Safe Deposit Locker - FAQs

What is the Legal relationship of a banker with a locker holder?
The banker is the Lessor or a Landlord, while the locker holder is the Lessee or a Tenant. In addition to this the RBI has defined the relationship as a ba...
Mon, 11 May, 2020 at 5:42 PM
What are the modes of operation allowed for accessing lockers?
Lockers accounts are accessed on the modes - Self, Either or Survivor, Former or Survivor, Anyone or Survivor & Jointly.
Mon, 11 May, 2020 at 5:51 PM
Are nomination facilities available on lockers?
Yes. Nomination facilities are available on lockers but differ to some extent from the nomination on deposits.
Mon, 11 May, 2020 at 5:53 PM
What happens when a locker holder does not pay his/rent regularly?
Bank can break open the locker for non- payment of rent after following proper procedure of notice and approval from the head office.
Mon, 11 May, 2020 at 5:54 PM
What is the notice period in case of Locker Break Open?
Customer shall be served 15 days’ notice in advance when bank decides to break open the locker without request of the hirer/s.
Mon, 11 May, 2020 at 5:56 PM
Whether locker can be allotted in the name of a Minor?
Lockers shall not be allotted in the names of Minors and to those who are not eligible for contract under the law.
Mon, 11 May, 2020 at 5:55 PM
How to refund locker rent pertaining to unutilized portion in case of locker surrendered by the Hirer(s)?
When the locker is surrendered at the request of the hirer/s the charges for the unutilized period if any, shall be refunded for the remaining complete quar...
Mon, 11 May, 2020 at 5:58 PM
How to refund locker rent pertaining to unutilized portion in case of locker surrendered at the request /instructions of the Bank.
When the locker is surrendered at the request / instructions of the Bank, the rent for the unutilized period shall be refunded.
Mon, 11 May, 2020 at 6:13 PM
What is the difference between nomination on deposits and nomination on lockers?
Only one nominee is permitted per deposit irrespective of the mode of deposit and the nominee comes into the picture only on the death of all the joint hold...
Mon, 11 May, 2020 at 6:00 PM
Under which circumstances Bank can break open a Locker?
a)    At the request of the hirer(s) due to loss of key b)    In case the locker is not operated for a period of more than one year by high-risk category c...
Mon, 11 May, 2020 at 6:10 PM