Standard Operating Procedure (SOP)

Safe Deposit Locker Facility – Emkay Finserv

1. Locker Allocation

The locker service is available to individual and institutional clients who have completed full KYC requirements.

Minors are not eligible for locker allotment.

Documentation Required:

  • • Executed locker agreement (stamped/franked as per regulations)
  • • Two recent photographs of the applicant(s)
  • • For non-individuals: Board Resolution specifying authorized signatories and mode of operation, along with KYC of authorized persons

Locker Rent:

  • • Payable annually in advance
  • • At least one hirer must maintain an operative account with Emkay Finserv for rent recovery
  • • A fixed deposit may be taken as security, covering three years' rent and break-open charges
  • • Rent arrears, if any, will be adjusted against the deposit

If lockers are unavailable, customers may register on a waitlist and will be allotted lockers based on availability.

2. Locker Operations

  • • Lockers can be accessed only during official business hours.
  • • To ensure privacy, only one locker is operated at a time.
  • • Access authentication: biometric verification or signature validation in the presence of an officer.
  • • Entry and exit times are recorded by the institution.
  • • Customers receive SMS/Email alerts after each operation.
  • • Lockers cannot be accessed if rent is overdue.

Inoperative Lockers:

  • • Defined as lockers not accessed for extended periods, even if rent is paid
  • • Hirer must submit a written explanation and operate the locker to reactivate it

Prohibited items: Illegal, hazardous, or unsafe materials. Emkay Finserv reserves the right to act against violators.

3. Addition or Removal of Hirers

Addition:

  • • Written request signed by all existing hirers
  • • New agreement, updated KYC, and photographs of all hirers
  • • All hirers must be present at the branch to confirm revised mode of operation
  • • At least one hirer must maintain an operative account

Removal:

  • • Written request signed by all hirers
  • • New agreement reflecting updated hirers
  • • Revised mode of operation required
  • • At least one hirer must maintain an operative account

If the primary hirer's name is removed while all hirers are alive, the locker must be surrendered.

4. Nomination Facility

Nomination allows contents of the locker to be released to nominee(s) upon the hirer's demise.

Forms Used:

Form NL-1

Nomination by sole hirer

Form NL-1A

Nomination by joint hirers

Form NL-2

Cancellation of nomination

Form NL-3 / NL-3A

Variation of nomination (sole/joint hirers)

Rules:

  • • All hirers must sign for nomination changes
  • • Number of nominees cannot exceed number of hirers
  • • Nominees must be individuals (not firms, trusts, or societies)
  • • Photograph of nominee may be provided for records

Mode of Holding:

Singly / Anyone of Hirers: One nominee

Jointly: One or more nominees (restricted to number of hirers)

5. Lost Locker Key

  • • Hirer must immediately notify Emkay Finserv.
  • • Written request and indemnity (signed by all hirers) required.
  • • All hirers must be present at branch for issuance of new key.
  • • Cost of replacement recovered from hirers.
  • • If lost key is later found, it must be returned to the branch.

6. Locker Surrender

  • • All dues, including overdue rent, must be cleared before surrender.
  • • All hirers must be present to empty locker contents.
  • • Locker must be handed over in vacant condition with original key.
  • • If key is lost, follow procedure under "Lost Key."

Advance rent collected will be refunded proportionately for remaining months to the linked account.

7. Break-open of Locker

Break-open may be initiated under the following circumstances:

  • • Non-payment of rent: If unpaid for three consecutive years
  • • Inoperative lockers: If not accessed for seven years and hirer cannot be traced, even if rent is paid
  • • Lost key (customer request): Replacement by authorized technician in presence of hirer and officer
  • • Law enforcement attachment: On receipt of directions from authorities, with prior intimation to hirer
  • • Non-compliance: If hirer fails to cooperate or violates agreement terms

Process:

• Prior written intimation sent to hirer(s)

• If undelivered, public notice issued in two newspapers (English + local language)

• Locker contents, if any, sealed with detailed inventory maintained.

For any queries or clarifications regarding the Safe Deposit Locker facility, please contact Emkay Finserv.