Canara Bank Safe Deposit Locker

Safe Deposit Lockers facility is one of the subsidiary services rendered by the Bank at certain branches where safe deposit vaults are installed. Lockers can be hired by Individuals (single hirers), two or more individuals (Joint Hirers), Firms, Companies, etc. Accepting articles for safe custody is one of the subsidiary services rendered by the Bank to the most valued customers. Where a Safe Deposit Locker facility is available, no articles (except our own /other Bank Term Deposit receipts) are accepted for safe custody.

Features:

 ∙ Lockers are available in various sizes.

 ∙ Locker rent varies depending on locker size, demand & location of the branch. 

 ∙ The nomination facility is available in both locker & safe custody services.

 ∙ The nomination facility is available only in the case of individual depositor/sole proprietary concern and not in respect of persons jointly depositing articles for Safe Custody.

 ∙ Nomination on safe deposit locker enables Bank to release the contents to the nominee of the deceased hirer

.∙ 12 lockers operation per annum free. 

 ∙ Locker rent is collected in advance for a minimum period of one year.

 ∙ The due date for rent is 1st April every year.

 ∙ When a Safe Deposit Locker is hired out during the financial year, the rent to be collected will be for the broken period from the month the locker is hired till March (inclusive) of that financial year. For subsequent years, the locker rent will be collected on an annual basis in advance on the 1st of April of every year.

Charges for Safe Deposit Locker:

 ∙ Locker Registration Charge (One Time) – Rs.400/- + GST. 

 ∙ The service charge for locker operation – Upto 12 operations per annum: NIL         Beyond 12 operations: Rs.100/- per operation + GST 

 ∙ Locker Rent – Locker rent varies depending on locker size, demand & location of the branch.

Note- GST shall be payable extra.

The above charges are only indicative & may vary from branch to branch. Kindly visit/ contact the branch for more details.

 ∙ Penal charges shall be payable in addition to actual rentals if there is a delay in the remittance of locker rent. If the delay is – 

1. Upto and inclusive of one quarter – 10% of applicable annual rental 
2. Upto and inclusive of two quarters – 25% of applicable annual rental 
3. Upto and inclusive of three quarters – 40% of applicable annual rental 
4. Upto and inclusive of four quarters – 50% of applicable annual rental
5. One year & above – 100% of applicable annual rental 

A fraction of a quarter is to be treated as a full quarter of delay. The first quarter delay will be reckoned from 16th April onwards and thereafter 1st of every calendar quarter. 

∙ Locker Security Deposit – At the time of allotment, a Term deposit would cover 3 years’ rent and the charges for breaking open the locker in case of an eventuality. The deposit shall be for a minimum period of three years with an option to renew till the continuance of the locker facility.

The above security deposit amount is only indicative & it may vary from branch to branch. Kindly visit/ contact the branch for more details.

 ∙ Loss of Locker Key – Rs.1000/- + GST in addition to the actual cost of break open and replacement of lock & keys.

Charges for Safe Custody Charges:

The above charges are only indicative. Depending upon the size of the Box/ cover/ packet, it may vary from branch to branch. Kindly visit/ contact the branch for more details. GST shall be payable extra.

Canara Bank Locker Timings

Canara bank timings depend on the location of the branch. Below mentioned are the Canara bank timings:

The operating time for bank lockers is the same as Canara Bank’s operating time, i.e. 10:30 a.m. to 05:30 p.m. 

Their work time is comparable to that of Federal Bank Timings, with working days from Monday to Friday and with alternate 1st, 3rd, and 5th Saturdays as working days. Users availing of safe deposit lockers at Federal Bank can access them during the branch’s business hours only. Also, the lockers can be accessed during weekdays and working Saturdays only. Applicants looking forward to opening a safe deposit locker with the bank should apply for it during business hours only.

Guidelines for giving access to locker/ safe custody article to the nominee/ survivor/ legal heir of the deceased locker hirers and depositors of safe deposit articles

The bank follows a simplified procedure for the settlement of death claims of deceased customers relating to lockers and articles kept in safe custody with the Bank without insisting on the production of a succession certificate. However, the Bank may adopt such safeguards in considering the settlement of claims as appropriate including accepting an indemnity bond. In case, only one of the legal heirs wants to claim/ receive the contents of the locker, etc. He/she can obtain a Letter of Disclaimer/ Power of Attorney in his/ her favor from the other legal heirs for receiving the contents of the Locker & articles kept in safe custody. Further, Bank is continuously communicating to its customers for making nominations in the accounts in terms of provisions of the Banking Regulation Act & other regulatory guidelines.