Do you need a minimum fixed deposit to have a bank locker in Indian overseas bank in India?



I was informed you need to have a fixed deposit of 2 lacs to have a bank locker in Indian Overseas Bank. Am I being misinformed?

Are there any other nationalized banks where such locker facility is free or available at a nominal charge?

Do you need a minimum fixed deposit to have a bank locker in Indian overseas bank in India?
Rate these answers

6 Replies to “Do you need a minimum fixed deposit to have a bank locker in Indian overseas bank in India?”

  1. Normalley they will ask us to do certain minimum amt intheir bank as FD so that the interest coming out of it should be sufficient for their locker rent in case if we fail to pay the locker rent.


  2. To avail locker facility some minimum deposit ranging from 15000 to 25000 is being insisted by bankers in India. It varies from bank to bank.


  3. Bank lockers are always on demand. Big Fixed deposit account holders are considered as valuable customers to the bank. Facility available with bank branches are insufficient even to meet those priority customers needs.Your request for such facility will be in waiting list for ever unless you deposit huge amounts to compete and become a priority customer. This is the situation in almost all Nationalised banks in India.

    A.Rajagopalan


  4. Provision for banks insisting on caution deposits(interest on which has to cover annual hire charges) is as per RBI guidelines. Such Safe deposit lockers facility is always in demand all over-to get priority allotment, you may have to strengthen your relationship with bank with higher deposits.


  5. Actually there is no need to have a deposit(FD) account in the bank if u want a locker..its more of a practice than rule…its just to ward of unnecessary enquiries about lockers and also a good way to get good genuine customers to the bank


  6. Legally speaking no. as per banks policy also there is no need to give deposit to take a locker. since locker are in demand managers insist on deposits
    srikanth





Leave a Reply

Your email address will not be published. Required fields are marked *