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Lockers

Our Bank has adopted the various guidelines issued by Reserve Bank of India in connection with allotment of Safe Deposit Lockers and Safe Custody articles facility and allowing access to the nominees / survivors / legal representatives in the event of the death of the Locker Hirer/s and Depositor/s of Safe Custody articles.

Allotment & Operations of Locker:

  1. The lockers will be allotted on first come first served basis to the customers only. A waiting list register is maintained by the branches for the purpose.

  2. At the time of hiring the locker, bank will obtain a Fixed Deposit under bank's lien which would cover 3 years rent and the charges for breaking open the locker in case of an eventuality.

  3. The hirer of the locker will be provided the copy of the agreement i.e. 'Memorandum of Letting' by the bank.

  4. Loss of key should be immediately informed to the Branch.

  5. With standing instruction, the rent may be paid from the deposit account of the hirer on due date.

  6. Where the lockers have remained un-operated for more than three years for medium risk category or one year for a higher risk category, the bank may ask the Renter/Lessee to either operate the locker/give valid reason for not operating the same or surrender the locker even though the rent is paid regularly. In case the Renter/Lessee does not respond nor operate the locker, the bank would have the right to cancel the allotment of the locker and may consider break opening the lockers after giving due notice to the Renter/Lessee.

Benefits of nomination / survivorship clause

The Bank has the facility of nomination in case of deposit of Locker and safe custody articles facility. However, the facility of nomination is not available in case of deposit of safe custody articles by more than one person.

In the event of the death of one of the joint holders of locker/ safe custody, the right to the contents of the locker or the articles under safe custody does not automatically devolve on the surviving joint holder, unless there is a nomination / survivorship clause.

The customers are, therefore, advised to make nomination / open joint accounts under survivorship clause in their own interest.

Access to the survivor(s) / Nominee(s) / Legal Heir(s)

A. With Survivor/Nominee clause:

  1. If the sole locker hirer nominates a person, bank will give to such nominee access of the locker and liberty to remove the contents of the locker in the event of the death of the sole locker hirer.

  2. In case the locker was hired jointly with survivorship clause and the hirers instructed that the access of the locker should be given over to "either or survivor", "anyone or survivor" or "former or survivor" or according to any other survivorship clause, bank will follow the mandate in the event of the death of one or more of the locker-hirers.

  3. The similar procedure will be followed for return of articles placed in the safe custody to the survivor/ nominee.

  4. In case the locker was hired jointly with the instructions to operate it under joint signatures, and the locker hirer(s) nominates person(s), in the event of death of any of the locker hirers, the bank may give access of the locker and the liberty to remove the contents jointly to the survivor(s) and the nominee(s).

  5. The claimants will have to establish their identity and submit documentary proof in respect of death of the locker hirer.

  6. In such cases, the Bank will not insist on production of succession certificate, letter of administration or probate, etc., or obtain any bond of indemnity or surety from the Survivor(s) / Nominee(s).

  7. There should not be any order from a competent court restraining the bank from giving access to the locker of the deceased.

  8. In case of Locker/ Safe Custody with nomination/survivorship clause the bank will demand only following papers:

    • Copy of Death certificate (duly certified from original)

    • Duly filled in claim application in the prescribed form No.352.

    • Stamped receipt for discharged safe custody receipt/Locker

  9. The access given to the survivor(s) / nominee(s), subject to the applicable conditions, would constitute a full discharge of the bank's liability and the bank will not insist on production of succession certificate, letter of administration or probate, etc., or obtain any bond of indemnity or surety from the Survivor(s) / Nominee(s).

B. Without Survivor/Nominee clause :

  1. In case where the deceased locker hirer/ depositor of the articles under safe custody had not made any nomination or clear survivorship clause, the access may be provided to the legal representative of the deceased based on Succession Certificate or Probate of a WILL or Letter of Administration.

  2. In such cases the bank will give access to their legal heir(s) / legal representative on the basis of following documents:

    • Copy of Death certificate (duly certified from original)

    • Duly filled in claim form together with surety letter

    • Legal representation i.e. succession certificate or letter of administration or Probate of Will.

    • Stamped receipt for discharged safe custody/Locker receipt.

  3. However, in case the contents of the locker are not of great value, the Bank may at its discretion allow the heirs of the deceased to see the contents of the locker after fulfilling certain conditions and thereafter access to the locker may be allowed if the Bank deem fit so.

C. General Guidelines :

The Renter/Lessee and depositor of safe custody articles are advised that access to locker / safe custody articles may be given to survivor(s) / nominee(s) only as a trustee of the legal heirs of the deceased locker hirer/depositor of safe custody articles on the condition that such access if given to survivor(s) / nominee(s) shall not affect the right or claim which any person may have against the survivor(s) / nominee(s) to whom the access is given.

D. Breaking Open of Lockers:

The Bank may break open the lockers within a period of six months from the date rent became overdue and by sending due notices as per prescribed format. However, in respect of High Risk and Medium Risk customers, procedure will be followed as per point No. 1(iv) above.

Click here to view charges on Lockers

For further details, please contact the Bank of Baroda Branch nearest to you.




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