GK
BANKING AWARENESS AND SEBI
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Individuals
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Two persons jointly
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Limited companies and societies
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All of the above
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Detailed explanation-1: -Lockers can be hired to Individuals (single hirers), two or more individuals (Joint Hirers), Firms, Companies etc. Accepting articles for safe custody is one of the subsidiary services rendered by the Bank to most valued customers.
Detailed explanation-2: -Ans: The relationship between the bank and the locker holder is that of Licensor and Licensee. Underlying facility is an agreement between the Bank (licensor) and the customer (Licensee) allowing use of the former’s locker by the latter.
Detailed explanation-3: -You need to visit the nearest branch of the Bank where locker facility is available. You also need to fill out an application form and complete the required KYC formalities. Additionally, you must sign a Memorandum of Letting and keep your fixed deposit as collateral to cover the locker rent.