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Old April 5th, 2016, 06:56 PM
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Join Date: Nov 2011
Default Re: State Bank Of India Locker

Here is the Requirements to have a locker

Here are Some of these guidelines are listed below:

Though to avail the locker services one need not have a saving account in the bank .But a bank asks new customers to open a savings account. This is because opening a savings account helps complete the know your customer (KYC) norm. Also, a savings account at the branch makes it easy, for the bank, to collect yearly charges.

Banks must allot lockers on a first come, first serve basis. If none are available, the bank branch needs to maintain a waiting list and provide the candidate with a waitlist number. It must also tell the customer when it is available.

Please note not all bank branches have lockers. It is a first-come-first-served service that has always been in high demand.

Bank lockers can be rented on single as well as joint basis. If there are joint holders then all the joint holders have to particularly mention the kind of ownership agreement they are getting into (like either or survivor, former or survivor etc).
Nomination facility for a locker is available.

In case of death of locker holder (or joint holders) a nominee gets admission to the locker by producing death certificate and filing up claim form. Our article Bank Account ,Term Deposit, Locker: Paperwork Required For Claim discusses nomination for bank lockers , importance etc in detail.

The bank may ask customer to deposit some amount as security in the beginning for opening a locker, called as Caution Money. This may include the rent for locker for a period of 3 years and also an amount for emergencies when the bank has to break open the locker for example if the customer has lost the key.

It is not mandatory to do so but most of the banks do ask.

There are more than a few complaints how banks have and are taking advantage of the soaring demand for lockers to force customers to invest in investment products like fixed deposits, Insurance schemes which are in violation of the Reserve Bank of India (RBI) rules.

Bank does Risk categorization of locker hirers, mostly as per deposit account of hirers with Bank. Risk categories are usually High, medium, low,

While opening a locker one needs to sign an agreement document, called Memorandum of Letting.

It is an agreement among the Bank (called as lessor),who is letting out the locker and Customer (called lessee) hiring the locker regarding operation of the locker. This document is a registered document and attracts stamp duty.

The choice of technique of paying stamp duty is largely dependent on the state in which the stamp duty is to be paid and the amount of such stamp duty.

A variety of methods of paying stamp duty are e-stamping, franking and Stamp paper.
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