Bank of Maharashtra Model Supplementary Safe Deposit Locker Agreement
Bank of Maharashtra Model Supplementary Safe Deposit Locker Agreement Form Download
The Model Supplementary Safe Deposit Locker Agreement provided is a legally binding addendum used by the Bank of Maharashtra (c196c9d3-5… p. 2). It is specifically executed to amend and update an existing locker contract (“Earlier Agreement”) to align with modern consumer protection norms (c196c9d3-5… p. 3).
The critical key points of this supplementary contract include:
1. Broad Customer Eligibility Coverage
The agreement outlines structural templates accommodating a highly comprehensive list of customer profiles (c196c9d3-5… pp. 1-2):
- Individuals & Sole Proprietorships: Single adults, multiple individuals, or business owners operating under a firm trade name (c196c9d3-5… p. 1).
- Partnership Entities: Conventional firms governed under the Indian Partnership Act, 1932, or Limited Liability Partnerships (LLPs) under the LLP Act, 2008 (c196c9d3-5… pp. 1-2).
- Corporate Bodies & Societies: Joint stock companies registered under the Companies Act (1913/1956/2013) alongside cooperative or registered societies (c196c9d3-5… p. 2).
- Traditional & Fiduciary Contexts: Hindu Undivided Families (HUF) represented by their Karta, and registered public or private Trusts (c196c9d3-5… p. 2).
2. Formally Explicit Customer Rights
A major highlight is the insertion of Clause 1A, which legally codifies customer privileges (c196c9d3-5… p. 3):
- Right to Care: The customer possesses the explicit right to use the locker for safeguarding personal belongings (c196c9d3-5… p. 3).
- Bank Accountability: The bank formally recognizes its duty to exercise “reasonable care” in protecting the stored belongings (c196c9d3-5… p. 3).
- Legal Remedies: If the bank fails to demonstrate reasonable care, the customer is contractually permitted to pursue all protective remedies available under prevailing laws and regulatory updates (c196c9d3-5… p. 3).
3. Redefined Liability Limitations
Clause 2 explicitly modifies the bank’s liability matrix by deleting the word “fire” from original terms and setting strict boundaries for natural disasters or civil unrest (c196c9d3-5… p. 3).
- Exempted Incidents: The Bank of Maharashtra cannot be held liable for any physical deterioration or structural damage to locker contents resulting from (c196c9d3-5… p. 3):
- Rain, floods, earthquakes, or lightning (c196c9d3-5… p. 3).
- Civil disturbances, riots, or formal acts of war (c196c9d3-5… p. 3).
- Active terrorist attacks or similar force majeure situations (c196c9d3-5… p. 3).
4. Licence Tenure & Financials (The Schedule)
The appended schedule establishes standard operating terms for managing the locker (c196c9d3-5… p. 4):
- Automatic Renewal: The active period of licence is fixed for 1 year from the execution date (c196c9d3-5… p. 4). It automatically extends for successive blocks of 1 year indefinitely unless an explicit termination notice is issued (c196c9d3-5… p. 4).
- Advance Rent Payout: Annual locker rent must be paid in advance (c196c9d3-5… p. 4). The document highlights that the rental rates remain subject to revisions initiated by the bank from time to time (c196c9d3-5… p. 4).
- Legal Jurisdiction: Any emerging disputes or contract matters are subject to Indian laws and bound strictly to the courts matching the physical location of the branch where the locker is hosted (c196c9d3-5… p. 3).
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