Storing too much jewelry and valuables in the house at times becomes a security issue and an impediment in case of natural calamities.
Our Bank offers you, a safe, trustworthy space to store your valuables, jewelry, documents and other things dear to you.
- • State-of-the-art Lockers, the safe deposit vaults with fully equipped, latest burglar alarm systems.
- • Available in 3 different sizes as per your requirement.
- • These Lockers and their contents can be nominated to people dear and near to you.
Terms & Conditions
Allotment & Operations of Locker
- • Locker facility is provided by the bank at its select branches.
- • For obtaining a Locker at our Bank, you must be an account holder with our Bank.
- • Lockers can be allotted both individually (except minor) as well as jointly.
- • The lockers will be allotted on first come first served basis to the customers only.
- • At the time of hiring the locker, bank will obtain a minimum-security deposit in the form of FDR from the lessee for the amount which would cover 3 years rent and the charges for breaking open the locker in case of such eventualities.
- • The Security Deposit will be kept under Bank’s lien in respect of rentals and other dues on locker services viz. breaking open / replacement of lock in case of loss of keys etc.
- • An acknowledgement will be issued by the bank for fixed deposit to be kept as security deposit.
- • The hirer of the locker will be provided the copy of the agreement i.e. 'Memorandum of Letting' by the bank.
- • Loss of key should be immediately informed to the Branch. The bank shall not be responsible for any loss. Charges for opening the locker, or replacing the lost key, and for changing the lock shall be payable by the Renter/s.
- • With standing instruction, the rent may be paid from the deposit account of the hirer on due date.
- • The Renter is required to operate the locker at least once in every six months and if the locker remains unoperated for more than a year from the last date of operation then the Bank will have a right to cancel the allotment of the locker by giving a notice for security reasons and treat the Renter/s as a defaulter, notwithstanding that the rent has been paid up to date.
- • The locker will be operated during the specified timing displayed at the branches.
Benefits of Nomination / Survivorship Clause
- • The Bank has the facility of nomination in case of deposit of Locker and safe custody articles facility. However, the facility of nomination is not available in case of deposit of safe custody articles by more than one person.
- • In the event of the death of one of the joint holders of locker/ safe custody, the right to the contents of the locker or the articles under safe custody does not automatically devolve on the surviving joint holder, unless there is a nomination / survivorship clause.
- • The customers are, therefore, advised to make nomination / open joint accounts under survivorship clause in their own interest
Access to the Survivor(s) / Nominee(s) / Legal Heir(s)
With Survivor/Nominee clause
- • If the sole locker hirer nominates a person, bank will give to such nominee access of the locker and liberty to remove the contents of the locker in the event of the death of the sole locker hirer.
- • In case the locker was hired jointly with survivorship clause and the hirers instructed that the access of the locker should be given over to "either or survivor", "anyone or survivor" or "former or survivor" or according to any other survivorship clause, bank will follow the mandate in the event of the death of one or more of the locker-hirers.
- • The similar procedure will be followed for return of articles placed in the safe custody to the survivor/ nominee.
- • In case the locker was hired jointly with the instructions to operate it under joint signatures, and the locker hirer(s) nominates person(s), in the event of death of any of the locker hirers, the bank may give access of the locker and the liberty to remove the contents jointly to the survivor(s) and the nominee(s).
- • The claimants will have to establish their identity and submit documentary proof in respect of death of the locker hirer.
- • In such cases, the Bank will not insist on production of succession certificate, letter of administration or probate, etc., or obtain any bond of indemnity or surety from the Survivor(s) / Nominee(s).
- • There should not be any order from a competent court restraining the bank from giving access to the locker of the deceased.
- • In case of Locker/ Safe Custody with nomination/survivorship clause the bank will demand only following papers:
- • Copy of Death certificate (duly certified from original)
- • Duly filled in claim application in the prescribed form
- • Stamped receipt for discharged safe custody receipt/Locker
The access given to the survivor(s) / nominee(s), subject to the applicable conditions, would constitute a full discharge of the bank's liability and the bank will not insist on production of succession certificate, letter of administration or probate, etc., or obtain any bond of indemnity or surety from the Survivor(s) / Nominee(s).
Without Survivor/Nominee clause
- • In case where the deceased locker hirer/ depositor of the articles under safe custody had not made any nomination or clear survivorship clause, the access may be provided to the legal representative of the deceased based on Succession Certificate or Probate of a WILL or Letter of Administration.
- • In such cases the bank will give access to their legal heir(s) / legal representative on the basis of following documents:
- • Copy of Death certificate (duly certified from original)
- • Duly filled in claim form together with surety letter
- • Legal representation i.e. succession certificate or letter of administration or Probate of Will.
- • Stamped receipt for discharged safe custody/Locker receipt.
However, in case the contents of the locker are not of great value, the Bank may at its discretion allow the heirs of the deceased to see the contents of the locker after fulfilling certain conditions and thereafter access to the locker may be allowed if the Bank deem fit so.
The Renter/Lessee and depositor of safe custody articles are advised that access to locker / safe custody articles may be given to survivor(s) / nominee(s) only as a trustee of the legal heirs of the deceased locker hirer/depositor of safe custody articles on the condition that such access if given to survivor(s) / nominee(s) shall not affect the right or claim which any person may have against the survivor(s) / nominee(s) to whom the access is given.
Breaking open of Lockers
- • The Bank will publish the names of defaulters who have not paid the rent on its becoming due in spite of notices sent.
- • The Bank may break open the lockers within a period of six months from the date rent became overdue and by sending due notices as per bank’s norms. However, in respect of High Risk and Medium Risk customers, procedure will be followed as per point No. 1(iv) above.
- • In case of breaking open of the locker, the charges will be recovered as incidental charges over and above actual cost incurred for the same.
Revised locker rent in Rupees for one year
Exclusive of GST
SIZE OF THE LOCKER
RENT excluding GST for 1 Year
*Special Type of Big Lockers available at Head Office and Gadwal Branch