A bank locker is used for depositing valuables like gold, jewelry and important documents .It can be hired by individuals, firms, trusts, companies etc. Locker comes in different sizes like small, medium, large and extra-large.
This facility is selectively offered through above-mentioned branches of the Bank and wherever the facility is offered, allotment of safe deposit vault will be subject to availability and compliance with KYC NORMS and other terms and conditions governing the locker service. Safe deposit lockers may be hired by an individual (being not a minor) singly or jointly with another individual(s), HUFs, firms, limited companies, associations, societies, trusts etc. Nomination facility is available to individual(s) holding the lockers singly or jointly. In respect of lockers held in joint names, up to two nominees can be appointed. Joint locker holders can give mandate for access to the lockers in the event of death of one of the holders on the lines similar to those for deposit accounts. In the absence of nomination or mandate for disposal of contents of lockers, with a view to avoid hardship to common persons, the bank will release the contents of locker to the legal heirs against indemnity on the lines as applicable to deposit accounts