State Bank of India provides the facility of Safety Deposit Locker (Bank Locker Rules) to its customers in many of its branches.
The customers who have hired the locker have to pay the annual rent to the bank. The locker rent varies according to its size and branch location in the centre. But, what to do if the SBI locker becomes inoperative and how much penalty has to be paid? SBI has clarified the guideline regarding this.
Banks provide locker facility to the customers for keeping valuables, documents, jewelry etc. Certain rules and fees regarding locker use are decided by the bank, which are recorded in the agreement. To help the locker hirer understand their rights and obligations, each bank provides a copy of the Locker Agreement, signed by both the parties ie the customer and the bank.
According to the SBI bank, it charges Rs.500 plus GST for small and medium lockers and Rs.1000 plus GST for large and extra large lockers. Banks always recommend that you use your locker regularly or at least once in a year to avoid the situation of locker being inoperative. The location of the locker is subject to change depending on the Bank’s policies.
When does SBI Locker become inactive?
For example in SBI if a locker is lying idle for seven years and the hirer is not found, even if the rent is being paid on time, the bank is free to transfer the contents of the locker to the nominees or legal heirs of the hirer .
How much will the bank pay for locker theft or negligence?
Banks will be liable to pay to the customer an amount equal to 100 times the current annual rent in case of theft or negligence in the Safety Deposit Box ie Bank Locker. According to the SBI website, the bank branches will take responsibility to ensure that incidents like fire, theft, dacoity, building collapse do not take place in the bank premises due to their own lapses, negligence. In cases where the contents of the locker are lost or due to fraud committed by its employees, the banks’ liability will be equal to hundred times the amount.
Note that the Bank will not be responsible for any loss or damage to the contents of the Locker due to fault or negligence on the part of the customer.
