TERMS & CONDITIONS

Target group

Lockers can be allotted to Individuals (including Non-Residents), Firms, Companies, Trusts, Societies, etc. Individuals can hire the Locker in single name or jointly, partnership Firms, Limited Companies, Associations and Clubs. Lockers will not be allotted to minors. 

The Know Your Customer norms are applicable to all hirers – existing and new.

While hiring to a joint hirer(s) and other than individuals, clear instructions on operations and closure shall be obtained and the organization will comply with such instructions without any exceptions.

Allotment of Locker

The lockers will be allotted based on availability to the hirers. Lockers can only be hired at branches having locker cabinet facility and the allotment will be made on a first come, first served basis.

Operation & Monitoring of Locker

All hirer(s) shall have access to the Safe Deposit Vault only on working days and only within our stipulated working hours.  

The organization will not be responsible for any damage or loss to articles in safe custody as a result of any act of war or civil disorder, or out of any other cause whatsoever.

For reasons of grave urgency or necessity, the organization reserves the right of closing the Safe Vault for indefinite periods of time as it may be considered necessary. The organization also reserves the right of making changes in the opening and closing hours of the Vault. The organization may do both these without prior intimation.

The hirer(s) is/are requested to keep the Key of the Locker in a place of safety, not to divulge its unique passkey number to any one, and not to deliver the key to any person other than a duly authorized Agent.

In case of loss of keys, the organization should be notified immediately. All charges for opening and replacing the Lockers or keys shall be payable by the hirer(s).

Any change in the address of the hirer(s) should be intimated to the organization immediately. Any notice or communication sent by post to the registered address of the hirer(s) as per the records of the organization shall be considered to have been duly served.

All repairs required to be done to the locker, lock or keys shall be done exclusively by workmen appointed by the organization.

It is hereby agreed that the relation between the organization and the hirer(s) in this connection is one of a lessor and lessee.

All our lockers are operated under a dual locking system and can only be opened with combination of two keys, one with the organization called “Master Key” and the other with the hirer called “Hirer’s Key”. The keys will be identified with an appropriate identification code / number.

In case of non-operation of the locker for three years, the organization shall notify and call upon the hirer(s) to either operate the locker or surrender it within a specified period. The organization shall require the hirer(s) to provide reasons for non-operation of the locker in writing. The organization may allow the hirer(s) to continue holding the locker if the reason for non-operation, provided by the hirer(s) is found to be genuine. The organization shall have sole discretion in deciding the genuineness of the reason. The decision taken by the organization in this regards shall be final.

In the event the hirer(s) does/do not provide reason for non-operation of the locker or the reason is found to be not genuine, nor operate the locker within the specified period, the organization shall after giving due notice to the hirer(s) at his/her/their last known address as available in the records of the organization, will proceed to break open the locker.

Charges & Fees

The organization collects rent for providing the service of locker facility.

To ensure prompt payment of the locker rent, at the time of hiring the locker, the hirer(s) should deposit 3 years of locker rent as security deposit to the organization, which carries no interest. Rental arrears, other expenses from the hirer(s) will be deducted from this advance, if necessary.

All rentals are payable strictly in advance and the organization reserves the right of refusing access to the locker in event of the rental not paid when due whether the same has been demanded or not.

The hirer(s) agrees/agree to abide by such rules and regulations as the organization may adopt from time to time. The organization may, at its discretion, increase rent from time to time and on receipt of notice thereof the hirer(s) agrees/agree to the increased rent.

The hirer(s) agrees/agree that the organization is entitled at its discretion to increase the rental at any time without notice and consent of the hirer(s).

Benefits of nomination / survivorship clause

The organization has the facility of nomination in case of Safe Deposit Locker also.

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 hirers are, therefore, advised to make nomination / open joint accounts under the 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, the organization will provide the nominee with 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 hirer(s) instructed that the access of the locker should be given over to “either or survivor”, or according to any other survivorship clause, the organization will follow the mandate in the event of the death of one or more of the locker hirer(s).

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 hirer(s), the organization will 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(s). In such cases, the organization will not insist on production of any other document from the survivor(s) / nominee(s). There should not be any order from a competent court restraining the organization from giving access to the locker of the deceased.

In the case of the locker with nomination/survivorship clause the organization will demand only the following papers: 

Copy of Death certificate (duly certified from original)

Duly filled in claim application in the prescribed form

Stamped receipt for discharged Locker

The access given to the survivor(s) / nominee(s), subject to the applicable conditions, would constitute a full discharge of the organization’s liability and the organization 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(s) had/have 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 organization will give access to their legal heir(s) / legal representative(s) 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 the discharged locker.

Breaking Open of Lockers :

In case of default of rent, the organization has the power, after issuing three month’s notice to the registered address of the hirer(s), to break open the Locker and make a list of the contents and may remove the contents to another safe and /or also the organization is at liberty to auction ail to any part thereof, and to appropriate the proceeds towards the arrears of the rent and also the cost of breaking the locker and repairs thereto. This is without prejudice to any other remedy open to the organization and the hirer (s) has no right to take exception to this procedure.

Costs for breaking open the locker and safe custody charges for the contents of the locker would be payable by the locker hirer(s). Security Deposit would be appropriated towards overdue rent / costs / safe custody charges.

Surrender of Locker

Locker can be surrendered by the hirer(s) at any time during the contract period. The organization can also request for surrender of locker with due notice.

Either party may terminate this agreement on giving the other one month’s notice in writing of such intention or the key of the locker shall in such case be delivered by the hirer(s) to the organization during working hours on the day of termination of the hiring.

If no such notice as aforesaid is received prior to the date of termination of the period of hiring, the hiring of the locker shall be considered renewed but this condition is without prejudice to the rights of the organization accrued in the meantime.

When the locker is surrendered at the request of the organization, the rent for the unutilized period shall be refunded