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Safe Deposit Locker

Safe deposit locker facility is generally provided as an ancillary service by the bank to the customers.   

  • Maintenance of Lockers
  • Allotment of Lockers
  • Procedure for hiring out lockers
  • Locker Rent – Rent Charges
  • Responsibility of the Customer

Maintenance of Lockers

  • Each locker should bear a distinct number with double locking facility. The bank should hold the master key common to all lockers in the cabinet while another key is provided to the customer for operation.
  • The master key held by the bank should not be accessible to any person other than the officer in charge of lockers.

Allotment of Lockers

  • The Lockers should be allotted to account holders only. Lockers can be allotted to Individuals (including Non-residents), Firms, Companies, Trusts, Societies, Clubs, etc. Individuals can hire the locker in single name or jointly with other person(s). The locker hirers are permitted to add or delete names from the list of persons who can operate the locker and can have access to it.

  • As required by Law, while opening Safe Deposits account, it has to be satisfied about the identity, including verification of address of the prospective account holder to help in protecting the interest of the customers and the Banks against fraud and other misuses of the Banking System.

  • Normally Bank allots lockers to its current account and savings bank account holders. For allotting a locker to a limited company, society or association, a copy of the resolution passed in the managing committee of the respective institutions authorizing the official/s to hire a locker and operate the same is required.

  • When a locker is allotted to a trustee, a copy of the trust deed is required and ascertained that the powers to operate locker are given to the authorized trustee by means of a resolution in terms of the trust deed and that the resolution is signed by persons authorized to do so.

  • For allotting locker to a partnership firm, a certified copy of the partnership deed/constitution of the firm duly signed by all the partners of the firm is required.

  • The lockers are normally not allotted in the name of minors.

  • Where an individual lessee desires to convert his account into a joint account, the old locker standing in his name should first be surrendered and a fresh one issued or the same locker may be re-allotted in the joint names on completion of all the required formalities. Specific instructions regarding mode of operation and access must invariably be required from the joint lessees on the memorandum of agreement.

  • The lessee is not permitted to assign or sublet the locker nor should he be allowed to deposit any material of disruptive nature.

  • The customer should furnish a stamped agreement incorporating therein the terms and conditions of lease of the locker.

  • Every customer hiring the locker should be required to supply the bank with his/her specimen signature. The specimen signature card should always remain in the custody of officer-in-charge of the lockers.

Procedure for hiring out lockers

  • For allotment of lockers applications in the prescribed form is required. In case of loss of key, the locker will be broken open and all the expenses for breaking open the locker and replacement of the locking system are to be borne by the concerned hirer.

  • The locker hirers are required to access their lockers at least once in a year. Unless satisfactory reasons for not operating the locker are given in writing to the bank, the bank may, due to security reasons, cancel the allotment of the locker and break open the locker, even if the rent is paid regularly, as per the guidelines issued by the RBI. 

Locker Rent – Rent Charges

  • Locker rents are payable in advance annually. Rents vary depending upon the size of the locker and the Branch Location. Delay in payment of locker rents may result in denial of access to the lockers and would also attract prescribed penalties, in addition to the annual locker rent payable in advance.

  • Non-payment of locker rents beyond the due date may result in the bank breaking open the locker as per prescribed procedure laid down in this respect. Costs for breaking open the locker and safe custody charges for the contents of the locker would be payable by the locker hirer.

Responsibility of the Customer

  • Bank may collect up front rent up to 3 years, which the customer will have to pay.

  • Loss of key should be immediately informed to the bank. For breaking open the locker, charges shall be borne by the hirer. Bank reserves the right to break open the locker if the rent is not paid in-spite of giving notices, and recover charges.

  • Inform the change of address, Telephone number, E-mail address, etc. to the branch.

  • Inform the loss of locker key, etc. immediately to the branch over phone followed by a letter.

  • If the customer acts fraudulently, and acts without reasonable care, which causes losses, then the customer will be responsible for all losses.

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