Safe deposit lockers

Safe deposit lockers

Bank safe deposit lockers are a good option for safeguarding your valuables and documents.Just as you trust our bank with your money in the savings accounts or fixed deposits, safe deposit lockers offer the best option to safeguard your valuables, including jewellery, cash and important documents.

Each locker has two sets of keys, one for the customer, the other with the bank, and it can be opened only if both the keys are used. It is better to own a locker jointly and name one or more nominees. This ensures hassle-free transfer of contents in the event of the death of either or both account holders. Most importantly, read the guidelines on lockers thoroughly.

Lockers come in three different sizes “Small , Medium and large “and the present annual rent is as shown below. The management reserves the right to change the rent from time to time.Security deposit for lockers is  Rs: 20000 

Locker type                                                Rent wef :01/06/2019             
Small       800 + ST
Medium 1200 + ST
Large 1700 + ST

                                            

Banks are also allowed to recover charges to break open a locker and a minimum service charge over and above the actual expense, if you lose your locker keys.

In reality, though, banks make it mandatory to open a savings bank account on the pretext of getting your KYC done.

Banks are not responsible for the contents of the locker. In case of natural calamities, including an earthquake or flood, and even in the case of a terrorist attack, where your locker contents are destroyed or lost, banks can easily wash their hands off the compensation.

Even in case of a break-in or a termite attack, banks can argue that since they have no knowledge of what you had stored in the locker, they cannot compensate you. However, they can be held responsible for not providing adequate security or lack of basic maintenance. So, you could receive some compensation if you move the court.

Most Important Terms & Conditions

  • Annual rental is payable in advance.
  • Rental depends on the size of the lockers and location of the branch viz urban or semi-urban/rural.
  • One time registration charges for all center is also levied.
  • KYC norms are applicable for locker hirers.
  • 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 unoperated 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.

Procedure for Allowing Locker Access to the Nominee (Upon Death of Locker Hirer)

As per RBI Norms

1. Receive Intimation of Death

  • Obtain written intimation from the nominee or relative.

  • Ask for the death certificate (original for verification + copy).

2. Verify Locker Nomination Details

  • Check the locker agreement and bank records to confirm:

    • Nominee name

    • Locker number

    • Operational instructions

  • Ensure the nomination exists and matches records.

3. Documents to be Obtained from the Nominee

The nominee must submit:

Mandatory

  1. Death Certificate of locker holder (original for verification).

  2. Locker Nominee Claim Form (Bank standard format).

  3. KYC Documents of Nominee:

    • Identity proof

    • Address proof

  4. Photograph of the nominee.

  5. Indemnity / Letter of Disclaimer (if required as per bank policy).

  6. Specimen signature of nominee.

Not Required

  • No insistence for succession certificate, probate, or legal heirship certificate if a valid nomination exists (RBI clarification).

4. Verification by Bank Officials

  • Confirm the nominee’s identity with KYC.

  • Match signature.

  • Validate death certificate details.

  • Check if locker dues or rent arrears exist (can be settled from contents if permitted or collected before access).

5. Fix Joint Date for Locker Operation

As per RBI, locker access must be allowed in the presence of:

  • Nominee

  • Bank’s authorised officer

  • Two independent witnesses (Bank staff may act as witnesses)

6. Procedure for Opening the Locker

  1. Open the locker with bank’s key + locker key (from nominee, if available).

    • If locker key is lost, follow ‘forced opening’ procedure.

  2. Prepare a detailed inventory of the locker contents.

7. Inventory Preparation (Mandatory)

The RBI mandates preparing an inventory in presence of nominee and witnesses.

Inventory must include:

  • Detailed description of items
    (jewellery, documents, packets, cash if any – cash must be listed but banks usually avoid accepting cash in lockers)

  • Number of packets & sealed items

  • Valuation is not required unless requested by nominee

All parties must sign:

  • Nominee

  • Bank approving officer

  • Two witnesses

Provide a copy of the inventory to the nominee.

8. Handing Over Locker Contents

  • After inventory, contents are handed over to the nominee.

  • Get acknowledgment from the nominee.

  • Take signature, date, and thumb impression.

9. Closure of Locker Account

  • Locker agreement is terminated.

  • Locker is sealed and made available for fresh allotment.

  • Record closure in:

    • Locker register

    • CBS system

    • Safe deposit ledger

10. Timeframe as per RBI

Banks must not delay access unnecessarily.
Once documents are verified, the access should be provided within 15 days.