Safe Deposit Locker Key Facts ( Download)

Safe Deposit Locker facility is one of the value – added services provided by SIB to the esteemed customers at the selected branches.

Safe Deposit Locker

Key Features:  

• Dual lock system- one held by the customer and the master key held by the Bank
• The customer holds two keys

Eligibility:

• Priority/High Net worth Customers/VIP customers
• Salary Transfer Letter customers with a minimum monthly salary of AED 40,000 transferred to SIB
• Customers not meeting the above criteria should maintain a 6-month average balance of at least AED 300,000 (Three Hundred Thousand Dirhams) to be eligible for an SDL.
• Minors and Non- Residents are not eligible.

Security Deposit:

• A security deposit AED 3000.00 shall be applicable at the time of renting the safe deposit locker.
• The security deposit shall be refundable and will be placed in non-profit-bearing account.
• The security deposit shall be refunded upon surrendering the safe deposit locker, provided the key is returned unaltered.

Branches Rental fees:

• The Safe deposit locker rental fees are non-refundable and payable in advance on an annual basis. The customer may choose their required safe deposit locker size (Subject to availability of the required size) upon visiting the designated branch of the Bank

  Sharjah Main Branch

  Locker Size	Rental Fees
  Large	AED 2000 p.a
  X-Large	AED 3000 p.a
  X-Large 2	AED 3500 p.a

   

  Muwailah Branch

  Locker Size	Rental Fees
  X-Small	AED 1500 p.a
  Small	AED 2000 p.a
  Medium	AED 2500 p.a
  Large	AED 3000 p.a
  X-Large	AED 4000 p.a

   

  King Faisal Branch

  Locker Size	Rental Fees
  X-Small	AED 1500 p.a
  Small	AED 2000 p.a
  Medium	AED 2500 p.a
  Large	AED 3000 p.a
  X-Large	AED 4000 p.a

   

  King Faisal Branch

  Locker Size	Rental Fees
  Large	AED 2000 p.a
  X Large	AED 2500 p.a
  X Large 2	AED 3500 p.a
  Largest	AED 5000 p.a

   

  Notes:

• Above rental, charges are exclusive of Value Added Tax (VAT)
• VAT will be charged as applicable
• Locker key replacement charges = Actual cost + AED 105
• The fees/charges will be deducted automatically from customer account

Documents required A copy of a valid passport and residency visa/Emirates ID (originals must be presented)

Terms & Conditions:

• Locker tenant shall not deposit in the safe deposit locker, any dangerous or unstable material or substances, or any materials prohibited by law or other regulations imposed by local and federal authorities. Locker tenant shall be liable to the Bank for civil and criminal implications and damage resulting from violating any of the terms and conditions applicable to the safe deposit locked facility.
• Any expense, which the Bank may incur in breaking open the safe deposit locker due to your non-compliance with the applicable terms and conditions, shall be recovered from the security deposit or by debiting any of your accounts held at the bank
• If at any time the Bank determines that the safe deposit locker is exposed to any danger due to any dangerous materials, you shall empty the safe deposit locker immediately upon the request of the Bank and in the event you fail to do so within the time specified by the Bank, The Bank will have the right to obtain court permission to, and in circumstances which warrant that the contents of the locker be removed immediately, police permission to, open the safe deposit locker and empty it.
• If Locker tenant does pay the rental fees of the safe deposit locker (in case the lease is automatically renewed) or if Locker tenant does not pay any costs and/or expenses related to the safe deposit locker, Locker tenant shall empty the safe deposit locker and return all keys, upon request of the Bank and Bank has the right to recover the due charges from the customer.
• Until the payment of any amounts due, the Bank shall have the right to retain the contents of the safe deposit locker. The Bank shall also have a priority claim over the proceeds of any sale of such contents.
• In the event Locker tenant fail to pay the fees within the time period specified by the Bank, the Bank will have the right to obtain court permission to open the safe deposit locker and empty it. The Bank will act in accordance with the instructions of the Court.

Notes:

• The safe deposit lockers are accessible only during branch business hours and in the presence of the authorized Bank representative.
• This is a Key Facts Statement. It is not an offer from the Bank to provide you with a safe deposit locker. All safe deposit lockers are offered at the Bank’s sole and absolute discretion. The Bank reserves the right, at any time, without liability or penalty to refuse to provide the same.
• In the event of customer reporting the loss of keys, the corresponding safe deposit locker will be physically broken in the presence of the customer and associated charges will be recovered as per the Terms and Conditions.
• All the information/options provided by the Bank are the purposes of the customers’ informed decision-making and will not be deemed as a specific advice or recommendation.
• The customers can contact the branch for any queries related to any applicable terms and conditions.
• It is the customer’s responsibility to provide the Bank with an up-to-date postal address, mobile telephone number and electronic mail address and to notify the Bank of any change of contact information previously provided to the Bank.
• The Bank reserves the right, at its absolute discretion, to add/amend/delete/cancel any of the terms and conditions and will provide the customer with 60 days written notice prior to making such changes.
• The Bank will provide notification 30 days prior to the date of automatic renewal of the safe deposit locker lease on an annual basis and the customer’s right to notify the bank of its wish to terminate the service, absence of which, the lease automatically renews.
• Consequences for failing to meet the Bank’s terms and conditions at any point either before or during the customer relationship will lead to rejection of request/service or closure of account(s) or account conversation as deemed suitable by the Bank.
• The schedule of charges is provided in the Bank’s website.

 By signing this document, I/We acknowledge that I/We have read, understand, and agree to all if the above terms and product facts outlined which have been explained to Me/Us.