Sample Letter to Bank for Renting a Safe Deposit Locker


Searching for online application forms for operating a bank safe deposit locker? This article provides a sample letter to bank for renting a safe deposit locker in a bank in India in case the bank does not have an official form for it. You can also know the approximate annual locker rental fees at SBI and important details about terms & conditions of operating a bank safe deposit locker in India.

A safe deposit locker is an ideal store box for those who consider it very risky to keep at home their jewelry and important documents, such as those related to property, a will, etc. The facility of renting a safe deposit locker is a service which the Bank provides at specific branches. The lockers are under secure monitoring, kept inside specially built strong rooms at branches.

Before you write that application letter to bank for renting safe deposit locker, though, know about the types of lockers, approximate annual rental charges, eligibility criteria and some guidelines about the operation of the locker.

Who can apply for a safe deposit locker

A safe deposit locker in a bank can be taken on rent either by a single individual or jointly by more than one individual with age criteria as 18 years and over. A bank locker can also be taken on rent by a partnership firm, a private limited company, an association, a society, a Trust and a club. Visually impaired people and those who are not literate are also allowed to rent a bank locker.

Types of bank safety deposit lockers

Lockers of different sizes are available and the rent is charged annually, with the rent payable in advance. At some branches, you may initially be allowed to rent a locker for one year only and subsequently then for 3 years at a time. At other branches, you may be given the option right away of renting a locker by paying rent for 3 years in advance. The charges on renting the locker will vary from one bank to another as also the branch location, whether it is in a metro, urban or semi-urban area or a rural area.



To give you a general idea, here are the rates for renting a safe deposit locker at SBI:
  • Small size lockers: (i) 125 X 175 x 492 (ii) 159 X 210 X 492
    Fee: Rs.1,100/- + ST for metro and urban areas and Rs.800/- + ST for semi-urban and rural areas.

  • Medium size lockers: (i) 125 X 352 X 492 (ii) 189 X 263 X 492 (iii) 159 X 423 X 492 (iv) 325 X 210 X 492
    Fee: Rs.2,800/- + ST for metro and urban areas and Rs.1,800/- + ST for semi-urban and rural areas.

  • Large size lockers: (i) 278 X 352 X 492 (ii) 189 X 529 X 492 (iii) 325 X 423 X 492
    Fee: Rs.6,000 + ST for metro and urban areas and Rs.5,000/- + ST for semi-urban and rural areas.

  • Extra-large size lockers: (i) 404 X 529 X 492 (ii) 385 X 529 X 492
    Fee: Rs.6,000 + ST for metro and urban areas and Rs.5,000/- + ST for semi-urban and rural areas.

Note that it is possible the bank branch does not have sufficient number of lockers to rent out. In such a case, customers get lockers on first come, first serve basis. The branch will have a waiting list and in case you do not get a locker right away, on acceptance of your application you will receive a waiting list number.

Eligibility requirements

  1. You need to have a Savings/Current Account with the bank which is active and operative. Learn about dormant accounts here & how to activate one: Sample application letter to Bank to activate a dormant account
    You will need to give a security deposit.

  2. You need to submit the requisite KYC (Know Your Customer) documents along with 2 passport size photographs.

  3. You will need to sign the bank's Locker Agreement, with the stamp duty payable as per the laws.


An often asked query is: Is it compulsory to have a Fixed Deposit with the bank branch when renting a safe deposit locker?. The answer: As per RBI guidelines, to ensure prompt payment of locker rent, you may need to have a Fixed Deposit which would cover 3 years rent & any charges which may possibly arise for breaking open the locker. However, banks should not insist on such Fixed Deposit from the existing locker-hirers. [Refer: RBI circular, April 2007]. Further, as per the same circular notification mentioned, the locker is considered to be inoperative if it has not been operated for more than 3 years for medium risk category customer and 1 year for a higher risk category customer.

Sample letter to bank for renting safe deposit locker

Generally, the Bank will provide you with an official form for applying to rent a safe deposit locker. If there is no form, you can give a written application in the sample format provided below:

To: The Branch Manager
[Bank name]
[Branch Office]
[Date]

Subject: Application for Safe Deposit Locker

Sir/Madam,

Please rent me/us a safe deposit locker of _____________ size, at your branch.

I/We hereby authorize you to debit my/our saving/current A/C No.____________ for the annual rental fee of Rs. ____________/- and key deposit of Rs.______________

Please arrange to record the standing instruction that upon maturity the locker be renewed unless instructed otherwise and debit the annual rental fee from my/our account as mentioned above.

[Mention Standing Instruction if any]

Locker Operation Instruction: Single / Joint by below signatory(ies).
1. Name:
Father's name:
Spouse's name:
Address:
Phone number:
Mobile number:
Email address:

[Photo attached]


[Signature]

2. Name:
Father's Name:
Spouse's Name:
Address:
Phone number:
Mobile number:
Email address:

[Photo attached]

[Signature]

Nominee Details:
I/We hereby nominate ____________ [write name], [relation, such as son/daughter or granddaughter/grandson or nephew/niece] of ______________ [write name] to receive all contents of above locker rented to me/us in your Bank in the event of my death.

Nominee's relation to me: _______________

Nominee's contact no.: __________________

Nominee's address: ____________________

If the nominee is a minor at the time of my death, I appoint _____________ [write name], [relation] of ____________ having contact no. _____________ and address at ____________________________ to receive all the contents of above locker as guardian of and on behalf of the nominee.


[Name(s) of the applicant(s) and signature (s) above each]

Note: If not jointly operating with somebody else, give only details of yourself.



Important notes

  1. Make sure that you get the Rent Deed Memorandum from the bank branch where you are renting the safe deposit locker. This memorandum will contain the terms and conditions of renting and operating the locker, penalty imposed for late payment of rental fee, service charges in case of loss of the locker key, etc.

  2. It is advisable to pay the rental charges on time. If you do not pay the rent on time or do not operate the locker within the stipulated period, then the Bank may break open the locker and for realization of all rents and / or other charges, the bank will have the first lien or charge on the locker contents. A monthly penalty is imposed by the bank on the amount of locker rental arrears.

  3. In case there is a change of the address as given in your application, you must right away inform the Bank branch where you are maintaining the locker.

  4. It is advisable to use the nomination facility for lockers, which is separate from the nomination facility provided for your savings/current account. In the event of your death, your nominee can access the contents of the locker. You can make the nomination in favour of one individual if the application is in your name only as the sole hirer of the locker and in favour of one or two persons if you are hiring the locker jointly.

  5. You cannot sub-let the locker or any part of it to anybody.

  6. The Bank has the right to inspect the contents of a locker to ensure that there are no articles in it which are perishable, inflammable, combustible or illegal. You are not allowed to place in the locker anything which is of an offensive or destructive nature or is dangerous, such as weapons or fire crackers or explosives.


Article by Vandana
Vandana is based in India with over 15 years experience as a freelance writer. Writing, no doubt, is her primary passion! Having learned the art of blogging from ISC, Vandana is enjoying the thrills of blogging, taking pleasure in sharing information & getting good pageviews at her various blogs.

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Comments

Author: Juana01 Feb 2017 Member Level: Platinum   Points : 5

A couple of points which people need to be aware of before opening bank lockers -

Though bank lockers are deemed to be safe, there have been instances of thieves breaking into bank lockers and absconding with the loot. In an event of loss of valuables placed in a bank locker, insurance companies are not liable to pay for any items lost.

Most banks also have a restriction on the number of times customers can access the locker. The standard practice followed by most banks for customers to operate the locker is 6 times, per quarter. Banks charge a fee if this limit is crossed. However, some banks place customers in special categories of preferred customers, based on the business these clients give the bank. Such customers are entitled to certain privileges that might also include a waiver of the limit to locker access.



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