Bank Locker Terms And Conditions
Every person finding a way to keep his documents and gold safe for this people bank locker is the best option. gold and jewelry can be theft from home, the document can be miss or damages by fire so avoiding this bank locker is the best option.
But when you take locker bank locker terms and conditions is important for customer.
so avoid confusion about locker rule we know in this blog what is bank locker terms and conditions.
Today many banks offer bank locker facilities. when we take locker there are some rules and terms which are important. if we did not read these rules it harms us in future
1.Bank Account -
2.Locker Annual Rent
if you want bank locker first you have to keep 3 years locker rent and amount as a charge of the forced opening of the locker.
3.Kyc of Bank Locker Account
For allowing bank locker bank demand KYC from an old and new customer.KYC means your id proof such as adder card, pan card, election card. address proof is adder card, driving license, light bill, etc.
4. About Bank Locker Key
Bank give one key to the customer, if the customer is joint then also issue on key. the customer has to maintain the key carefully if the key lost by the customer then the bank opens the locker to broke it. all locker brake charges pay or bear to the customer so the key is important.
5.Bank Locker Eligibility -
Minor can not hire a bank locker. blind person, an illiterate person can also avail this facility .firm, company, trust, association, a partnership firm can get bank locker facilities. if customers want bank locker operated jointly, either or survivor, then it is available.
6. If Delay In Paying Rent
If the customer does not pay rent on time then the bank penal the customer for taking some charges or with 2 % and more than 2% penal interest on arrears from the customer.
7. Nomination Of Bank Locker
Nomination facilities are available for bank locker. if a customer dies for some reason then the asset gets to its nominee.
if the customer does not mention the nominee then all locker assets get to their legal hair. Nomination facility is not available in respect of lockers hired in joint names if the operations are to be allowed under the single signature of any of the hirer(s).
More than one person can be nominated in the case of a locker held in joint names to be operated under the joint signatures of two or more persons. In the event of the death of such joint hirer(s), the Bank may give such nominee/s, jointly with the surviving joint hirer(s), as the case may be, access to the Locker.
8. Locker Operation Time
locker customer can use locker within bank time or bank business hours and bank working day.
9. Surrender Of The Locker
The locker can be surrendered by the customer or their duly authorized representatives. When a customer desires to surrender his locker through a representative.
The customer should obtain a letter of authority in form No. RF130, that is easily getting in the branch, where there are instructions for joint operation of lockers, the same instructions are applicable for the purpose of surrendering lockers also
10. Allotment Of The Locker
Bank locker allotment on a first come to first serve basis. The waiting list is maintained at the branches providing the facility and applications for the locker facility are Acknowledged and given a waiting list number.
non-operation within the stipulated period may lead back to break open the locker at the cost of locker hirer (s) and deal with the articles prescribed.
11. Court Order For Bank Locker
If court-ordered to stop the operation of locker then bank not allow to customer to operate locker.
12. Bank Responsibility Against Locker Damage
The bank is not responsible for damage or loss of locker arising any course. Bank will not be liable for any failure or delay in performance of obligation resulting from causes beyond its reasonable control.
such as natural catastrophes, governmental acts or omissions, laws or regulations, civil commotion, war, labor strikes, lockouts, and other exceptional circumstances.
13.Can NRI person Open A Bank Locker
NRI can open a bank locker there is no permission required for opening a bank locker.
14. Bank Locker Agreement
customer has to make an agreement with the bank on 100/- rs. stamp for bank locker.
15. Non-Operation Of The Locker
The customer is required to operate the locker at least once in every six months and if the locker remains not operated for more than a year from the last date of operation then the Bank will have a right to cancel the allotment of the locker.
by giving notice for security reasons and treat the customer as a defaulter, notwithstanding that the rent has been paid up to date.
16. On Which Condition Bank Locker Break
The Bank will publish the names of defaulters who have not paid the rent on its becoming due in spite of notices sent.
The Bank may break the lockers within a period of 6 months from the date rent became overdue and by sending due notices as per bank’s norms. However, in respect of High Risk and Medium Risk customers, the procedure will be followed as per point No. 1(iv) above.
In case of breaking open the locker, one thousand will be recovered as incidental charges over and above actual cost incurred for the same.
17. Rules For Surrender Of locker
If you want to surrender your locker then you have to give 7-day prior notice to your bank and if you do not give this notice then your locker period renews for next year.
if you surrender your bank locker within the completion of the year then your rent returns to you by the bank. bank locker rent is taken from the bank is three-year rent in form of fixed deposit if you surrender locker within three years then bank brake f.d as premature and return you remaining rent into your account.
18. If Bank Locker Theft
If bank locker theft in that case bank is not liable for customer valuables in a bank locker. as per the reserve bank of India bank is not responsible for theft, damages, civil war .customer is responsible for his valuable goods.
19. Which Asset Can Customer Keep In Locker
Customers can keep gold, ornaments, document in a bank locker. Customers can not keep hazardous items in the bank locker and illegal items in a bank locker.
20. Bank Locker Insurance
Bank not provide insurance to your bank locker but customers can individually apply for bank locker insurance. in India, some insurance companies avail bank locker insurance facility such as Tokio General Insurance has introduced “bank locker protector policy”.