Safe Locker

Safe Locker

Bank safe deposit lockers are a good option for safeguarding your valuables and documents.

Just as you trust our bank with your money in the savings accounts or fixed deposits, safe deposit lockers offer the best option to safeguard your valuables, including jewellery, cash and important documents.

Each locker has two sets of keys, one for the customer, the other with the bank, and it can be opened only if both the keys are used. It is better to own a locker jointly and name one or more nominees. This ensures hassle-free transfer of contents in the event of the death of either or both account holders. Most importantly, read the guidelines on lockers thoroughly.

Lockers come in three different sizes and the present annual rent is as shown below. The management reserves the right to change the rent from time to time.

The Nilambur Co Operative Urban Bank charges .

Security Deposit Rent Effective Date ( 01-04-2013)
Small Rs :3000 Rs 1000+S tax
Medium Rs : 5000 Rs 1500+S tax
Big Rs : 10000 Rs 2000+S tax

There are rules on the number of visits in a year as well, You must, however, visit your locker from time to time.

Banks are also allowed to recover charges to break open a locker and a minimum service charge over and above the actual expense, if you lose your locker keys.

In reality, though, banks make it mandatory to open a savings bank account on the pretext of getting your KYC done.

Banks are not responsible for the contents of the locker. In case of natural calamities, including an earthquake or flood, and even in the case of a terrorist attack, where your locker contents are destroyed or lost, banks can easily wash their hands off the compensation.

Even in case of a break-in or a termite attack, banks can argue that since they have no knowledge of what you had stored in the locker, they cannot compensate you. However, they can be held responsible for not providing adequate security or lack of basic maintenance. So, you could receive some compensation if you move the court.

Most Important Terms & Conditions

  • Annual rental is payable in advance.
  • Rental depends on the size of the lockers and location of the branch viz urban or semi-urban/rural.
  • One time registration charges for all center is also levied.
  • KYC norms are applicable for locker hirers.
  • Lockers cannot be allotted to minors either singly or jointly with others.
  • Nomination facility is available. Bank is guided by the provisions of Sections 45 ZC to 45 ZF of the Banking Regulation Act, 1949 and the Banking Companies (Nomination) Rules, 1985 and the relevant provisions of Indian Contract Act and Indian Succession Act.
  • In case of locker remains unoperated for more than one year, the branch has the right to cancel the allotment of the locker and open the locker even if the rent is paid regularly.