Locker Services with Bank Accounts

[krishc]

Today I checked out the big 3 viz. ICICI, HDFC & SBI for a locker for my mother.
ICICI told me it'd take an FD plus another heavy recurring annual investment for them to allot a locker, annual charges 5300, only one size available.
HDFC flat out said there's none available.
SBI said only Branch manager deals with locker matters and kept me waiting - so I left after a time.

Does anyone know of any other bank who provides good locker services and with less demands than that of ICICI.

 

[TheTrickySid]

Today I checked out the big 3 viz. ICICI, HDFC & SBI for a locker for my mother.
ICICI told me it'd take an FD plus another heavy recurring annual investment for them to allot a locker, annual charges 5300, only one size available.
HDFC flat out said there's none available.
SBI said only Branch manager deals with locker matters and kept me waiting - so I left after a time.

Does anyone know of any other bank who provides good locker services and with less demands than that of ICICI.

I currently have indus partner account and I have 1yr free locker
And 50% off 2nd yr onwards.

I don't have idea about the service as I haven't myself used it.

 

[trishajitd]

Today I checked out the big 3 viz. ICICI, HDFC & SBI for a locker for my mother.
ICICI told me it'd take an FD plus another heavy recurring annual investment for them to allot a locker, annual charges 5300, only one size available.
HDFC flat out said there's none available.
SBI said only Branch manager deals with locker matters and kept me waiting - so I left after a time.

Does anyone know of any other bank who provides good locker services and with less demands than that of ICICI.

My parents had taken a medium sized locker at Bank of India, about 3years ago. The BM requested them to open a FD( for a year or so) but it wasn't mandatory in any way. Just a request. They had opened one and a year later, withdrew after maturity. May be you can try your luck at the smaller PSB.

 

[TheTrickySid]

What's MAB?

Zero

 

[TheTrickySid]

Ah partner account ... Now I remember

😁

 

[AllSeeker]

My parents had taken a medium sized locker at Bank of India, about 3years ago. The BM requested them to open a FD( for a year or so) but it wasn't mandatory in any way. Just a request. They had opened one and a year later, withdrew after maturity. May be you can try your luck at the smaller PSB.

Some banks waive off locker fees, or at least part of it if you keep FD though.

 

[ashwink]

Some banks waive off locker fees, or at least part of it if you keep FD though.

What is the minimum amount of fd

 

[AllSeeker]

What is the minimum amount of fd

Lowest I've seen is 1 lacs.

 

[ashwink]

Lowest I've seen is 1 lacs.

👍

 

[krishc]

I currently have indus partner account and I have 1yr free locker
And 50% off 2nd yr onwards.

I don't have idea about the service as I haven't myself used it.

on the Indus website it says eligibility requires 1 lac savings account MAB

 

[krishc]

My parents had taken a medium sized locker at Bank of India, about 3years ago. The BM requested them to open a FD( for a year or so) but it wasn't mandatory in any way. Just a request. They had opened one and a year later, withdrew after maturity. May be you can try your luck at the smaller PSB.

yeah, that's what we're thinking now of doing

 

[TheTrickySid]

on the Indus website it says eligibility requires 1 lac savings account MAB

Currently there's a offer going on until 31may
You get lifetime free indus partner account at 0 mab on initial funding of rs 2L

I myself have opened the account in the offer 😃

 

[krishc]

Currently there's a offer going on until 31may
You get lifetime free indus partner account at 0 mab on initial funding of rs 2L

I myself have opened the account in the offer 😃

oh ok that's good

 

[Trinadh]

Today I checked out the big 3 viz. ICICI, HDFC & SBI for a locker for my mother.
ICICI told me it'd take an FD plus another heavy recurring annual investment for them to allot a locker, annual charges 5300, only one size available.
HDFC flat out said there's none available.
SBI said only Branch manager deals with locker matters and kept me waiting - so I left after a time.

Does anyone know of any other bank who provides good locker services and with less demands than that of ICICI.

I own 2 lockers 1 in SBI, 1 in HDFC. In one word to say HDFC is best in this space.
in SBI therer r 3 sizes (small medium and large) I have small with rental of 4000. and HDFC medium with rental of 3000 (imperia customer so free for now). and the best part is medium size in hdfc = large in sbi (equivalent rent in SBI is 12000) so I save a lot of money here.
in the present days its really hard to get lockers from these old banks. u can get lockers easily from new age banks like rbl, idfc, indusind, stan chart e.t.c.. or unpopular banks like BOB, PNB.
also try aplying for lockers in branches in ur outskirts. its easy to get there (bcoz of lack of demand).

in sbi i have lockers from atleast 10 yrs. those days i got it for just 1 lakh Fd. now for a new locker they r asking 10L min FD / ULIP scheems (whis is really waste)
now so i approached nearest branch of hdfc recently (1.5 yrs ago) the branch ppl said no lockers available. so I called up my home branch RM. she said a process under which I got the locker.
she said there r 15 lockers free in the branch that i want (she checked in their database).
Banks usually have annual targets for ULIPs.
So she asked me to visit my branch on March 10th like that to my desired branch and contact BM and tell him that I'll subscribe ULIP. And I've done the same process. after paying for ULIP they alloted me locker immediately. they gave me an option to select my desired locker from the list of all 14 lockers available at them.

U may also follow the same process. she said customers will have good bargain power if we go to banks in Dec end and March end...

Also, if u r an Axis cutomer, ur branch guys will tell u that there r no lockers available. but u can check online and u will find the lockers available at ur branch in most cases. in axis from mobile banking, u can book a locker directly from the app itself. if u book from mobile, the branch will give u mandatorily(without addnl conditions) as u have already paid charges. (my frnd done this) but the downside is the charges that they show in the app are 1.8times the charges that the branch charges for offline customers.

 

[AllSeeker]

I think there are 10l mab accounts also where lockers come as free.

But need to check, especially with Indus and HDFC.

If you want and living in Maharashtra, you can try with banks like TJSB, charges are less.

 

[Souvik]

I own 2 lockers 1 in SBI, 1 in HDFC. In one word to say HDFC is best in this space.
in SBI therer r 3 sizes (small medium and large) I have small with rental of 4000. and HDFC medium with rental of 3000 (imperia customer so free for now). and the best part is medium size in hdfc = large in sbi (equivalent rent in SBI is 12000) so I save a lot of money here.
in the present days its really hard to get lockers from these old banks. u can get lockers easily from new age banks like rbl, idfc, indusind, stan chart e.t.c.. or unpopular banks like BOB, PNB.
also try aplying for lockers in branches in ur outskirts. its easy to get there (bcoz of lack of demand).

in sbi i have lockers from atleast 10 yrs. those days i got it for just 1 lakh Fd. now for a new locker they r asking 10L min FD / ULIP scheems (whis is really waste)
now so i approached nearest branch of hdfc recently (1.5 yrs ago) the branch ppl said no lockers available. so I called up my home branch RM. she said a process under which I got the locker.
she said there r 15 lockers free in the branch that i want (she checked in their database).
Banks usually have annual targets for ULIPs.
So she asked me to visit my branch on March 10th like that to my desired branch and contact BM and tell him that I'll subscribe ULIP. And I've done the same process. after paying for ULIP they alloted me locker immediately. they gave me an option to select my desired locker from the list of all 14 lockers available at them.

U may also follow the same process. she said customers will have good bargain power if we go to banks in Dec end and March end...

Also, if u r an Axis cutomer, ur branch guys will tell u that there r no lockers available. but u can check online and u will find the lockers available at ur branch in most cases. in axis from mobile banking, u can book a locker directly from the app itself. if u book from mobile, the branch will give u mandatorily(without addnl conditions) as u have already paid charges. (my frnd done this) but the downside is the charges that they show in the app are 1.8times the charges that the branch charges for offline customers.

Is my equation true ? Normal Locker charges <= Commission from ULIP Sales. So they are making money by giving you a locker too, isn't it ?

 

[krishc]

I own 2 lockers 1 in SBI, 1 in HDFC. In one word to say HDFC is best in this space.
in SBI therer r 3 sizes (small medium and large) I have small with rental of 4000. and HDFC medium with rental of 3000 (imperia customer so free for now). and the best part is medium size in hdfc = large in sbi (equivalent rent in SBI is 12000) so I save a lot of money here.
in the present days its really hard to get lockers from these old banks. u can get lockers easily from new age banks like rbl, idfc, indusind, stan chart e.t.c.. or unpopular banks like BOB, PNB.
also try aplying for lockers in branches in ur outskirts. its easy to get there (bcoz of lack of demand).

in sbi i have lockers from atleast 10 yrs. those days i got it for just 1 lakh Fd. now for a new locker they r asking 10L min FD / ULIP scheems (whis is really waste)
now so i approached nearest branch of hdfc recently (1.5 yrs ago) the branch ppl said no lockers available. so I called up my home branch RM. she said a process under which I got the locker.
she said there r 15 lockers free in the branch that i want (she checked in their database).
Banks usually have annual targets for ULIPs.
So she asked me to visit my branch on March 10th like that to my desired branch and contact BM and tell him that I'll subscribe ULIP. And I've done the same process. after paying for ULIP they alloted me locker immediately. they gave me an option to select my desired locker from the list of all 14 lockers available at them.

U may also follow the same process. she said customers will have good bargain power if we go to banks in Dec end and March end...

Also, if u r an Axis cutomer, ur branch guys will tell u that there r no lockers available. but u can check online and u will find the lockers available at ur branch in most cases. in axis from mobile banking, u can book a locker directly from the app itself. if u book from mobile, the branch will give u mandatorily(without addnl conditions) as u have already paid charges. (my frnd done this) but the downside is the charges that they show in the app are 1.8times the charges that the branch charges for offline customers.

I live in the suburbs of Kolkata,
nearby options are PNB, BOB and Bandhan for me apart from the Big 4 obviously

idfc indus etc are at a distance which would be inconvenient for my parents

 

[Trinadh]

Is my equation true ? Normal Locker charges <= Commission from ULIP Sales. So they are making money by giving you a locker too, isn't it ?

ya.. they make profit from both the products.
but in ULIP's they earn 15% of ur investment as commission for 1st year and then 5% every year.
this commission will be taken by bank. and in return, the bank gives employees higher bonuses and increments in salary based on ULIP targets.

So, the bank employees r interested in selling ULIP's

 

[Souvik]

ya.. they make profit from both the products.
but in ULIP's they earn 15% of ur investment as commission for 1st year and then 5% every year.
this commission will be taken by bank. and in return, the bank gives employees higher bonuses and increments in salary based on ULIP targets.

So, the bank employees r interested in selling ULIP's

Leave the commission agents and salesman, would it not be cheaper for you to just pay and get the locker than giving away more money via ULIP and all ?

 

[Trinadh]

Leave the commission agents and salesman, would it not be cheaper for you to just pay and get the locker than giving away more money via ULIP and all ?

ya... getting locker directly is the cheapest way. but they dont usually give for normal customer without taking any policies. only ppl who maintain high NRV might get it for free. else, it is difficult to get locker. these BM's dont allot usually.