Lockers

Safe Deposit Locker facility is one of the subsidiary services provided by the Bank for keeping the valuables in the safe deposit locker. This provides safety to the belongings of the customers against theft / burglary. Bank provides specially designed lockers kept at specially built strong rooms for keeping the valuables of the hirer purchased from reputed manufacturers.

The relationship between the Banker and Customer is that of lessor and lessee.

Locker is operated under double locking system and can be opened with combination of two keys one with the bank called "Master Key" and the other with the hirer called "Hirer's Key". The keys will be identified with an appropriate identification code / number.

Eligibility

• The safe deposit locker facility is available to existing as well as prospective customers to develop better business relationship.
• Lockers will be hired to Individuals, either singly or jointly, Partnership Firms, Limited Companies, Associations and Clubs but not to minors.

Allotment of lockers

• Allotment of lockers will be based on the availability.
• A waiting list of customers who have submitted duly filled in application on the printed format provided by the bank.for the purpose of allotment of lockers will be maintained at the branches.
• Preference may be given to existing customers maintaining SB / CA / CCOD / Term Deposit accounts with the bank.
• The terms and conditions of allotment of lockers will be covered in the agreement entered into with the hirers and a copy of the same will be provided to the hirers.

Charges and fees

• Bank collects rent for providing the service of locker facility.
• Branch will collect the rent on annual basis, in advance, at rates prescribed for various sizes of lockers.
• To ensure prompt payment of locker rent, bank shall at the time of allotment, obtain a fixed deposit, which would cover 3 years rent and break open charges in case of an eventuality.
• For delayed payment of rent, penal charges are applicable as prescribed from time to time.

Operations and monitoring

• A hirer has the option to use a password as an additional precaution for operation of lockers.
• The locker operation will be through the joint operation of both the keys - Master Key and Hirer's Key
• Any access to locker is permitted only after due identity verification and bank will record every instance of locker access by the hirer
• The operating timings for the safe deposit lockers will be upto half-an-hour before the close of office hours.
• Operation of locker will be stopped in the following circumstances:
  • Where the rent is in arrears;
  • Attachment by Court / tax authorities or other regulatory authorities;
  • Outside banking hours specified for locker operations.
  • Where the hirer is deceased.

Surrender Of Locker

• Locker can be surrendered by the hirer/s at any time during the contract period. Bank can also request for surrender of locker with due notice.
• The lock of the surrendered locker will be changed when a locker is surrendered.

Nomination

• Individual hirers both singly or jointly shall be educated on the advantages of providing nomination and requested to register nomination.

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