Why bank lockers are hard to get and what you can do instead
India Today
This is the third part of Lock & Key, a series that looks at how India's bank locker system works, the risks involved, and what customers need to know. After examining safety and insurance in the first two parts, this story focusses on a new problem – access.
Getting a bank locker is no longer a routine banking request. Customers are often told there is a waiting list, with no clear timeline for when a locker might become available.
This growing shortage is forcing many to ask a basic question: if bank lockers are getting harder to access, where should people keep their valuables?
This is the third part of Lock & Key, a series that looks at how India’s bank locker system works, the risks involved, and what customers need to know. After examining safety and insurance in the first two parts, this story focusses on a new problem – access.
The shortage of lockers is not accidental. It is the result of demand rising sharply while supply remains limited.
“Due to gap between demand and supply the availability of bank lockers has declined dramatically,” said Abhishek Kumar, SEBI Registered Investment Adviser and founder of Sahaj Money.
“In metros due to limited physical space in bank branches and high real estate costs the problem is more acute.”
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