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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