Bank of Maharashtra Model New Safe Deposit Locker Agreement (Revised) Form Download

The Model Safe Deposit Locker Agreement (Revised) is the standard full-length contract executed between the Bank of Maharashtra and its customers when establishing a fresh locker account (dadf44cf-4… pp. 1-2).

The critical operational guidelines, customer obligations, and bank rights detailed in this revised 9-page contract include:

• Permitted Valuables: The locker is a non-transferable, personal licence strictly meant for legitimate purposes like storing jewelry and legal documents (dadf44cf-4… p. 3).
• Prohibited Items: Storing the following materials is explicitly forbidden under Clause 1.3 (dadf44cf-4… p. 3):
  • Cash, currency notes, or illegal substances (dadf44cf-4… p. 3).
  • Arms, weapons, explosives, drugs, or contraband material (dadf44cf-4… p. 3).
  • Perishable goods, radioactive matter, or anything causing a hazard/nuisance to the bank (dadf44cf-4… p. 3).
• No Insurance: The bank explicitly states that locker contents are not insured by the bank, and it bears no liability to maintain insurance on behalf of the customer (dadf44cf-4… p. 8).

• Locker Key Security: Customers must keep keys, passwords, or entry mechanisms safe and are strictly prohibited from copying keys or tampering with the lock (dadf44cf-4… p. 4).
• Loss Notification: Any loss of the key or password must be reported to the bank immediately (dadf44cf-4… p. 4). The customer must bear all structural repair costs and lock-changing charges (dadf44cf-4… p. 5).
• Operational Access: Operations are limited to branch business hours on working days (dadf44cf-4… p. 4). The bank can refuse access if the rent is unpaid or if the customer fails to produce a valid ID proof upon demand (dadf44cf-4… p. 5).

Under Clause 3.3, Bank of Maharashtra retains the legal right to break open a locker under specific circumstances (dadf44cf-4… p. 6):

• Unpaid Rent: Locker rent remains outstanding or unpaid for 3 consecutive years (dadf44cf-4… p. 6).
• Inoperative Status: The locker remains completely untouched or inoperative for 7 years or more, and the customer cannot be traced (dadf44cf-4… p. 6).
• Contract Breach: The customer violates agreement terms, receives a 3-month contract termination notice, and fails to surrender the locker (dadf44cf-4… pp. 5-6).

To maintain accountability and resolve future legal disputes, the bank must execute a strict multi-step protocol (dadf44cf-4… p. 7):

• Advance Notices: The bank must send a written 3-month “Break Open Notice” via registered post, email, SMS, or WhatsApp (dadf44cf-4… p. 6). If undelivered, it must publish a 3-month public notice in 2 local newspapers (one English, one local language) (dadf44cf-4… p. 6).
• Mandatory Witnesses: The physical break-open must occur in front of a 4-person committee comprising 2 bank officers and 2 independent witnesses (dadf44cf-4… p. 6).
• Evidence Gathering: The entire opening and inventory valuation process must be video-recorded (dadf44cf-4… p. 7). A detailed inventory is logged into the Core Banking System (CBS), and goods are sealed inside a tamper-proof, fireproof safe (dadf44cf-4… p. 7).

• Auction Notice: Before disposing of items, a final 3-month Auction Notice containing the exact date, time, venue, and item inventory list must be served to the customer (dadf44cf-4… p. 7).
• Settle Balances: The contents will be sold via public auction (dadf44cf-4… p. 7). The proceeds are first used to clear the bank’s outstanding dues (rent, break-open fees, auction expenses), and any remaining cash balance is refunded to the customer (dadf44cf-4… p. 7).

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Read more

Bank of Maharashtra Small Saving Schemes Form Download

Bank of Maharashtra Form 121-English Form Download

Bank of Maharashtra Form 97-English Form Downloadk

Bank of Maharashtra FAQ-Locker Agreement Form Download

Bank of Maharashtra Model Supplementary Safe Deposit Locker Agreement Form Download

 

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