Agreement for Hiring of Safe Deposit Locker with SBI: An Overview
When it comes to keeping our valuables safe, most of us prefer renting a safe deposit locker. State Bank of India (SBI), one of the leading public sector banks in India, offers this service to its customers. However, before you rent a locker, it is important to know the terms and conditions of the agreement for hiring of safe deposit locker with SBI.
In this article, we will discuss the key points of the agreement and how it affects you as a customer.
What is a safe deposit locker?
A safe deposit locker is a secure storage space provided by banks to store your valuables, such as jewelry, documents, and other important items.
Who can rent a safe deposit locker with SBI?
Individuals, HUFs, firms, trusts, companies, societies, and associations can rent a safe deposit locker with SBI.
What are the charges for renting a safe deposit locker with SBI?
The charges for renting a safe deposit locker vary depending on the size and location of the locker. The rent is charged on an annual basis, and you can also opt for a shorter rental period, such as six months or three months.
What are the key terms of the agreement for hiring of safe deposit locker with SBI?
The agreement for hiring of a safe deposit locker with SBI contains the following terms and conditions:
1. The locker is rented on an “as is” basis, and the bank is not responsible for any loss or damage to the contents stored in the locker. Therefore, it is important to get your contents insured.
2. The bank reserves the right to terminate the agreement at any time by giving notice to the customer, and the locker must be vacated within seven days of such notice.
3. The customer must maintain a minimum balance in their linked account, failing which the bank can deduct the rent from the account.
4. The locker can only be operated by the customer or the authorized person nominated by them in writing.
5. The customer is responsible for the safekeeping of the key of the locker, and in case of loss or damage to the key, they must pay a penalty.
6. The customer must comply with the KYC norms and provide the necessary documents for identification and address proof.
7. The bank can deny access to the locker if the customer has defaulted on any payments or is involved in any legal proceedings.
Renting a safe deposit locker with SBI can provide you with peace of mind knowing that your valuables are safe and secure. However, it is important to understand the terms and conditions of the agreement for hiring of safe deposit locker with SBI and comply with them to avoid any inconvenience. By being aware of the charges, key terms, and conditions, you can make an informed decision and protect your valuables.