Bank of Maharashtra FAQ-Locker Agreement Form Download

Based on the provided FAQ document from the Bank of Maharashtra, the Model Locker Agreement incorporates regulatory directives from the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) (35be64c7-2… p. 1).

The key takeaways regarding the execution, costs, and terms of these locker agreements are structured below:

• Regulatory Order: Following RBI guidelines, banks must execute updated, legally valid agreements with all safe deposit locker customers (35be64c7-2… p. 1).
• Supplementary Agreement: Used for customers who previously signed an earlier version of the Model Locker Agreement (35be64c7-2… p. 1).
• Revised Locker Agreement: Used for customers who have not yet executed any version of the newer Model Safe Deposit Locker Agreement (35be64c7-2… p. 1).

• Mandatory Duty: Agreements must be executed on valid stamp paper as mandated by the Indian Stamp Act, 1899 (35be64c7-2… p. 2).
• Bank Expenses: The bank fully bears the stamp paper costs when executing supplementary agreements (35be64c7-2… p. 1).
• Customer Expenses: The cost of the stamp paper for revised locker agreements must be paid by the customer (35be64c7-2… p. 1).

The applicable stamp duty fee depends entirely on the state jurisdiction of the bank branch (35be64c7-2… p. 1). Examples from the bank’s state annexure include:

• ₹1,000: Goa, Bihar (35be64c7-2… pp. 2-3).
• ₹500: Madhya Pradesh, Rajasthan (35be64c7-2… pp. 2-3).
• ₹300: Gujarat (35be64c7-2… p. 2).
• ₹200: Karnataka, Kerala, Telangana (35be64c7-2… p. 2).
• ₹100: Maharashtra (all 18 zones), Delhi, Punjab, Haryana, Uttar Pradesh, Andhra Pradesh (35be64c7-2… pp. 2-3).
• ₹50: Himachal Pradesh, Chhattisgarh (35be64c7-2… pp. 2-3).
• ₹10–₹20: Odisha, Tamil Nadu, West Bengal (35be64c7-2… pp. 2-3).

• Nominee Limit: A locker holder (whether a single or joint hirer) can nominate only one individual for a locker (35be64c7-2… p. 2).
• Access Control: A nominee cannot operate the locker during the lifetime of the primary holder. They can only claim and access the contents after the death of the locker holder (35be64c7-2… p. 2).
• Execution Time: If a customer visits a Bank of Maharashtra branch, the complete execution process for a new agreement takes roughly 15 to 20 minutes (35be64c7-2… p. 2).

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