Mangaluru, July 14, 2024: In recent days, there has been a significant surge in the demand for bank lockers in Mangaluru and the surrounding areas. This increase is being linked to a spate of house burglaries and thefts in the region.
Sources indicate that not only have enquiries and new locker applications increased, but the usage of existing lockers by customers has also risen. Consequently, some city bank branches have exhausted their locker facilities and are directing customers to nearby branches.
The trend is particularly noticeable in nationalized and cooperative banks, which generally offer lower rental fees for safe deposit lockers compared to private banks. An employee at a nationalized bank in Gandhi Nagar mentioned that most customers seeking locker facilities are elderly individuals or working couples, primarily residing in independent houses.
"Now, we receive 2-3 enquiries daily compared to just 1 or 2 per week about a week ago. This surge began following a shocking robbery in the city," noted a staff member from another bank, referring to the infamous ’chaddi’ gang incident where an elderly couple in an independent house was assaulted and looted.
There is a higher demand for medium and large lockers compared to smaller ones, as people store not only gold ornaments and cash but also silver items used in religious rituals, important documents, and other valuables. Typically, locker operations peak only during the festival and wedding season from August to March.
Gopalakrishna Bhat K, CEO of SCDCC Bank, confirmed that there has been an increase in the opening and usage of new lockers in their branches, with people eager to secure their gold and other valuables. He mentioned that some branches, where lockers are fully occupied, are redirecting customers to the Kodialbail branch at the bank’s head office. He also noted that about 99 percent of lockers in their 113 branches, especially in urban areas, are usually occupied due to the lower rental costs compared to other banks.
Nationalized banks charge an annual rent ranging from ₹1,500 to ₹7,500 for a safe deposit locker, depending on the size, with an initial deposit of ₹15,000 to ₹40,000, which is refundable upon surrendering the locker.