Terms and Conditions for Locker Booking

These Terms and Conditions apply to and regulate the provision of On line Locker Booking product offered by IndusInd Bank Limited.

DEFINITION

• Locker” or “Safe Deposit Locker” means the lockers available for hiring at the bank branch..
• On Line Locker Booking means request for reserving or booking the locker made through net banking.
• Hirer” means any customer holding an account with IndusInd Bank , who has taken the locker on rent.
• IndusInd Bank” means IndusInd Bank Limited, its successors and assigns.
• Branch ” refers to IndusInd Bank branch operating out of the premises as licenced by Reserve Bank of India .
• Account means the operative CASA account of the customer
• Rent” means the amount specified as annual rent, which shall be the fee that bank charges for allowing hiring of the locker for 1 year.
• RBI” means Reserve Bank of India.
• Standing Instruction/s” means any instruction given by a Depositor/s, either directly or indirectly, to IndusInd Bank through any mode acceptable to IndusInd Bank to transfer the rent from current / savings account of the Depositor/s with IndusInd Bank to the Account.
• Services" means the services provided by IndusInd Bank in connection with the Locker and more particularly described in these Terms..
• Tenure” means the period for which the locker is being hired commencing from the date taking possession.
• Website" refers to the website owned, established and maintained by IndusInd Bank at the URL www.indusind.com .
• InduNet means the on line net banking platform available to IndusInd Bank customers.

INTERPRETATION

• All references to singular include plural and vice versa and the word "includes" should be construed as "without limitation".
• Words importing any gender include the other gender.
• Reference to any statute, ordinance or other law includes all regulations and other instruments and all consolidations, amendments, re-enactments or replacements for the time being in force.
• All headings, bold typing and italics (if any) have been inserted for convenience of reference only and do not define limit or affect the meaning or interpretation of these Terms.

ON LINE BOOKING

IndusInd Bank customer who has an operative account with the bank shall book the locker by giving instructions through IndusNet after authenticating the User Id and Password. Booking of locker does not mean physical possession of the locker. It shall be recording of an intent for hiring the locker basis the display of inventory on line.

By giving the request for on line booking the customer will be giving a consent for debiting of his account by the amount of annual rent applicable for the specific category of locker in the specific branch.

DATE OF BOOKING

The effective date on which the customer confirms on line to the debit to his account for reserving the locker.

PHYSICAL POSSESSION OF LOCKER

The Hirer shall be visiting the branch where the locker is booked , within 15 days from the date of booking. Hirer shall be signing the locker application and locker agreement along with the locker register to take physical possession of the locker and its key.

The booking of the locker will stand cancelled if the hirer fails to approach the bank branch within 15 days  from date of booking.

LOCKER DOCUMENTATION

All hirers of the locker will sign the locker agreement in the branch and will agree to abide by the terms and conditions as defined in the clauses of the Locker agreement.

AVAILABILITY OF LOCKER

The availability of locker as shown on the Website and in INDUSNET will be a basis the data available at a point in time. The final availability will be confirmed when the hirer approaches the branch for possession of locker.

LOCKER RENT

Rent of the locker is collected in advance. Standing instruction set up in the system will debit the hirer account on anniversary date

PERIOD OF HIRE

The locker shall be hired by the hirer for period as defined in locker agreement.

LOCKER OPERATION

Hirer will operate the locker as per terms and conditions of locker agreement.

SURRENDER OF LOCKER

The locker can be surrendered by the hirer basis the terms of the locker agreement.

NOMINATION

Nomination facility is available for the Locker in the names of individuals. Only one nominee is permissible for an Account and the nomination is to be made by the Hirer duly witnessed by a third person. The Hirer should ensure that (s) he gets / is given the acknowledgement as per the nomination rules framed by RBI. The Hirer is/are at liberty to change the nominee, through declaration in the appropriate form to revise the nomination during the currency of the Locker with IndusInd Bank.

CHANGE IN TERMS

IndusInd Bank reserves the right to revise the terms and conditions contained herein and shall notify the customer(s) of such revised terms and conditions. Such revised terms and conditions shall then be binding on the Customers.

DISCLAIMER

"IndusInd Bank may, at its sole discretion, utilize the services of external service provider/s or agent/s and on such terms as required or necessary, in relation to its products/services."