Safe Deposit Locker Charges- Locker rates vary based on location of branch and locker sizes. Annual Rent for Lockers has been revised. Locker rent is charged annually and rent is payable in advance.
SAFE DEPOSIT LOCKER For the safety of your valuables we offer our customer’s safe deposit vault or locker facilities at a large number of our branches.
However, while not illegal, bankers typically discourage customers from keeping cash in safe deposit boxes because funds inside the box are not insured. Additionally, you can only access your box during regular bank hours, which means you have no access to your cash during weekends and evenings when banks are closed.
They are usually intended for use in public places, and intended for the short- or long-term private use of individuals for storing clothing or other personal items.
Users may rent a locker for a single use or for a period of time for repeated use.
KYC norms are applicable for locker hirers.
Individual Person Lockers cannot be allotted to minors either singly or jointly with others.
Nomination facility is available. Bank is guided by the provisions of Sections 45 ZC to 45 ZF of the Banking Regulation Act, 1949 and the Banking Companies (Nomination) Rules, 1985 and the relevant provisions of Indian Contract Act and Indian Succession Act.
In case of locker remains un operated for more than one year, the branch has the right to cancel the allotment of the locker and open the locker even if the rent is paid regularly