- Renting of safe deposit locker is a facility extended to the customers to enable them to keep their valuables/documents etc. in specially designed lockers on payment of a prescribed rent.
- The relationship between the bank and the hirer of the locker is that of a "Lessor and Lessee" (Licensor and Licensee).
- The special feature of the locker is that the locks fitted in lockers have dual control, i.e. they can be opened only by applying two keys, one with the hirer and another with the custodian of lockers in the bank. Further, as only one set of hirer's key is prepared by the manufacturer of the lockers, the locker cannot be opened by a duplicate hirer's key. This special feature needs to be informed to the customer whenever a locker is rented.
Allotment of Lockers
- Safe deposit locker facility has been granted only to customers of the bank.
Renting of Lockers
- Lockers can be rented only to individuals either singly or jointly.
- Lockers cannot be rented in the name(s) of minors either singly or jointly.
- Lockers can be rented in the name of non-residents also.
- Facility can be extended only to customers. If a renter is not a customer, he should be first requested to open a savings/current account after complying with usual formalities.
- Lockers can be rented in the name of illiterate customers subject to observing of Bank's usual procedure relating to such accounts.
- USD 150.00,300.00,450.00 or equivalent currency per annum for small, medium & large locker respectively..