The rate hike is about 33% across all SBI branches. Depending on the size of the locker and the city, a customer will be required to pay higher locker charges, which will range from Rs 500 to Rs 3,000.
The State Bank of India (SBI) has announced an increase in its safe deposit rental charges, starting March 31, 2020. According to the bank’s website, depending on the size of the locker and the city, a customer will be required to pay higher locker charges, which will range from Rs 500 to Rs 3,000. The rate hike is about 33 per cent across all SBI branches.
For small lockers in a metro or an urban city, the rental charge has been increased from Rs 1,500 to Rs 2,000, an increase of Rs 500.
The medium-size SBI locker will now cost Rs 4,000, an increase of Rs 1,000. In metro cities and urban areas for large lockers, the rent will be up by Rs 2,000, coming to Rs 8,000, while the extra-large locker will be available at an annual rent of Rs 12,000 instead of the earlier Rs 9,000.
For a large locker, in semi-urban and rural areas, the fees have been hiked to Rs 6,000, an increase of Rs 1,000. In semi-urban and rural areas, SBI offers cheaper locker services where the rates generally begin from Rs 1,500 and go up to Rs 9,000.
The safe deposit lockers offered by banks come in usually 4 sizes and are used by account holders for safekeeping of valuables. The locker can only be operated by the locker hirer or joint hirers. A locker can be opened by an individual or jointly, even with HUFs, firms, and trusts.
To get a bank locker, SBI charges a one-time registration fee of Rs 500 for small and medium lockers. However, for large and extra-large lockers, you will have to pay Rs 1,000 along with GST as a one-time registration fee. Penalty as high as 40 per cent is charged in case one makes a delay in paying the locker rent.
The Reserve Bank of India (RBI) allows banks to open an account holder locker if he/she has not operated it at all in a year. However, banks need to send the account holder a notice asking to either operate the locker or surrender it.