INSUBCONTINENT EXCLUSIVE:
SBI's locker facility: KYC norms are applicable for locker hirers.SBI (State Bank of India) offers safe deposit locker facility at large
number of branches for the safety of valuables
at which the branch is located, said the country's largest lender on its official website -- sbi.co.in
However, the rent is to be paid in advance for the financial year
SBI also provides nomination facility to locker-hirers
Advantage of availing this facility is that in the event of death of one of the joint locker-hirer, the right to the contents of the locker
things to know about SBI's safe deposit locker facility:1
One has to pay annual rental in advance which depends on the size of the lockers and location of the branch
Customers also need to pay one time registration charges for all centers for SBI's locker facility.2
KYC (Know your customer) norms are applicable for locker hirers, as well.3
However, SBI's locker facility cannot be allotted to minors either singly or jointly with others.4
One can avail the nomination facility
In case the nominee wishes to continue with the locker, bank may enter into a fresh contract with nominee and also adhere to KYC norms in
In case the locker remains unoperated for more than one year, the branch has the right to cancel the allotment of the locker.
