ICICI launches “Smart Vault” – Robotic technology in bank lockers

POSTED BY manish ON December 21, 2015 COMMENTS (18)

ICICI Bank has recently launched “Smart Vault” which is a cutting edge robot managed locker service. There is almost no intervention with the bank staff and the security is very high. Watch the video below to understand how it works.

Here is how the “Smart Vault” is operated

  1. Locker owner will swipe their debit card and enter their ATM PIN
  2. There is a biometric authentication required
  3. You will then enter a private room where a robot will bring the locker in front of you
  4. You can open your locker with a unique key, provided by the bank. For added safety, you may also choose to have an additional personal lock on your locker.
  5. Once you are done, you can keep your belongings back in the locker and robotic technology will take it back
  6. You may leave the locker room once the “Thank You” message flashes on the kiosk screen

The vault uses robotic technology to access the lockers from the safe vault and enables customers to access their lockers at any time of their preference,” the statement issued by ICICI Bank, country’s largest private sector lender, said.

In case a customer has more than one locker, the interface allows customers to choose which locker they want to operate.

The lockers will come in different sizes and the cost will depend on the size of the locker and the city location where the locker is located (linked to real estate prices)icici smart vault size

As of now this smart vault is launched in Delhi, but soon it will replicate in other cities as well. Its a great thing because its a new innovation from ICICI bank on the locker service.

What do you think about Smart Vault service and the robotic technology used? Would like to avail such kind of lockers by paying a higher premium rents?

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18 replies on this article “ICICI launches “Smart Vault” – Robotic technology in bank lockers”

  1. Arvind says:

    What if the robot runs away with my gold & cash? Not all robots are good – ex – The Matrix
    Jokes apart – its a neat technology, thanks for sharing Manish.

    1. Thanks for your comment Arvind

  2. Anjan says:

    So much hoopla just to keep some yellow metal safe. What a sham on humanity that it has to come to this.

    1. Thanks for your comment Anjan

  3. Sahil says:

    Hi Manish,

    A very informative article as always.
    However I personally feel that technology can sometimes makes our lives less secure (in some cases).

    Take a look at the below link at what I mean:

    http://www.msn.com/en-gb/money/technology/the-14-scariest-hacks-of-2015/ss-BBnwOcU?ocid=MSN_UK_NL_MU35

    Thanks
    Sahil Bhatia

    1. Thanks for your comment Sahil

  4. Vivek says:

    Hi Manish,

    I’m not able to log into your Blog, I tried resetting the password also but none is working for me. I’ve tried it on variety of browsers. Can you fix it?

    Please also let me know how to avail your financial service.

    1. I will get it checked. For our services you can fill up the form here https://www.jagoinvestor.com/services/financial-planning

  5. mamtabalani says:

    Today locker is necessity for all our precious things like FDs, jewelry etc. ICICI SMART VAULT is the new thing to be known to me. Thanks a lot for sharing it with us.

    1. Glad to know that mamtabalani ..

  6. Muzeeb says:

    Dear sir i want to invest 10000 k per month in equity mutual funds through sip for 15 years. Sir first doubt is which equity schemes will give best returns for long term.pls suggest
    second doubt is will i pay tax after 15 years maturity amount on mutual funds ?

    1. You can choose some high rated funds like ICICI Pru discovery fund or Birla 95 fund. You wont be paying any taxes after 15 yrs once you redeem these.

      Let us know if you want my team to help you on this and setup your SIP’s

      Manish

  7. Piyush says:

    While I understand all the security behind this, unless they allow manual inspection of the vault, I would “feel” it is less secure than current lockers placed inside Bank’s vault. Again – it is a human perception, my mental block, but that is what I first thought when I watched that video. Also, ICICI locker rates are already exorbitant, not to mention the pressure tactics to purchase investment product from them to jump the so-called queue to get a locker allocated. The cost of technology for these high-tech lockers will be significantly high I believe. Let us see how it pans out. I am more comfortable in finding a locker near to my house – than travelling significant distance thus having exposure to prying eyes.

    1. Hi Piyush

      YOu will be manually looking and operating the vault in this. JUst that instead of you going to it, it will come to you 🙂

  8. Joel says:

    This is too good to be true . Looks like its straight out of a james bond movie . Any idea on the rates ? I dont want to meet any RM of the bank 🙂

    1. Right now its launched in Delhi only. Rates are not clear

  9. Shashi says:

    Locker is already a very rare commodity. Besides banks routinely (though illegal) ask you to deposit (FD’s, minimum balance, buy insurance policies, etc.) a lot of amount (literally like a ransom) to allot you a locker. While Smart Vault is good, I will be ready even with a manual locker WITHOUT all those additional amounts demanded by banks.

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