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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.

• The safe deposit locker facility can be offered to existing as well as prospective customers to develop better business relationship.
• Lockers could be hired to Individuals, either singly or jointly, Partnership Firms, Limited Companies, Associations and Clubs but not to minors.
• The Know Your Customer norms are applicable to all locker hirers – existing and new.
• While hiring to joint hirers and other than individuals clear instructions on operations and closure shall be obtained and bank shall comply with such instructions without exception.
• The risk categorization of locker hirers shall be done.

• Allotment of lockers shall be based on the duly filled in application of the prospective hirers on the printed format provided by the bank.
• A waiting list for the purpose of allotment of lockers shall be maintained at the branches.
• All such applications received for allotment of a locker should be acknowledged and given a waiting list number.
• At least 80% of the lockers should be allotted by the branches on first-come-first-served basis. Branch Managers at their discretion could allot the remaining 20% of the lockers to valued customers on business considerations.
• Preference may be given to existing customers maintaining SB / CA / CC/OD / Term Deposit accounts with the bank.
• The terms and conditions of allotment of lockers shall be covered in the agreement entered into with the hirers and a copy of the same shall be provided to the hirers.

• Bank collects rent for providing the service of locker facility which is subject to change from time to time with notice.
• Branch will collect the rent on annual basis, in advance, at rates prescribed for various sizes of lockers.
• At the time of allotment of new lockers, the rent shall be collected on prorata basis for the remaining period of the financial year.
• 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. However, such deposits should not be insisted from existing locker hirers.
• Whenever there is an upward revision of the locker rent, there is no need for collecting additional security deposit amount from the existing locker hirers.
• Delegated authority of the bank can waive such fixed deposits if the authority is certain about regular payment of locker rent by the hirer.
• For delayed payment of rent, penal charges are applicable as prescribed from time to time.
• When the locker is surrendered at the request of the hirer/s the charges for the unutilized period if any, shall be refunded for remaining complete quarters only.
• When the locker is surrendered at the request of the bank, the rent for the unutilized period shall be refunded

• A hirer has the option to use a password as an additional precaution for operation of lockers.
• The locker operation shall be through the joint operation of both the keys – Master Key and Hirer’s Key
• Keys of the vacant lockers should be held under joint custody and regular verification must be made to ensure that the total number of keys on hand tally to the total vacant lockers.
• Any access to locker is permitted only after due identity verification and bank shall record every instance of locker access by the hirer
• The operating timings for the safe deposit lockers shall be up to half-an-hour before the close of office hours.
• Operation of locker shall 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.

 

• 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 shall be changed when a locker is surrendered.

• Locker may be broken open either at the request of the hirer/s or by the bank for default in payment of prescribed charges or for any other reason.
• Break Open charges shall be recoverable from the hirer/s.
• Bank shall engage the suppliers of the locker unit to break open the lockers
• When the locker is broken open at the request of the hirer, the same shall take place in the presence of the hirer or his nominee.
• When the locker is broken open at the instance of the bank, Customer shall be provided notice in advance, broken open in the presence of the hirer or his nominee (if available) along with Bank executive, Bank’s advocate, an independent witness, Gold Appraiser.

• Individual hirers both singly or jointly shall be educated on the advantages of providing nomination and requested to register nomination.
• Where the hirer/s prefers not to nominate, the same should be recorded in the application form.

Settlement of claim to the nominee or the legal heirs shall be subject to the following:

• Proper identification process for establishing the identity of the survivor(s) / nominee(s)
• Production of appropriate documentary evidence for the fact of death of locker hirer
• If there is no order from a competent court restraining the bank from giving access to the locker of the deceased
• Making it clear to the survivor(s) / nominee(s) that access to locker / safe custody articles is given to them only as a trustee of the legal heirs of the deceased locker hirer i.e., such access given to him /her shall not affect the right or claim which any person may have against the survivor(s) / nominee(s) to whom the access is given.
• Incase nomination is available; contents of the locker shall be delivered to the nominee after proper identification of the nominee and subject to production of necessary documents.
• Where no nomination is available, settlement shall be made to the legal heirs as per Bank’s claim settlement policy.
• Bank shall prepare and retain an inventory before returning articles in safe deposit locker or permitting removal of articles in safe deposit locker.