[vaibhav_a_a]

Originally Posted by amol4184

Which brings me to the question about lockers. If a bank goes belly up or gets restricted from deposits /withdrawals what happens to the lockers and it's contents?

In case of PMC bank, account holders were allowed to access lockers -

https://www.livemint.com/industry/ba...318235460.html.

[DigitalOne]

Originally Posted by amol4184

Parents have account in one such small bank. The reason they have that is because they wanted a locker and none of the larger banks had it available.....Which brings me to the question about lockers.

Originally Posted by Mystic

On any day, the bank lockers are safer than the most sophisticated personal locker system at home.

Bank lockers and its contents are safe, no doubt. But the process to bring out the contents to your home for using it is unsafe, especially for senior citizens living alone (or if they don't have a reliable driver). One may have to carry the valuables to the car, which is typically parked some distance away. It will be very obvious to any criminal hanging around what is in the bag. I advise a lot of my senior citizen relatives not to use a bank locker if they live in a gated community/apartment complex with some security. If they are living in an independent house then it makes sense to use a locker. Of course, nobody listens to me .

[Tucker48]

Originally Posted by Gaur

Let me check.
B.T.W I am referring to this below snapshot from the DICGC website.
Attachment 2728208

In case of sole proprietorship, the savings and current account will be considered as one entity as per the information on the DICGC website. It is written 2 paras below from the text you quoted.

It is not fair in my opinion as the functioning of the accounts differs entirely.

On a side note, if the bank has assets more than liabilities, then depositors should get all of their money back. Even if not, the money has a trail which can be recovered from the offenders. It's not like hackers stole the money and laundered it overseas.

[Fx14]

Originally Posted by amol4184

This small bank was the only one with lockers available that too at reasonable price but you couldn't just get a locker without also having a savings account there.

A savings account is required to be maintained to facilitate recovery of the rental due on the locker. IIRC, there was a provision given by the regulator to the Banks to seek a deposit amount equivalent to 3 year's rentals, though many of them demand much more.

Which brings me to the question about lockers. If a bank goes belly up or gets restricted from deposits /withdrawals what happens to the lockers and it's contents?

Lockers are unaffected. The role of the Bank in this case is that of a Trustee and they have no clue about what is held in the lockers. The only issue is the inconvenience of operating the lockers in such times of chaos. If the possessions stored in the lockers are not required urgently, better to postpone the visit till such an issue settles down.