Pune People's Co-Operative Bank Ltd., Pune - 411030 Leading Co-operative Bank in Pune Maharashtra India

Safe Locker Facility

Pune People's Bank Keep your valuables safe and secure with the Safe Deposit Locker facility. Designed for convenience and security, our lockers ensure peace of mind for safeguarding your precious belongings.

Features

Safe Deposit Locker service is an ancillary facility provided exclusively to our customers.
Branches offering lockers are equipped with high-security features and specially built strong rooms.
Locker facility is available in over 20 branches, with a wide range of locker sizes and convenient locations.
Extended banking hours for accessing lockers.
Nomination facility available for added security and convenience.

Eligibility

Lockers can be hired by individuals, limited companies, associations, and trusts.
Fees and Charges

Fees and Charges:

Locker rental rates vary based on branch location and locker size.
Annual rent for lockers has been revised; visit your locker branch for detailed information.
Rent is charged annually and must be paid in advance.

Sr.No.	Document	Files
1	Standard Operating Procedure (SOP) Lockers for Customers PDF	View

Frequently Asked Questions

What is the relationship between bank and the locker holder?

The relationship between the bank and the locker holder is that of Licensor and Licensee. Underlying facility is an agreement between the Bank (licensor) and the customer (Licensee) allowing use of the former’s locker by the latter. The consideration for extending the facility is the locker Fees (license fee) to be paid periodically by the customer to the bank. In the present context, this is a right granted by the licensor i.e. the bank, to the licensee (customer) for use only of a specified locker for a specified period on a payment of specified license fee, described in the agreement for hiring out the locker.

Who is eligible for lockers?

Lockers can be licensed to individuals, either singly or jointly, Partnership Firms, Limited Companies, Associations and Clubs.

What documents are to be obtained for allotment of locker?

Application for Allotment of Locker, and Agreement/ Memorandum of Letting of Safe Deposit Vault/ Locker constitutes the basic document to be submitted by the customer. It should be duly stamped at the time of execution (as per the applicable stamp duty of the respective state). The customer(s) who are not having any other banking relationship with the bank are needs to comply with the Customer Due Diligence (CDD) and subject to on-going compliance. The due diligence shall be carried out for all the customers in whatever rights and capacities they may be hiring the locker.

On what basis locker is allotted to the customers?

Lockers are allotted on first-come first-serve basis provided the applicant is eligible for the same and is complying with the KYC norms.

To whom revised guidelines issued by RBI are applicable to?

The revised guidelines are applicable to both new and existing safe deposit locker holder(s) and the safe custody of articles facility availing customer(s).

Is it mandatory for the existing locker holders to execute revised locker agreement?

Yes, As per RBI revised guidelines on locker, revised Locker Agreement is to be executed Page 2 of 4 by all the existing locker holders.

Who will retain the original Agreement?

Original Agreement shall be retained with the branch where the locker is situated. Howevera copy of the locker agreement in duplicate signed by both the parties shall be furnished to the locker-hirer to know his/her rights and responsibilities.

Does licensee/locker holder hold the right to terminate the locker Agreement?

A Licensee has a right to terminate the Locker agreement and surrender the Locker any time during the license period. However, if he/she chooses to surrender the Locker before expiry of the license period, the proportionate amount of advance rent collected shall be refunded.

Who is permitted to operate the locker?

The locker hirer and/or the persons duly authorized by him/her / or POA holder(s) only are permitted to operate the locker after proper verification of their identity and recording of the authorization by the officials concerned of the branch.

Can locker facility be extended to Visually Impaired persons?

Branches may extend locker facility to Visually Challenged customers after taking necessary precautions on the following viz.

The locker facility may be offered to visually impaired person in his single name and allotting the locker in joint names would not be insisted upon. However, the locker licensee will open the locker with the use of the allotted key and the branch officials will not offer any assistance for this purpose, other than using the master key for opening of the locker and locating the locker.
In case, the locker licensee desires to avail the help of third party in operating the locker, it is allowed by branch with proper records. However, before allowing the locker licensee, the details of the third party such as name, address, relationship with the locker licensee etc. alongwith KYC documents should be recorded in the locker register. A confirmation should also be obtained from the locker licensee regarding the identity of the third party and that the access to third party is at the full risk and responsibility of such Licensee.

Are the customers intimated about the operation of the locker?

Bank sends SMS alert to the registered email ID or mobile number of the customer before the end of the day as a positive confirmation intimating the date and time of the locker operation and the redressal mechanism available in case of unauthorized locker access.

Are customers informed about the events such as merger/closure/shifting of branch warranting physical relocation of the lockers?

Customers are intimated at least two months in advance along with options for them to change or close the facility. In case of unplanned shifting due to natural calamities or any other emergency situations, bank makes efforts to intimate the customers suitably at the earliest.

Can Branches insist on Term Deposits from Locker Holders?

To ensure prompt payment of license fee, RBI has permitted banks to obtain a fixed deposit at the time of allotment which would cover three years fee and charges for breaking open in case of any eventuality.

If locker rent is collected in advance, in the event of surrender of a locker by a customer, can the advance rent paid be refunded?

If locker rent is collected in advance, in the event of surrender of a locker by a customer, the proportionate amount of advance rent collected shall be refunded to the customer.

Do we have nomination in Locker Facility?

Yes, Bank offers nomination facility in case of Safe Deposit lockers and safe custody of articles. In case the nominee is a minor, the same procedure as prescribed for the bank accounts is followed by the bank.

What if a customer does not want to appoint a nominee?

In case the locker holder/s does not want to appoint a nominee to its locker account/s, then he/she has to give an undertaking to the bank.

What is the time limit for settlement of death claims?

Bank settles the claims in respect of deceased locker hirers and releases the contents of the locker to survivor(s)/nominee(s), as the case may be, within a period not exceeding 15 days from the date of receipt of the claim along with required documents subject to the production of proof of death of the depositor and suitable identification of the claimant(s) with reference to the bank’s satisfaction.

What is customer’s liability in case he / she loses the key?

If the key of the locker, supplied by bank is lost by the locker-hirer, the customer shall notify the bank immediately. An undertaking is obtained from the customer that the key is lost, if found in future, will be handed over to the bank. All the charges for break-opening the locker, changing the lock and replacing the lost key will be borne by the customer.

Does bank provide insurance of locker contents to the customer?

As bank does not keep the record of the contents of the locker or of any articles removed therefrom or placed therein by the customer, bank is not under any liability to insure the contents of the locker against any risk whatsoever. Bank does not offer, directly or indirectly any insurance product to its locker hirer for insurance of locker contents.

How many Locker operations are free?

A Licensee has an unhindered right of access to his Locker during the period prescribed by the Bank for operation of Lockers subject to the standard service charges for occasion beyond 50 times a year.

Is licensee bound to use locker in a certain manner?

A Licensee is bound to keep and on termination of the hiring to restore, the Locker in as good a condition as it was at the time when he was put in possession thereof.

A Licensee is bound to allow the Bank officials at all reasonable times during the term, to inspect the condition of the Locker and give or leave notice of any defect in such condition and when such defect has been caused by any act or default on the part of the Licensee, he/she is bound to make it good.

On the termination of the license agreement, a Licensee is bound to put the Bank into possession of the Locker along with surrendering the key thereof.

A Licensee is duty bound not to transfer or assign or sublet the Locker or the benefit thereof. A Licensee is bound to notify to the Bank any change in his address for communication.

What are the fields for which licensee is bound not to use locker for?

A Licensee is bound not to use the Locker for deposit of any unlawful or stolen property or goods which are of hazardous, destructive or dangerous nature.

The license to use the locker granted is not for storing arms, weapons, explosives, drugs and/or any contraband material and/or any perishable material and/or radioactive material and/or any illegal substance; and/or any material which can create any hazard or nuisance to the bank or to any of its customers.

Does customer hold any other right than to use to Property?

The customer has no right to property in the locker other than the right to access and use the locker in accordance with the terms and conditions specified under the agreement.

What are Bank’s Liability?

Bank has the responsibility to ensure that incidents like fire, theft/burglary/robbery, dacoity and building collapse do not occur in the banks premises due to its own shortcomings, negligence and by any act of omission/commission. As bank cannot claim that they bear no liability towards their customers for loss of contents of the locker, in instances where loss of contents of locker are due to incidents mentioned above or attributable to fraud committed by its employee(s), the bank’s liability shall be for an amount equivalent to one hundred times the prevailing annual rent of the safe deposit locker.

However, Bank shall not be liable for any loss or damage to the contents of the locker arising from natural calamities or Acts of God like earthquake, floods, lightning and thunderstorm or any act that is attributable to the sole fault or negligence of the customer.

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Locker Facility