Let us examine some of the reasons for the low-cost deposit locker service. Premium is charged for excellent service.
Long working hours: It may be convenient for working people to operate a locker after office hours. In one example, I noticed that the private locker facility remains open till 10 am. On the other hand, bank locker can be operated only during the working hours of the bank.
Open on weekends/holidays: Banks are closed on Sundays and second Saturdays. There is no such obligation for private locker service providers and in some cases, they are open 365 days.
Quick Service: I visited one such locker facility to check myself and found that the waiting period is hardly a few minutes. I have a bank locker with one of the private banks and it takes 10-15 minutes to complete the locker operation.
No interest on refundable deposit: You may be required to pay a refundable deposit for private locker service, but no interest can be paid on the same. In the case of banks, you get interested in unbreakable fixed deposits linked to the bank locker.
No cap on the number of times you operate your locker. Some banks charge to operate locker more than 12 times in a year. Hence the cost is upfront. This is one of the most important and important points. You should always remember that private locker service is neither regulated nor governed.