Kotak Bank Locker Charges 2024

Kotak Mahindra Bank is the third largest bank by market capitalisation in India. Bank provides an abundance of services, and ‘Safe Deposit Locker’ is one of them.  Kotak Bank Locker Charges for the year of 2024 are given below. 

Types of Bank Lockers in Kotak Bank

Based on the locker size, Kotak Bank lockers are categorised into the following types:

• A+
• A
• B
• C
• D

Kotak Bank Locker Charges

The following table shows the range of charges for each type of Kotak Bank locker.

Kotak Bank Locker Availability

To check Kotak Bank locker availability, you will have to visit the nearest Kotak Bank branch. This is because anything related to the locker facility is operated only through the bank branch. You can seek guidance from bank officials to learn about the availability of suitable lockers to store your valuables. After that, you can make an informed decision on which type of locker you need, before applying for a suitable one.

Kotak Bank Locker Eligibility & Documents Required

The following entities are eligible to get a Kotak Bank locker facility.

• Associations, trusts and clubs 
• Limited Companies
• Individuals

To apply for a new Kotak Bank locker, you need to submit the following documents.

• Security deposit
• Photographs (Passport-sized)
• Bank Statement of your savings or current account at Kotak Bank
• KYC documents, which includes Voter’s ID Card, Passport, Aadhaar Card, PAN Card, or Driving Licence

However, if there is a survivorship clause in effect for a locker-custody with joint holders, then in the event of death of one or more holders, Kotak bank will provide locker access to surviving holders upon submission of the following documents.

• Death certificate
• Duly filled claim application form
• Stamped Receipt for discharged safe custody locker

Kotak Bank Locker Opening Procedure

Kotak Bank offers its customers to book a locker facility using both online and offline mode of application. Below is a detailed discussion of the application methods.

Offline Procedure

You need to follow the steps mentioned below, to book a locker facility at a Kotak Bank branch offline.

1. Write an application for booking a locker facility to the branch manager of your chosen Kotak Bank branch.
2. Seek guidance from bank employees, who will definitely assist you in collecting and signing the agreement paper containing all locker-related terms and conditions.
3. To get the Kotak Bank locker facility, you need an existing account (savings, fixed deposit or recurring deposit) in Kotak Bank. You must ensure opening an account which will act as a security or guarantee to avail the locker facility.
4. Ensure payment of locker rent, as per rates set most recently by Kotak Bank.

Alternatively, you can perform the following steps.

1. Visit Kotak Bank’s official site.
2. Scroll down to the bottom and click on ‘Download forms’ under the ‘Customer service’ section.
3. On ‘Download Forms’ page, click on ‘Personal Banking’.
4. In the ‘Personal Banking’ page, click on the downloadable PDF button for ‘New Locker Agreement- For Locker Allotment’ under the ‘Lockers’ section. This form can be used both as an agreement form and as an application for locker facilities.
5. Download the form, take a printout, and fill it out.
6. Submit the form to the branch.

Online Procedure

To book a locker facility at Kotak Bank online, perform the following steps.

1. Visit the official site of Kotak Bank.
2. Click on the ‘Search’ icon just beside the ‘Login’ button, and search for ‘Safe Deposit Lockers’.
3. From search results, click on 'Safe Deposit Bank Locker Facility - Locker Facility Features and Benefits - Kotak Mahindra Bank'.
4. You will reach the ‘Safe Deposit Lockers’ page. Click on ‘Apply Now’.
5. You will get an option to either log in to net banking or fill up a form with a few basic details so that the bank officials can get in touch with you at a later time.
6. Follow further system-provided instructions.

How to Close Kotak Bank Locker?

Given the private and trust-bound nature of the locker service, for which safety and security are of supreme importance, you cannot close a locker facility online, without formally requesting the same or without visiting the branch. 

You need to visit a branch, seek guidance from any bank official to assist you in collecting and filling out a closure form (if required), write an application for closure to the branch manager, pay all outstanding locker charges, and return the locker key to the bank.

Kotak Bank Locker Rules

The key obligations of a Kotak Bank locker-holder are explained in detail in the 'New Locker Agreement - For Locker Allotment' form available on the official website of Kotak Bank. You should read them carefully before applying for a Kotak Bank Locker. Some key points to remember are highlighted here as follows.

• Locker holders should always ensure that their locker keys and documentation are secure and that their locker passwords stay confidential so that any unauthorised usage of the locker can be avoided.  
• In case of any change in bank regulations, customers must abide by it.
• Kotak Bank holds the right to refuse locker access to the holder in case of any failure on his part in paying the locker rent, as per the agreement.
• Customers are liable to bear the charges in the case of any change/repair done to the locker due to any need of the customer, or if he wishes to break the locker before the date till which he is supposed to hold it, as per the agreement.

Final Word

Through this article, we have tried to provide basic but essential information on Kotak Bank's convenient and highly secure locker services. We hope that the list of Kotak Bank locker charges for different locker types mentioned in this blog will help you get an idea, and make informed decisions in choosing a suitable locker to safeguard your personal assets.

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