SBI Agreement for Hiring of Locker: Why You Need To Know
As a customer of State Bank of India (SBI), you might be interested in hiring a locker to keep your valuable belongings safe. However, before you sign up for the service, it`s important to understand the SBI agreement for hiring of locker.
Here`s what you need to know.
What is a locker agreement?
A locker agreement is a contract between you and the bank, outlining the terms and conditions of renting a locker. It includes details such as the rental charges, deposit, access hours, insurance, and liability clauses.
Why do you need to sign a locker agreement?
By signing a locker agreement, you acknowledge that you have read and understood the terms and conditions of the service. It`s a legal document that protects both you and the bank in case of any dispute or damage to the locker.
What are the key terms of the SBI locker agreement?
The SBI locker agreement covers the following key terms:
1. Rental charges: You have to pay a fixed annual rent for hiring the locker, depending on the size and location of the locker.
2. Deposit: You have to pay a refundable security deposit, which is usually equivalent to two years` rent. The deposit can be adjusted against any outstanding dues or damages to the locker.
3. Access: You can access the locker during the bank`s working hours, subject to prior intimation and verification of your identity.
4. Insurance: The bank offers insurance coverage against loss or damage to your belongings kept in the locker. However, you have to pay the insurance premium separately.
5. Liability: The bank is not liable for any loss or damage to your belongings due to fire, theft, flood, earthquake, or any other natural calamity. You are advised to take adequate insurance coverage to protect your valuables.
How to apply for an SBI locker?
To apply for an SBI locker, you have to visit your nearest branch and fill up the application form. You have to provide your identity proof, address proof, and two passport-size photographs. Once your application is approved, you have to pay the rental charges and deposit and sign the locker agreement.
In conclusion, the SBI agreement for hiring of locker is a crucial document that outlines the terms and conditions of renting a locker. By understanding the key terms and clauses, you can make an informed decision and protect your valuables with confidence.