Safe Deposit Lockers

1.    General

(a)        Safe Deposit Locker facility is one of the ancillary services offered by our Bank.

(b)       The relationship between TGCCB and Locker hiring customer is basically that of the BAILOR & the BAILEE and incidentally it is also that of a “LESSOR” & “LESSEE”

(c)        TGCCB is not required to know what is kept inside a Locker but is charged with the responsibility to exercise reasonable precautions against the loss of the contents of a Locker. That is why Safe Deposit Locker facility is provided only in those TGCCB branches where a “Safe Vault” or a strong room is available to ensure safety and security to the Lockers. 

2.     Secrecy & Confidentiality

        TGCCB will ensure utmost secrecy of the Safe Deposit Lockers hired by the customer and will not divulge any information about hiring of lockers, mode of operation etc. to anyone, except when the disclosure is required to be made with the clear consent of the hirer(s) or in compliance of the orders of a competent authority having statutory powers.

3.      Disclaimer

       TGCCB will, in no way be responsible/liable for the contents kept in the locker by the hirer. In case of theft, burglary or similar unforeseen events, action will be initiated as per law. 

4.         Renting the Lockers

            (a)      Lockers should be rented or hired to Savings and Current Account holders only who are properly introduced to the TGCCB Branch. 

            (b)      Lockers can be rented to ;

     i)        Individual – singly or jointly including NRIs, illiterate customers & staff members.

     ii)       Trusts (with the prior approval of the HO).

     iii)       HUF concerns

     iv)       Societies/Clubs/Associations

     v)        Proprietary/Partnership concerns

     vi)        Limited companies

     vii)       Government Departments/Courts

(c)        However, Lockers should not be rented to MINORS. 

(d)        The usual precautions/formalities observed in the opening of Deposit Accounts for the above listed categories/types of constituents should be strictly observed in hiring our Lockers.

(e)         In the case of individuals having the Locker in the joint names like “E or S”/ “A or S”, any one of them can have access to the Locker.

(f)           In the case of Partnership Firm, Trusts, HUF, Clubs, Societies, Association etc. their Bye laws/rules/Memorandum and Articles of Association/ Certificate of Incorporation/Board Resolution, as the case may be, should in clear terms, specify the person/persons who are authorized to operate the Lockers.

(g)              Normally in the case of Societies/Clubs/Associations etc. the Locker must be operated jointly by two authorized officials. In the case of partnership firm, it should be operated by at least two partners jointly.

5.         Terms for Hiring Lockers

            a)          Lockers are given on hire (rent) for a period of one year.

            b)         The desiring customer should submit an application, in Bank’s form,furnishing complete particulars like ; 

i)         Name and full address of the applicant with phone number.

ii)        Occupation and Business address (if any)

iii)        Whether to be operated singly or as “Either or Survivor” or “Any one or Survivor” or jointly should be clearly mentioned.

 c)             The name and specimen signatures of other joint Holders should be furnished.

 d)              Specimen Signature Cards and “Locker Agreement Form”/ “memorandum of Hiring” should be kept under lock and key under the custody of the Officer-In-Charge of Lockers.

 e)              Each Locker hirer will have to sign the stamped “Locker Agreement Form” and memorandum of Hiring” wherein the terms and conditions under which the Locker is rented to him are detailed.

 f)                The key of the Locker should be tested i.e. to check whether it opens and locks the assigned Locker smoothly, before handing over to the hirer. 

 g)                 As and when a Locker is rented out then the sealed packed relating to the Locker should be taken out and the seal removed in the presence of the hirer and the key has to be tested to check whether it opens & locks the particular Locker. While doing so the officer should explain to the hirer how the Locker could be opened only with both the keys (the key of the respective Locker & the Master key) and how it could not be opened by solely by the Locker key or by the Master key.

 h)                When a locker is allotted to more than one person, clear instructions regarding operation and surrender of the locker must be taken at the very beginning to avoid future complications. It should be ascertained whether the locker will be operated by anyone or more or all persons and whether, in the event of death of one of the parties, access may be given to the survivors without reference to the legal heirs of the deceased, and such instructions should be got signed by all the persons. Also special instructions should be recorded on the specimen signature cards. 

6.         Addition & Deletion of Name:

 (a)             Additions of new names to the hired Locker can be made only when all existing hirers agree in writing to such proposal.

 (b)              However one or more names from a Joint Locker Account should not be deleted.

 (c)                If such deletion is insisted by the hirers, then they have to be advised to surrender the existing Locker and a fresh Locker should be allotted to them following all the regular formalities.

 (d)              Nomination facility is also available. 

7.         Locker Rent:

 (a)             Rent for each type of Locker (as per size of the Locker) will vary. These rent rates will be fixed and revised from time to time by the Head Office of the bank.

 (b)            At the time of hiring the locker, customer shall have to keep a specific amount in Term Deposit as Earnest Deposit. If the Locker customer already has Term Deposit with the respective Branch the same could be earmarked by the customer. 

8.         Nomination:

 o              The sole hirer of a Safe Deposit Locker should nominate one person as nominee. If the Locker is hired in the name of two or more persons each hirer may appoint a nominee on his behalf.

 o             In case locker is hired in the name of a minor jointly with a guardian, the nomination can be made by the guardian of the minor on behalf of the minor. 

o            In case the locker is hired and operated jointly, the nominee of the deceased hirer together with the surviving joint hirer/s will have access to the locker.

 o           Access to locker is given to the survivor(s)/nominee(s) only as a trustee of the legal heirs of the deceased locker hirer and does not affect the right or claim which any person may have against the survivor(s)/nominee(s) to whom the access is given. 

Take a right decision now.

Left your worries inside of our Locker & continue smiling.

*** For further details please feel free & visit our nearest Branch ***