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Personal Banking

Last Updated on: 13/02/2024



Introducing e-safe deposit locker agreements by IOB:

  • Convenience of using E-sign-Aadhaar based OTP
  • No more queues to purchase stamp paper and one stop for all state with e-stamping
  • No Branch visit for execution of safe deposit Locker agreements
  • Secured with advanced encryption
  • Two Factor Authentication for customers

* For Further details Customers can contact their Locker Maintenance Branch through Phone/ E-mail.


Lockers shall be rented only to KYC (Know Your Customer) compliant customers. Branch shall consider letting out the locker on a selective basis, to the following categories, depending on the demand from the Public and the availability of lockers in the branch

a. Individuals-Singly or jointly including non-resident Indians

b. Trusts, Hindu Undivided Family concerns

c. Societies, Clubs and Associations

d. Proprietary concerns

e. Partnership Firms

f. Limited companies

g. Government Departments, Courts etc. where the nature of their work/business involves safe keeping of articles/documents etc.

Locker shall not be rented to minors and with Former or Survivor Clause. Lockers shall be rented to Trusts only with prior permission from Regional Office. Branches shall maintain a waiting list for the purpose of allotment of lockers. All such applications received for allotment of lockers shall be acknowledged and given the waiting list number. Locker hirers can add/delete names in the existing locker account. While doing so, it is to be ensured that atleast one of the original hirers continues to be a hirer in the new contract also. Nomination facility is available. 12 operations in a year is free and beyond that Rs. 50/- per operation will be charged.

Locker Rent

When a locker is being hired, the hirer will be required to pay rent in advance for the period from the date of hiring upto thirtieth day of September (if hired before thirtieth day of September) plus the rent for a period minimum of one year from the first day of October. If the locker is hired after thirtieth day of September, then the hirer will be required to pay the rent for the period from the date of hiring till the thirtieth day of September of the succeeding year plus the rent for a period of minimum of one year from first day of October of the succeeding year.

Locker rent will be collected in advance, annually from October to September. The locker rent is subject to revision. If the locker rent has not been remitted in spite of our repeated reminders, the locker will be broken open and the contents dealt with in accordance with the provisions contained in the Agreement with the Bank. The late payment of rent will attract 2 % penal interest

Lockers Remaining Not Operated

When a Locker remains not operated for more than one year / three years respectively viz. by High-Risk category / Medium Risk category locker-hirers, the hirer must inform in writing the valid reasons for not operating the locker. The branch will also send the communication of non-operation for one year/three years according to risk category, as per Locker Usage Discipline enforced by Reserve Bank of India. If no response from the hirer, the locker will be break-opened, as per guidelines of RBI, even if the locker rent has been paid upto date.