Policy for nomination and release of contents of Safety locker

PSB Bank Policy for nomination and release of contents of Safety locker to the nominee

PSB Bank Policy for nomination and release of contents of Safety locker to the nominee from Download

The provided document outlines Punjab & Sind Bank’s official policy regarding the Nomination and Release of Contents of Safety Lockers and Safe Custody Articles to a nominee (2150_20231… p. 1).

Key Purpose & Rights

Procedural Relief: Nomination is an optional tool designed to minimize legal hardships for survivors during claim processing (2150_20231… p. 1).
Trustee Status: A nominee receives the locker items strictly as a trustee of the legal heirs and does not automatically inherit ownership rights over the estate (2150_20231… p. 1).
Eligible Nominees: Nominations can only be made in favour of specific individuals (2150_20231… p. 1). The bank will reject nominations naming HUFs, firms, trusts, or companies (2150_20231… p. 1).

Rules for Safe Deposit Lockers

Single Hirers: A sole locker hirer can appoint exactly one nominee using Form SL-1 (2150_20231… p. 1).
Joint Hirers: Jointly operated lockers can have up to two nominees assigned via Form SL-1A (2150_20231… p. 2). Any future changes or cancellations must be made jointly by all surviving hirers (2150_20231… p. 3).
Physical Release Protocol:
- To access contents, a nominee must prove their identity and provide verified proof of the hirer’s death (2150_20231… pp. 2-3).
- The branch will draft an itemized inventory of all articles in the locker in the direct presence of the nominee and two independent witnesses before handing anything over (2150_20231… pp. 2-3).
- Bank staff are not required to open sealed or closed packets found inside the locker, but they must note their physical descriptions on the inventory list (2150_20231… p. 3).
Minor Nominees: Minors are legally permitted to be nominees under Section 45 ZE of the Banking Regulation Act, 1949 (2150_20231… p. 3). The bank will discharge the articles to a competent, legally recognized adult acting on the minor’s behalf (2150_20231… p. 3).

Rules for Articles in Safe Custody

Legal Relationship: For safe custody items (like property deeds or wills), the bank acts as a Bailee and the customer acts as a Bailor (2150_20231… p. 4).
Nomination Form: Initial nomination is recorded using Form SC1 (2150_20231… p. 4). Cancellations use Form SC2, and variations use Form SC3 (2150_20231… p. 4).
Minor Provision: If a nominee is a minor, the depositor can simultaneously appoint an adult guardian to legally receive the valuables if the depositor dies while the nominee is still a minor (2150_20231… p. 4).

If you need more help with these guidelines, please let me know if you would like me to:

Explain what happens if a joint locker holder dies but the locker has no nominee
Provide detail on the official forms used to cancel or change a nomination (SL-2 and SL-3)
Clarify what valid identity proofs the bank accepts for a nominee verification