Banking · Bank-Customer Relationship
A customer visits a high-traffic urban branch to deposit a sealed box containing valuable heirlooms for safe custody with the bank. The bank accepts the box after following the standard operating procedures and issues a safe custody receipt after charging the prescribed fees for the service. Under the legal framework governing banking operations in India, what is the precise legal relationship established between the bank and the customer for this specific transaction?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The relationship is that of a Lessor and a Lessee similar to the hiring of a safe deposit locker in the strong room.
- 2The relationship is that of a Bailee and a Bailor because the bank has taken possession of the goods for a specific purpose under a contract.✓
- 3The relationship is that of a Trustee and a Beneficiary as the bank is holding the box for the benefit of the customer.
- 4The relationship is that of a Debtor and a Creditor because the bank has accepted an item of value from the customer.
Correct answer
The relationship is that of a Bailee and a Bailor because the bank has taken possession of the goods for a specific purpose under a contract.
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