Here is How I got Locker from HDFC Finally!

[sparkit]

So here is how I got an HDFC bank locker recently, and I thought I'd share my experience here. I had been in need of a bank locker for the past 3 months, and I visited Canara Bank, SBI, IOB, HDFC, and IDBI.


Here is what they said:


My first try was HDFC, as I was holding their Imperia account and my home branch is the head branch of the city. Despite this, it was very difficult to get a locker. They told me they would add me to the waitlist.


Canara Bank and SBI straightforwardly told me they didn’t have any lockers currently available and would add me to their waitlists.


IOB's branch manager requested a 1 lakh FD, which would be lien to the locker until we closed it.


IDBI asked for an FD of 5 lakhs.


After 2 months, I went again to HDFC. They told me only one locker was available, and they needed an investment ULIP of at least 1 lakh per year for 5 years for it.


This time, I was in great need as I was moving to another city for business purposes and couldn't keep gold at home.


So I started negotiating for the investment. The 1 lakh requirement went down to 75k and then to 50k. With GST, it came to around 52k per year.


Of that 52k, around 34k would be invested in equity, and 18k for term insurance with a sum assured of 50 lakhs, which was even cheaper than if I bought term insurance separately for the same amount directly.


So I finally paid that amount, and then came another twist.


Now, for new lockers, they started asking for security deposits. The branch manager asked me for a 1 lakh FD, which would be lien to the locker. I negotiated it down to around 25k and finally made a deposit of only 20k.


For me, there will be no yearly locker charges as I already hold an Imperia account.


Share your locker experiences below!

 

[yobro]

Thats nice. But I was in a hurry and I cannot wait no longer. So I have no other option than to negotiate with them.

Customer being in hurry creates best opportunity for business.
Never reveal to bank that u r in hurry for any product especially if it is loan or locker.

 

[yobro]

Never knew we could have to struggle this much for a locker... Is it easier to get a locker if you would just pay for it? How much does a locker cost?

Locker is a big soft power for banks because of supply demand mismatch (high demand low supply) and great cross selling opportunity.

 

[percolate]

Locker is a big soft power for banks because of supply demand mismatch (high demand low supply) and great cross selling opportunity.

Most of the times, they artificially create high demand saying no lockers are available even though they are available. All banks should provide online application so that customers don't have to go through the branch. Axis is best for this as we can apply online.

 

[yobro]

Most of the times, they artificially create high demand saying no lockers are available even though they are available. All banks should provide online application so that customers don't have to go through the branch. Axis is best for this as we can apply online.

I don't agree with artificial demand.

 

[percolate]

I don't agree with artificial demand.

I personally experienced with HDFC and Axis in the last 6 months. They first said there is a long waiting list. Then said, I need to do some investments to get the locker.

 

[yobro]

I personally experienced with HDFC and Axis in the last 6 months. They first said there is a long waiting list. Then said, I need to do some investments to get the locker.

Did u get ur locker?

How exactly?

 

[nrj1007]

My locker journey: 3 years ago, I want to ICICI Bank for locker and asked for discount on locker. Since I needed it jointly with my wife, we opened a new joint account. They opened it with 1.25L minimum average balance and 25k FD to alot a locker and provided 40% discount on locker fee.

At that time, I was not sound with personal finance. Last year I calculated and got to know that I am losing a lot more than the discount they are providing.

Then I decided to move my salary account with HDFC and negotiate a locker with them with 50% discount on preferred account but the RM didn't budge. Kept on saying a lot of waitlist. Didnt get any even after 1.5 years. I don't think he has even put me on waitlist.

But last month I asked icici bank to close joint account and move the locker to my personal already existing account. They did it and my account is 0MAB and only giving 25k FD for locker.

They won't give me any discount on fee but I am happy with it rather than investing on ULIPs or 1.25L MAB.

 

[percolate]

Did u get ur locker?

How exactly?

Applied online and got the locker assigned automatically in Axis bank.

 

[Lobogris]

Well this approach was the same I was asked by branch but instead I followed up with Imperiabanking Team over emails. Finally I was alloted a wait list number. Post march end, I asked for an update on the waitlist number again with imperia team, and finally I was called by branch for locker allotment at zero charges, investment or any lien deposits.

Could you please share the contact for Imperia Banking Team?

 

[sunit123]

जल्दबाजी मे किये गये फैसले।
कभी भी सही नही होते।

Its better to pay rent than buy a ULIP for Locker....Your Loss on ULIP including GST and mortality charges will be much more than locker rent....

IOB's 1 lakh FD lien was better offer than HDFC's 3rd class imperia offer for locker....

 

[nadester9]

2. Term insurance for sum assured 50L

Are you sure the Sum assured is 50 Lakhs not 5 lakhs? Usually the sum assured is only 10x the premium payment.

If yes then pls, mention the name of the fund.

 

[FinanceBaBa]

In 2019 I needed a locker.. Hdfc as usual said not available even after over 10 years of relationship..
I said to RM no worries I'm moving my existing imperia relationship to nearby icici as they have locker available and willing to provide without any charges. And guess what next day I had the keys in my hand from hdfc..

 

[JigmeKhesar]

My locker journey: 3 years ago, I want to ICICI Bank for locker and asked for discount on locker. Since I needed it jointly with my wife, we opened a new joint account. They opened it with 1.25L minimum average balance and 25k FD to alot a locker and provided 40% discount on locker fee.

At that time, I was not sound with personal finance. Last year I calculated and got to know that I am losing a lot more than the discount they are providing.

Then I decided to move my salary account with HDFC and negotiate a locker with them with 50% discount on preferred account but the RM didn't budge. Kept on saying a lot of waitlist. Didnt get any even after 1.5 years. I don't think he has even put me on waitlist.

But last month I asked icici bank to close joint account and move the locker to my personal already existing account. They did it and my account is 0MAB and only giving 25k FD for locker.

They won't give me any discount on fee but I am happy with it rather than investing on ULIPs or 1.25L MAB.

Which category locker and what's the rent?

I was at a Yes Bank branch recently and the deputy branch manager tells me if I open a new account in a program that requires 5L MAB, a locker is available. But, not for my existing family accounts which are 5-6 years old. Just normal things these people do to get business. I indulged him but didn't bother as I already had a locker at AU SFB.

 

[nrj1007]

Which category locker and what's the rent?

I was at a Yes Bank branch recently and the deputy branch manager tells me if I open a new account in a program that requires 5L MAB, a locker is available. But, not for my existing family accounts which are 5-6 years old. Just normal things these people do to get business. I indulged him but didn't bother as I already had a locker at AU SFB.

4k + GST is the rent. Locker size is small or small+1 category. I don't remember exactly.

 

[sparkit]

Are you sure the Sum assured is 50 Lakhs not 5 lakhs? Usually the sum assured is only 10x the premium payment.

If yes then pls, mention the name of the fund.

Yes, 50 lakhs.
Tata AIA Smart Sampoorna Raksha Pro.

 

[kiwi195]

HDFC: Free U(Locker)IP for HNI customers!

 

[yobro]

My locker journey: 3 years ago, I want to ICICI Bank for locker and asked for discount on locker. Since I needed it jointly with my wife, we opened a new joint account. They opened it with 1.25L minimum average balance and 25k FD to alot a locker and provided 40% discount on locker fee.

At that time, I was not sound with personal finance. Last year I calculated and got to know that I am losing a lot more than the discount they are providing.

Then I decided to move my salary account with HDFC and negotiate a locker with them with 50% discount on preferred account but the RM didn't budge. Kept on saying a lot of waitlist. Didnt get any even after 1.5 years. I don't think he has even put me on waitlist.

But last month I asked icici bank to close joint account and move the locker to my personal already existing account. They did it and my account is 0MAB and only giving 25k FD for locker.

They won't give me any discount on fee but I am happy with it rather than investing on ULIPs or 1.25L MAB.

In 2019 I needed a locker.. Hdfc as usual said not available even after over 10 years of relationship..
I said to RM no worries I'm moving my existing imperia relationship with nearby icici as they have locker available and willing to provide without any charges. And guess what next day I had the keys in my hand from hdfc..

Yeh log sidhe tarike se nahi mante

 

[FinanceBaBa]

Yeh log sidhe tarike se nahi mante

Exactly.. They just take existing customers for granted and can go to any extent for new ones..
So better to keep them on their toes with all the options we have as a customers.

 

[percolate]

I am trying to get a locker from HDFC and I have been told by the BM that a person has recently surrendered a locker and it will take 3-4 months for a new lock to be replaced in the locker.
Is it true? is that how it works? Wil I really take that long?

 

[FinanceBaBa]

I am trying to get a locker from HDFC and I have been told by the BM that a person has recently surrendered a locker and it will take 3-4 months for a new lock to be replaced in the locker.
Is it true? is that how it works? Wil I really take that long?

Hardly 15 mins job to replace a lock..

He is just exploring your urgency to generate business..