Safe Deposit Vaults - Personal Banking

Access to the Safe Deposit Lockers to Survivor(s)/ Nominee(s)/ Legal heir(s) (with survivor/nominee clause):

(a) If the sole locker hirer nominates a person, Bank normally allows access of the locker to such nominee and liberty to remove the contents of the locker in the event of the death of the sole locker hirer.

In case the locker was hired jointly with the instructions to operate it under joint signatures and the locker hirers nominate one or more person(s) as nominee(s), in the event of death of any of the locker hirers, Bank normally gives access of the locker and the liberty to remove the contents jointly to the survivor(s) and the nominee(s) after taking an inventory in the prescribed manner.

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,' 'former or survivor' or according to any other survivorship clause, Bank normally follows the mandate in the event of the death of one or more of the locker hirers.

However, Bank normally takes the following precautions before handling over the contents.

• (i) Bank exercises due care and caution in establishing the identity of the survivor(s)/ nominee(s) and the fact of death of the locker hirer by obtaining appropriate documentary evidence. The genuineness of the documents must be ensured.
• (ii) Bank normally makes diligent effort to find out if there is any order from a competent court restraining the branch from giving access to the locker of the deceased; and
• (iii) Bank normally makes it clear to the survivor(s)/ nominee(s) that access to locker is given to them only as a trustee of the legal heirs of the deceased locker hirer i.e., such access given to him/ her shall not affect the right or claim which any person may have against the survivor(s)/ nominee(s) to whom the access is given.

(b) While giving access to the survivor(s)/nominee(s) of the deceased locker hirer, Bank does 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)/nominees(s).

Bank is also guided by the provisions of Sections 45-ZA, 45-ZC and 45-ZE of the Banking Regulation Act, 1949 and Banking Companies (Nomination) Rules, 2025 and the relevant provisions of Indian Contract Act and Indian Succession Act.

Bank normally prepares an inventory before permitting removal of the contents of a Safe Deposit Locker. The inventory shall be prepared in the presence of two officers of the branch and two independent witnesses in the appropriate forms as circumstances require.

In case the nominee(s)/ survivor(s)/ legal heir(s) wishes to continue with the locker, Bank may enter into a fresh contract with nominee(s)/ survivor(s)/ legal heir(s) and also adhere to KYC norms in respect of the nominee(s) / legal heir(s). Bank is not required to open sealed/closed packets found in locker while releasing those to the nominee and surviving locker hirer.

In order to facilitate the identification of Safe Deposit Lockers on the basis of locker keys, Bank normally arrange to emboss on all locker keys, an identification code which could indicate the bank and the branch providing the locker.

Most Important Terms & Conditions

• Bank shall acknowledge the receipt of Application for allotment of locker and provide a wait list number to customers, if lockers are not available for immediate allotment. Locker shall be provided on first come first serve basis. A written communication shall be sent to the Applicant's address by Registered Post giving them 15 days’ time to take over the Locker.
• Customer Due Diligence shall be carried out for both new and existing customers as per KYC norms for allotment of Locker.
• On allotment, Locker Rent shall be collected at prevalent rate in advance from Locker -hirers. Locker rent will be payable in advance up to 31st March of current financial year on pro-rata basis including month of hiring together with 12 months’ rent for the following year. Locker Rent will be recovered every year on 2nd of April thereafter. Rent / Charges are subject to change as Bank may decide from time to time.
• Apart from Locker rent, Bank would also recover following charges in respect of locker:
  • a) One time Registration Charge
  • b) Locker Visit Charges over prescribed number of operation
  • c) Locker Rent Overdue Charge
  • d) Break open charge for Locker.
  • All charges related to Lockers are displayed on Bank’s website (bank.sbi).
• Bank may also obtain a Term Deposit, at the time of allotment, which would cover three years’ rent and charges for breaking open the locker in case rent is not paid by the Locker-hirer.
• However, Bank shall not insist on Term Deposits from existing Locker hirers or those who have satisfactory operative account. Satisfactory operative account shall be established as per following criteria:
  • a) Account should be KYC compliant.
  • b) Customer should be maintaining Savings Bank/ Current Account for last 3 years.
  • c) Account should not have been Inoperative for the last one year.
  • d) Customer should be maintaining average account balance which would cover two years’ rent for the last one year.
    Above Term Deposit are also not required from Salary Package, HNI and Wealth and VIP customers. 
• Nomination facility is available in Safe Deposit Locker hired singly as well as jointly. In respect of lockers in joint names nomination is applicable only if lockers are operated jointly. Bank is guided by the provisions of Sections 45 ZC to 45 ZF of the Banking Regulation Act, 1949 and the Banking Companies (Nomination) Rules, 1985 and the relevant provisions of Indian Contract Act and Indian Succession Act.
• Locker- hirer(s) shall not keep any illegal or hazardous substance in the Safe Deposit Locker. If the deposit of any illegal or hazardous substance in the Safe Deposit Locker is suspected, Bank shall take appropriate action against Locker- hirer(s) as it deems fit and proper in the circumstances.
• In the event of surrender of a locker, rent shall be recovered up to the month in which locker is surrendered and advance rent, if any, for the remaining period shall be refunded.
• In case Locker Rent is overdue, access to Locker shall be allowed only after collection of overdue rent, including overdue charges, as applicable.
• If rent is not paid for three years consecutively, Bank shall break open of the locker and dispose of the contents of Locker for recovery of overdue rent and other charges.
• If the locker remains inoperative for a period of seven years and the locker-hirer cannot be located, even if rent is being paid regularly, the bank shall be at liberty to transfer the contents of the locker to their nominees/legal heir or dispose of the articles in a transparent manner, as the case may be. Before breaking open the locker, the bank shall follow due procedure.
• Branches shall bear responsibility to ensure that incidents like fire, theft/ burglary/ robbery, dacoity, building collapse do not occur in the bank’s premises due to its own shortcomings, negligence and by any act of omission/commission. Instances where loss of contents of locker are due to incidents mentioned above or attributable to fraud committed by its employee(s), the banks’ liability shall be for an amount equivalent to one hundred times the prevailing annual rent of the safe deposit locker.
• In case of change in the address or contact details, Locker-hirer(s) shall inform the Bank with supporting documents immediately.

Safe Deposit Locker Agreement

• Revised Safe Deposit Locker Agreement
• Supplementary Locker Agreement