I wanted to open Locker in the bank to store my valuable. I visited SBI bank today and ask for opening locker. Representative explained me procedure for opening locker, however he said I need to take insurance from SBI in order to open Locker. Is it correct? Do I really need to purchase Insurance policy to open the locker in SBI?
In order to take Locker in SBI it is not mandatory to take Insurance policy. However, bank may ask you to take fixed deposit equivalent to three rent amount in advance. It is not necessary to take any insurance to take locker facility. For more information you can refer to final guideline issued by RBI for Safe Deposit Lockers in India.
Hope I have clarified your doubt.