'Locker' Safe deposit vaults or bank lockers have long been considered the safest place to store heirloom jewels, stock certificates, deeds and other valuables.

In order to rent a safe deposit vault, you must first have a savings account with the bank. You have to pay the locker rent in advance, either for one year or more. Apart from the usual documents required for opening a bank account (identity and address proof), banks conduct a signature verification process before renting out a locker. You also have to sign an indemnity agreement on stamp paper.

You can operate the locker either singly or jointly, but only one key is allotted per customer, while the other key remains with the bank. A bank locker can be assigned to any adult, firm or association, on a single or joint basis. All you need to do is fill out a simple locker application form and locker agreement, agreeing to abide by its terms and conditions, and pay the deposit and the rent. Customer should have open an account (savings or current) or make a fixed deposit that covers rentals for those who agree to open an account (savings or current) or make a fixed deposit that covers rentals for one year and charges for breaking open the locker in case of an eventuality.

• The nomination facility is available to anyone hiring a locker.
• Unpaid locker rentals are recovered from the nominee.
• Locker rates vary based on location of branch and locker sizes. (Rates are available at branches.) Locker rent is charged annually and rent is payable in advance.
• Loss of key is to be immediately informed to the locker branch.
• If the locker is surrendered in the middle of the financial year, rent collected for the remaining months will NOT be refunded to the customer.
• Please visit nearest branch to gain detailed information.