Safe Deposit Locker - Terms and Conditions

    1. ELIGIBILITY AND ALLOTMENT
     

    1.1 Safe Deposit Locker facility is subject to availability at the selected branch and the Bank's applicable eligibility.

    1.2 Locker allotment is subject to availability and the Bank's applicable policy.

    1.3 The locker hirer shall execute the Bank's Safe Deposit Locker Agreement in the prescribed format.

    1.4 A copy of the duly executed locker agreement shall be provided to the locker hirer.
     

    2. LOCKER RENT AND OTHER CHARGES
     

    2.1 Locker rent shall be payable as per the Bank's prevailing Schedule of Charges.

    2.2 Applicable taxes, including GST, shall be payable in addition to the applicable charges.

    2.3 The Bank may collect locker rent in advance in accordance with its policy.

    2.4 The Bank may recover applicable charges for additional visits, overdue rent, lost key, locker break-open, lock replacement and other services, wherever applicable.

    2.5 In case of non-payment of locker rent, access to the locker may be restricted in accordance with the Bank's policy and applicable regulatory requirements.

    2.6 The Bank shall not offer or arrange insurance for the contents of the locker, directly or indirectly, as part of the locker facility.
     

    3. OPERATION OF LOCKER
     

    3.1 The locker shall be operated only by the locker hirer(s) and/or duly authorised person(s), in accordance with the operating instructions registered with the Bank.

    3.2 The Bank shall carry out appropriate verification of identity and authority before permitting locker operation.

    3.3 The locker shall be operated during the Bank's permitted locker operating hours and subject to the applicable branch procedures.

    3.4 The locker hirer shall ensure that the locker is properly closed and secured after every operation.

    3.5 The locker hirer shall immediately notify the Bank if any discrepancy, damage, unauthorised access or other irregularity is noticed.
     

    4. PROHIBITED ARTICLES
     

    4.1 The locker hirer shall not keep any illegal or hazardous substance in the locker.

    4.2 The locker shall not be used for storing any article or substance that is prohibited under applicable law or may pose a risk to the Bank, its employees, customers, premises or property.

    4.3 If the Bank suspects that any illegal or hazardous substance has been kept in the locker, the Bank may take appropriate action in accordance with applicable law, regulatory requirements and the terms of the locker agreement.
     

    5. LOCKER KEY / ACCESS CREDENTIALS
     

    5.1 The locker shall be operated using the key/access credentials provided by the Bank and/or through the prescribed authentication mechanism.

    5.2 The locker hirer shall keep the locker key/access credentials safely and shall not disclose or hand them over to any unauthorised person.

    5.3 In case of loss of the locker key or compromise/loss of access credentials, the locker hirer shall immediately inform the Bank.

    5.4 Expenses relating to replacement of lock/key, break-open or restoration of access, wherever applicable, shall be borne by the locker hirer as per the Bank's applicable charges.
     

    6. NOMINATION
     

    6.1 The locker hirer may make a nomination in accordance with applicable law and the Bank's prescribed procedure.

    6.2 The nomination may be registered, cancelled or varied in accordance with applicable regulatory requirements.

    6.3 In the event of death of the locker hirer, access to and release of locker contents shall be governed by the applicable nomination, survivorship mandate, legal requirements and the Bank's prescribed procedure.
     

    7. DEATH OF LOCKER HIRER / SETTLEMENT OF CLAIMS
     

    7.1 In the event of death of a locker hirer, the nominee(s)/survivor(s)/legal heir(s), as applicable, may approach the Bank for access to the locker contents by submitting the prescribed documents.

    7.2 The Bank shall verify the identity, death and entitlement of the claimant(s) in accordance with applicable law and its prescribed procedure.

    7.3 Where applicable, the contents of the locker shall be accessed and released after following the prescribed inventory and documentation process.
     

    8. SURRENDER / CLOSURE OF LOCKER
     

    8.1 The locker hirer may surrender the locker by following the Bank's prescribed procedure.

    8.2 10.2 On surrender, the locker hirer shall remove all contents and return the locker key/access credentials, wherever applicable.

    8.3 Applicable dues and charges shall be recovered before closure.

    8.4 Any eligible refund of advance rent shall be processed in accordance with the Bank's applicable policy.

    8.5 The Bank may change the lock of a surrendered/vacated locker and follow applicable security procedures before re-allotment.
     

    9. LOST KEY / BREAK-OPEN OF LOCKER
     

    9.1 In case the locker key is lost, the locker hirer shall immediately notify the Bank.

    9.2 The locker may be broken open in accordance with the Bank's approved procedure and applicable regulatory/legal requirements.

    9.3 Break-open may be undertaken, inter alia, where:

    9.3.1 the locker hirer requests break-open due to loss of key;

    9.3.2 a competent authority/law enforcement agency requires access in accordance with law; or

    9.3.3 the Bank is required to take back the locker due to non-compliance with the terms of the locker agreement or other applicable circumstances.

    9.3.4 the locker rent is not paid till 3 years.

    9.4 Costs associated with break-open, lock replacement and other related expenses shall be borne by the locker hirer, wherever applicable.
     

    10. NON-PAYMENT OF LOCKER RENT
     

    10.1 In case of non-payment of locker rent, the Bank may issue notices and take further action in accordance with the locker agreement, the Bank's approved policy and applicable regulatory requirements.

    10.2 Where the locker rent remains unpaid, the Bank may, after following the prescribed notice and due-process requirements, break open the locker and deal with the contents in accordance with applicable law and regulatory requirements.

    10.3 Any costs incurred by the Bank in connection with such action may be recovered from the locker hirer/security available with the Bank, as permissible under the applicable terms and regulations.
     

    11. BANK'S LIABILITY
     

    11.1 The Bank shall exercise due care and reasonable diligence in maintaining and operating the locker facility.

    11.2 The Bank shall have liability in accordance with applicable law and RBI directions in cases where loss of locker contents is attributable to the Bank's negligence.

    11.3 In cases of loss of locker contents due to incidents such as fire, theft, burglary, robbery, dacoity or building collapse attributable to the Bank's shortcomings, negligence or acts/omissions, or where such loss is attributable to fraud committed by Bank employee(s), the Bank's liability shall be limited to an amount equivalent to one hundred times the prevailing annual locker rent, as prescribed by RBI.

    11.4 The Bank shall not be liable for loss of locker contents arising solely from events beyond the Bank's control, subject to applicable law and the Bank's negligence, if any.