Urban (₹)
Semi-Urban/Rural (₹)
A
1,500
900
H
7,000
5,500
L1
10,000
8,000
L
Nomination facility: Customers can nominate both the locker and the items stored inside it.
Dual control:
The bank uses a dual-control system for its lockers, which adds an extra layer of security.
Security cover:The bank states that valuables kept in the locker are secured up to 100 times the annual locker rent.
Locker rent discount:Customers can get up to 50% off on locker rent.
Quick locker allotment: Locker allotment is available through the branch as well as various digital channels.
Nomination facility:Lockers and their contents can be nominated.
B
2,000
1,000
D
2,800
1,500
C
3,000
1,700
E/H-1
4,000
2,200
G
7,000
5,500
F
7,000
5,500
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10,000
8,000
Note: All service charges are exclusive of GST. W.e.f. 20.06.2019, GST at the applicable rate that is 18.00% (at present), of service charges will be levied extra on these service charges.
Hence, these are the Bank of Baroda locker service charges.
What are the other service charges the Bank of Baroda applies for locker facility?
There are some other charges the Bank of Baroda applies to the customer when choosing their locker facility.
Here are the other charges applied:
Locker Breaking Charges: In case the locker needs to be broken open, an incidental charge of ₹1,000 will be recovered in addition to the actual cost incurred for breaking open the locker.
Late Payment of Locker Rent: A penalty will be charged when the locker rent is paid after the due date:
a) For annual locker rent of up to ₹3,000:
₹200 per month or part thereof for the first three months.
₹50 per month thereafter.
b) For annual locker rent above ₹3,000:
₹500 per month or part thereof for the first three months
₹100 per month thereafter.
Advance Payment Discount for General Public:A 10% discount on locker rent may be allowed to general public customers when the rent is paid in advance for 3 years.
Advance Payment Discount for Premium Current Account Customers: A 20% discount on locker rent is available to Premium Current Account and Premium Current Account Privilege customers when the rent is paid in advance for 3 years or more.
Locker Operations Above 12 Times a Year: For general public customers, an additional charge of ₹100 per occasion will be levied for locker operations exceeding 12 times in a year.
Maximum Advance Rent Period:Locker rent can be paid in advance for a maximum period of 3 years.
Hence, these are the other charges the Bank of Baroda will apply in the circumstances mentioned above.
What are the rules for lockers in the Bank of Baroda?
Taking the locker facility of the Bank of Baroda needs to be followed by certain rules by the customers.
Here are the rules one needs to follow:
A lessor and lessee (licensor and licensee) relationship exists between the bank and the person who hires the locker.
The person who rents a safe deposit locker is the lessee, while the bank is the lessor (licensor).
Locker hirers must not keep any illegal or dangerous items in the safe deposit locker.
Locker rent must be paid annually.
Customers who pay the locker rent in advance for three years may receive a 10% discount.
Locker rent is collected in advance.
If a customer surrenders the locker, the proportionate amount of advance rent collected will be refunded to the customer.
Hence, these are the regulations customers need to follow if using the Bank of Baroda’s locker facility.
Bottom line:
Bank of Baroda lockers provide a secure place to keep valuables and important documents. The locker charges depend on the locker size and branch location. Customers should also check the applicable GST and additional charges before choosing a locker. Knowing the charges and rules can help customers use the locker facility without any confusion.
FAQs:
Does Bank of Baroda provide the additional charges for the locker facility?
Yes, Bank of Baroda charges additional fees for the locker facility in terms of penalties, late payment, etc.
What is the advance payment discount for the general public provided by the Bank of Baroda for locker facilities?
When the customer pays the advance payment for 3 years for the BOB locker facility, they may get a 10% discount from the bank.
What items can be deposited in the Bank of Baroda locker?
Valuables such as jewellery and important documents can be kept in the locker, subject to the bank’s applicable terms and restrictions.
Mention any one rule for the BOB safe deposit locker?
The locker rent must be paid in advance, and the rent cycle will be done annually. This is one of the major rules followed for the Bank of Baroda’s locker facility.
Can I put a code security in my Bank of Baroda safe deposit locker?
The Bank of Baroda provides the facility of the coding system for security to customers for their safe deposit lockers.
Does Bank of Baroda provide different locker variants to people according to their choices?
Yes, Bank of Baroda offers lockers in different sizes/classes, subject to availability.
Can I put my property documents in the Bank of Baroda safety deposit locker?
Yes, one can put their property documents in a Bank of Baroda safe deposit locker.
Is Bank of Baroda a private bank or a public bank?
Bank of Baroda is considered a public sector bank.
Are the Bank of Baroda safe deposit locker charges different for urban and rural areas?
Yes, the Bank of Baroda safe deposit locker charges are different for urban and rural areas.
What are the locker charges applied for the L1 locker type in urban areas?
The Bank of Baroda locker charges for the L1 locker type are ₹10,000 in urban areas.
