Bank of India Locker Charges – Updated Details on Fees & Terms

*T&C Apply

On advance rental: Paid for 2 years or more: 10% concession in rent.

30% discount for salary account holders.

Security Deposit and Locker Key Policy of Bank of India

The Bank of India provides its customers with the valuable service of safe deposit vaults. Below are the key points that outline the policy for the Bank of India safe deposit locker service:

The objective of the policy

The objective is to establish clear guidelines and procedures for the safe and efficient operation of Safe Deposit Lockers, in line with the Reserve Bank of India’s revised instructions. The policy covers various aspects such as:

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• Customer due diligence for locker allotment
• Locker allotment and transfer procedures
• Locker security standards and vault infrastructure
• Nomination facilities and claims settlement
• Closure and discharge of locker items
• Compensation matters in case of issues
• Publicity and customer guidance

Customer Due Diligence for Allotment of Lockers

Before allotting a locker, the bank will perform due diligence on the customer to ensure that all regulatory and legal requirements are met.

Locker Allotment

The bank will allot lockers based on availability, and customers will be informed of the locker type and associated fees.

Transfer of Locker

Customers can request a transfer of their locker to another branch or location, subject to availability and following the bank's internal processes.

Infrastructure of Vault Room and Locker Security Standards

The bank will ensure that its vault rooms meet the highest security standards.

Locker Operations

The bank will provide operational guidelines for customers to access their lockers during business hours.

Nomination Facility & Settlement of Claims

A nomination facility will be available for customers, allowing them to nominate a beneficiary who will have access to the locker in case of their demise.

Closure and Discharge of Locker Items

When a customer decides to close their locker, the bank will ensure that all items are returned to the customer after due verification.

Compensation Matters

In the event of any loss, theft, or damage to the locker or its contents due to the bank's negligence, the customer may be entitled to compensation.

Customer Guidance and Publicity

Through various channels, the bank will actively inform and guide customers regarding the locker services, fees, and policies.

Eligibility Criteria and Required Documents for Bank of India Locker

These documents are necessary for completing the locker agreement and ensuring the safety and security of the locker.

1. Identity proof: A valid identity proof of the customer, such as an Aadhar card, passport, voter ID, or driver’s license.
   
   
2. Address proof: Address proof of the customer, such as recent utility bills, rent agreement, or any government-issued document with the address mentioned.
   
   
3. Photographs: Recent passport-sized photographs of the customer(one or more).
   
   
4. Locker details: Locker number and key number as specified in the agreement.
   
   
5. KYC documents: KYC documents for verification as per regulatory requirements.
   
   
6. Nomination form: If the customer wishes to nominate someone for locker access, the nomination form is required.

How To Apply for a Bank of India Locker Online?

Step 1: Visit the official website of Bank of India. In the navbar you will see a search option click on that and write Locker request.

Step 2: The search bar will show you a heading of “Locker Request” after searching. Click on that.

Step 3: After that, you will see two buttons “Apply Online” and “Track Status.” Click on the “Apply Online” button.

Step 4: You will be directed to a new page where you will see three columns “State,” “City” and “Branch.” Select your state, city, and branch from the dropdown and click on the “ Submit” button.

Step 5: After submitting the form, the bank will review your application, and verify your identity, and if approved, you will be notified about the availability of a locker, the required documentation to sign a locker agreement, and the process to pay the initial locker rent.

Note:- Sometimes after clicking on the “Submit” button it does not work so wait for some time. Even after some time if it does not work you can contact their customer care number for query 1800 103 1906 or you can mail them at cgro.boi@bankofIndia.co.in

How to apply for Bank of India Offline?

1. Visit the Nearest Bank of India Branch

Go to a branch of the Bank of India that offers safe deposit locker facilities.

2. Request Locker Application Form

Ask for the locker application form from the branch. The form is usually available at the counter or can be provided by a bank officer.

3. Fill Out the Locker Request Form

Complete the form with your details, such as name, address, contact information, and any other required information.

4. Submit Identity and Address Proof

You will need to submit valid identity proof (such as Aadhaar, passport, voter ID, etc.) and address proof (such as utility bills, bank statements, etc.) for verification.

5. Choose the Locker Size and Type

Depending on availability, you can choose the locker size (A, B, C, D, E, F, etc.) that suits your requirements. The bank staff will guide you in selecting the appropriate locker.

6. Pay the Locker Rent

Pay the locker rent as per the type and size of the locker chosen.

Advance rent for one year or more may be required.

7. Security Deposit (If Applicable)

In some cases, you may be asked to provide a security deposit or Term Deposit for covering locker rent and other related charges.

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8. Complete the Documentation

After filling out the form and submitting the necessary documents, the bank will process your request and may ask you to sign a Locker Agreement outlining terms and conditions.

9. Receive Locker Allocation

After processing your application, the bank will allocate a locker based on availability.

10. Pay the Locker Charges

The bank will notify you of the annual locker rental charges.

11. Final Confirmation and Access

Once everything is processed, the branch will confirm your locker allotment and provide you with the locker keys.

How to Surrender a Bank of India Locker

To surrender a Bank of India Locker, you can:

• Visit the Bank of India branch where your locker is located
• Apply to the branch manager
• State the reason for closing the locker
• Provide details of your locker
• Pay any remaining rent
• Empty the locker
• Return the locker key
• Sign the required forms
• Collect a duplicate copy of the locker surrender form.

Conclusion

Bank of India offers a reliable and secure solution for individuals looking to safeguard their valuable possessions with its Safe Deposit Locker facility. Whether you're an existing or walk-in customer, the process is straightforward and accessible online and offline.

With various locker sizes available across metropolitan, urban, and rural centres, customers can choose the option that best suits their needs. Additionally, the reasonable locker rent, discounts for advance payments and specialized facilities for staff and retirees make it a highly attractive option.

FAQ’s Related to Bank of India Locker

1. what is the process to apply for a Bank of India Locker?

Visit the branch, complete the application form, provide KYC documents, pay locker rent, and receive locker allocation upon verification.

2. Are there discounts available on Locker rent?

Yes, a 10% discount is available for advance rent paid for 2 years or more, and salary account holders can avail up to 30% discount.

3. Can I access my Locker anytime?

Yes, lockers can be accessed during the bank's operating hours. Ensure you carry the locker keys and meet security protocols.