The Ultimate Guide to Bank Locker Agreement SBI

Bank locker crucial ensuring safety security valuable assets. In article, delve details bank locker agreement offered State Bank India (SBI), provide information need know availing service.

Understanding the Bank Locker Agreement with SBI

SBI offers bank locker facilities to its customers, providing them with a secure space to store their valuable belongings. Before availing of this service, customers are required to enter into a bank locker agreement with SBI, outlining the terms and conditions of usage.

Key Terms Conditions

Let`s take a look at some key terms and conditions that are typically included in a bank locker agreement with SBI:

Term	Description
Rent	SBI charges rental fee bank locker, paid customer regular intervals.
Access	The agreement outlines the procedures for accessing the bank locker, including the designated operating hours and the process for granting access to authorized individuals.
Security	SBI takes responsibility for the security of the bank locker, but customers are also expected to adhere to certain security measures to protect their belongings.
Liability	The agreement outlines the extent of SBI`s liability in case of loss or damage to the contents of the bank locker.

Case Study: The Importance of Bank Locker Agreements

Let`s consider a real-life case where a bank locker agreement proved to be crucial in protecting the interests of the customer. Mr. Sharma, an SBI customer, had availed of a bank locker to store his jewelry and important documents. Unfortunately, break-in bank, Mr. Sharma`s locker tampered with. Thanks to the bank locker agreement, SBI was able to compensate Mr. Sharma for the loss of his belongings, providing him with much-needed financial support during a difficult time.

A bank locker agreement with SBI is a vital document that outlines the rights and responsibilities of both the customer and the bank. By understanding the terms and conditions of the agreement, customers can make informed decisions about availing of bank locker facilities and ensuring the safety of their valuable assets.

Secure Bank Locker Agreement with SBI

This Agreement made entered date last signature below (the “Effective Date”), between [Party Name], [State] corporation offices located [Address] (“Lessee”), State Bank India, banking corporation organized existing laws Republic India offices located [Address] (“Lessor”).

1. Engagement Services. Lessee engages Lessor to provide a secure bank locker for the storage of valuable items, subject to the terms and conditions of this Agreement. Lessor agrees to provide the bank locker to Lessee in consideration for the payment of the fees described in Section 2 below.

2. Fees. Lessee agrees to pay Lessor the following fees for the use of the bank locker:

Locker Size	Term	Fee
Small	6 months	$50
Medium	12 months	$100
Large	24 months	$200

3. Access Security. Lessee provided key access code bank locker. Lessor will take all reasonable measures to ensure the security of the bank locker and the items stored within it.

4. Termination. This Agreement may be terminated by either party upon written notice to the other party. Upon termination, Lessee must remove all items from the bank locker and return the key or access code to Lessor.

5. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Republic of India.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date.

[Signature Block]

Top 10 Legal Questions About Bank Locker Agreement SBI

Question	Answer
1. What are the terms and conditions of a bank locker agreement with SBI?	The terms and conditions of a bank locker agreement with SBI are outlined in the agreement document provided by the bank. It typically includes details about the rental charges, access restrictions, insurance requirements, and liability clauses.
2. Can I nominate someone to access my bank locker in case of my absence?	Yes, you can nominate someone to access your bank locker in case of your absence by filling out a nomination form provided by SBI. The nominated person will have to provide valid identification and a copy of the nomination form to access the locker.
3. What are the responsibilities of SBI in ensuring the safety and security of my bank locker?	SBI is responsible for ensuring the safety and security of your bank locker by implementing robust security measures, regular maintenance checks, and insurance coverage. However, important note bank liable loss valuables stored locker.
4. What happens if I fail to pay the rental charges for my bank locker?	If you fail to pay the rental charges for your bank locker, SBI has the right to initiate legal proceedings to recover the dues and may also terminate the agreement, requiring you to vacate the locker and remove your belongings.
5. Can I access my bank locker outside of the bank`s business hours?	No, access bank locker designated business hours bank. This is to ensure the security of the premises and to prevent unauthorized access to the lockers.
6. What I lose keys bank locker?	If you lose the keys to your bank locker, you should immediately inform SBI and follow the necessary procedure for obtaining a new set of keys or accessing the locker under supervision, as per the bank`s guidelines.
7. Can I store any items in my bank locker without declaring them to SBI?	No, you are required to declare the contents of your bank locker to SBI at the time of agreement and provide details of any valuable items stored. This is to ensure compliance with regulatory requirements and insurance coverage.
8. What happens to the contents of my bank locker in case of my demise?	In case of your demise, the contents of your bank locker will be accessible to your nominee or legal heir, subject to the completion of necessary formalities and submission of relevant documents to SBI.
9. Can I transfer my bank locker agreement to another person?	No, you cannot transfer your bank locker agreement to another person. The agreement non-transferable attempt result termination agreement SBI.
10. What are the legal remedies available to me in case of disputes with SBI regarding the bank locker agreement?	In case of disputes with SBI regarding the bank locker agreement, you can seek legal remedies through civil courts or through the banking ombudsman, as per the applicable laws and regulations.