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Custodial services

Safe Deposit Lockers:

 a) Allotment and Operations of Locker

1. The lockers will be allotted on first come first served basis to customers, provided the applicant is eligible for the same  and is complying with the KYC norms.  The branches maintain a waiting list register for the purpose.

2.  To ensure prompt payment of locker rent, a Special Term Deposit is to be made by the hirers that would cover three years rent and the charges for breaking open the locker in case of an eventuality.   The Special Term Deposit will be kept in safe custody duly discharged with lien marked in favour of the Bank. This Deposit will be adjusted towards rent if the rent is not received on due date.

 3. Revised guidelines for recovery of locker rent is as under:

 New hirer: Locker rent will be payable in advance upto 31st March  of current financial year on pro-rata basis. After that, locker rent will be recovered every year on 2nd April.

Existing hirer: On the coming anniversary date, locker rent upto the next 31st March will be recovered. From the next year, annual rent will be payable on 2nd April.

 Standing instruction is mandatory for payment of locker rent.

 4. Advance rent collected is not refundable.

5.  The hirer of the locker will be provided with a copy of the agreement at the time of allotment on request.

6.  Loss of key should be immediately informed to the Branch.   In such cases of breaking open of the Lockers and replacement of Locks, the cost of replacement of the lock along with the extant service charge will be recovered from the hirer.

7. Even if the rent is paid regularly, if the locker is not operated for three years or more, the bank may ask the reason for not operating the lockers.  In case the hirer has some genuine reasons, the bank may permit the hirer to continue the locker facility. If the hirer does not respond nor operate the locker, the bank would have the right to cancel the allotment of the locker and may consider break opening the lockers after giving due notice to the hirer.  

8. Access to lockers will be permitted to hirers against their signatures in the Locker transaction register.  

9.Access to a locker may be allowed to a hirerís nominee/agent only against a power of attorney.

10. Locker cannot be allotted to a minor either singly or jointly with others.

 

b) Nomination/Survivorship clause

 1.The Bank has the facility of nomination in the case of Safe deposit lockers and safe custody facility.  However the facility of nomination is not available in the case of deposit of safe custody of articles by more than one person.

 2. If the sole locker hirer nominates a person, bank will give to such nominee access of the locker and liberty to remove the contents of the locker in the event of the death of the sole locker hirer.

 3. In case the locker is hired jointly with survivorship clause and the hirers instruct that the access of the locker will be permitted to either or survivor, anyone or survivor, or former survivor, or according to any other survivorship clause, bank will follow the mandate in the event of the death of one or more of the locker-hirers.

 4. The similar procedure will be followed for return of articles placed in the safe custody to the survivor/nominee.

 5.In case where the deceased locker hirer/depositor of the articles under safe custody had not made any nomination or clear survivorship clause, the access may be provided to the legal heirs of the deceased based on Succession Certificate or Probate of will or letter of administration.

It should be noted that access permitted to, Survivor(s)/nominee(s) to locker/safe custody articles, is only as a trustee of the legal heirs of the deceased locker hirer/depositor of safe custody articles, on the condition that such access if given to survivor/nominee shall not affect the right or claim which any person may have against the survivor(s)/nominee(s) to whom the access is given.

  c) Breaking open of Lockers

  The Bank may break open the lockers within a period of six months from the date rent became overdue and by sending due notices as per prescribed format. However if the locker is not operated for more than three years, procedure will be followed as per item No. (a) 7 given above.

  For further details please contact the SBT branch nearest to you.

 

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