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Q1.  Why should I opt for a safe deposit locker?

A: A safe deposit locker is located in a vault, which is built in accordance with the Reserve Bank of India guidelines. It is the safest place to keep your valuables and offers confidentiality and privacy.

 

Q2.  What are the formalities involved in booking of a safe deposit locker?

A. While booking your locker with a bank, you may not only have to open a Savings Bank Account, but will also have to go in for a Fixed Deposit. However, in case of booking an ISVL safe deposit locker, the procedures are very simple.

 

Q3.  But lockers come in standard sizes that are far too cramped?

A. Lockers in banks are very small in size. However, India Safety Vaults Ltd. offers 9 sizes from 4.5” height to 6” width to one with 15.5” height and 20” width. The depth of the lockers is standard at 18.5”. To get a better idea of the different sizes which are offered by ISVL, kindly "click here ".

 

Q4.  When did ISVL commence its operations?

A: ISVL commenced operations in 1986 at Kemps corner, Mumbai.

 

Q5.  What Items should I keep in a safe deposit locker?

A: All items which are valuable and irreplaceable: like jewellery, gold, silver articles, medals, stamps, currency notes, negatives of irreplaceable photographs, important videos and pictures, heritage art collections, important papers such as insurance policies, family records like Birth, Marriage & Death certificates; Inheritance Wills, title deeds of properties, mortgage agreements, original lease agreements are some of the items which you make like to keep in a safe deposit locker. 

 

Q6.  Is there any insurance guarantee for our documents / valuables?

A: ISVL do not arrange for insurance cover of the valuables that you put in the locker. However, both the safe deposit vault facilities are comprehensively insured.

 

Q7.  Are safe deposit lockers safe from fire or other calamities?

A: The RBI has laid down specifications for banks on the building of vaults. These guidelines categorize the specifications in 4 ways, with the first specification being the highest or most stringent: Currency Chest ‘A’ Class, Currency Chest ‘B’ Class, Currency Chest ‘C’ Class and then Safe Deposit Vault Specifications. If a vault is built to these specifications, then one can be rest assured that the lockers inside these vaults are fire, burglary and theft resistant. ISVL meets the Currency Chest ‘A’ Class specifications, which surpass the vault specifications of the RBI. 

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Q8.  How do we feel safe when you have a master key?

A: We do not possess any master key with us. The key with which we open the locker along with the key given to you is only meant for dual access.

 

Q9.  What is the guarantee that you do not possess another key like the key we possess?

A: The key is provided by Godrej Company duly sealed to us and is the only key that is designed for your locker which is handed over to you.

 

Q 10. Can we put another lock for our locker?

A: Yes, we provide you with a Renter’s own lock of Godrej make at an extra cost.

 

Q11. What is the procedure if we lose the key?

A: In case you lose the key, you will have to sign the declaration form / indemnity bond and after we receive the papers, we will intimate the Godrej service engineer, who will drill open the locker and a fresh lock and key will be given to you in your presence.

 

Q12. In a day how many times can we access our ISVL locker?

A: You can access any number of times. We are more than happy to serve you.

 

Q13. Can I arrange for someone else to access my locker?

A: Yes, this is possible, if you rent the locker jointly with your spouse or close confidants. If you are a single locker holder, you can even appoint an agent to access your safe deposit locker in case of emergencies. You can appoint 3 people apart from yourself to access the locker provided that they first confirm their original signature in your presence.  This authority can be withdrawn later.  

 

Q15. How do we know how many times our locker has been accessed?

A: A separate access sheet for your locker number is maintained by ISVL, which is matched to the access slips for the same locker number. Therefore, the customer can verify the access sheet to their satisfaction.
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