SAFE DEPOSIT LOCKERS

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Annual Locker Rent Details w.e.f. 01042022

Locker agreement

BENEFIT

Stop storing too much jewellery and valuables in the house! Central Bank of India provides you with Safe Deposit Lockers - a safe, trustworthy space to store your valuables, jewellery, documents and other things dear to you.

Features

Safe Deposit Locker facility is one of the value added services provided by the Bank to its customers. Bank provides specially designed lockers purchased from reputed manufactures which are kept at specially built strong rooms at branches for keeping the valuable of hirers

Safe Deposit Locker facility is available at our various branches across India. Lockers of different sizes to suit the needs of customers are available.

Safe Deposit Locker facility can be availed by individuals – either singly or jointly, Partnership Firms, Companies, Associations and Clubs.

Safe Deposit Locker facility is available at our various branches across India. Lockers of different sizes to suit the needs of customers are available.

Rent for Safe Deposit Lockers is charged annually and rent is payable in advance. Locker hirers have option to pay 3 years rent in advance. Locker rent vary depending on location of branch i.e. rural/semi-urban/urban/metro and size of locker.

Most Important Terms & Conditions

  • Annual rental is payable in advance.
  • Rental depends on the size of the lockers and location of the branch viz metro/urban or semi-urban/rural.
  • One time registration charges for all center is also levied.
  • KYC norms are applicable for locker hirers.
  • For obtaining a locker at the Central Bank of India, you must be an account holder with our Bank.
  • Lockers cannot be allotted to minors either singly or jointly with others.
  • Nomination facility is available. 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.
  • In case of locker remains unoperated for more than one year, the branch has the right to cancel the allotment of the locker and open the locker even if the rent is paid regularly.
  • The lockers will be allotted on first come first served basis to the customers only.
  • At the time of hiring the locker, bank will obtain a minimum-security deposit in the form of FDR from the lessee for the amount which would cover 3 years rent and the charges for breaking plus Rs. 1000 for open the locker in case of such eventualities.
  • The security deposit will be kept under Bank’s lien in respect of rentals and other dues on locker services viz. breaking open/replacement of lock in case of loss of keys, etc.
  • An acknowledgement will be issued by the bank for fixed deposit to be kept as security deposit.
  • The hirer of the locker will be provided the copy of the agreement i.e. 'Memorandum of Letting' by the bank.
  • Loss of key should be immediately informed to the Branch. The bank shall not be responsible for any loss. Charges for opening the locker, or replacing the lost key, and for changing the lock shall be payable by the Renter/s.
  • With standing instruction, the rent may be paid from the deposit account of the hirer on due date.
  • The locker will be operated during the specified timing displayed at the branches.

Charges Details

  1. Slab wise Discount on Advance Locker rent
    Period Discount % age
    1 Year+6 months & above 2%
    2 Years 5%
    3 Years 10%
    4 Years 15%
    5 Years 20%
    Staff 75%
  2. Restriction on Number of Opeartions

    No. of locker visits per year 15 visits per year free; thereafter Rs 100/- per visit

  3. Security Deposit Required for Locker

    The Locker holder (the Lessee) is required to keep an amount equivalent to three years +charges For break opening of the locker+Rs1000/-in the form of Term Deposit.

  4. Penalty for Delayed Payment of Locker Rent
    1st Quarter 10% of annual rent
    2nd Quarter 25% of annual rent
    3rd Quarter 40% of annual rent
    1 Year 50% of annual rent
    For more than 1 year Locker to be broken
    One Time Registration Charges at THE Time of Leasing Out the Lockers
    Rural/Semi Urban Rs.200/-
    Urban/Metro Rs.500/-

    Other

    Break Open Charges/Drill Opening Actual +Rs 1000/-towards
    Duplicate Keys

    Locker Annual Rent

    Size Of Lockers Rural/Semi Urban (in Rs.) Urban/Metro (In Rs.)
    Group I 1000 1500
    Group II 1500 2000
    Group III 2000 3000
    Group IV 2000 3000
    Group V 3000 4000
    Group VI 4500 6000
    Group VII 6000 8000
    Group VIII 8000 10000

    A Premium of 25% in identified metro branches, subject to review of identified branches

    Mumbai Main Office (In Rs.)
    Group A 2500
    Group B/BB 3500
    Group C 7000
    Group D 25000
    Safe 50000