SBI Revises Locker Rent Charges 2023: Check New Charges, Availability, Rules, Facility, And More

The rent for lockers at the State Bank of India (SBI) has changed, and the price depends on the location and size of the locker. Additionally, it asks that the locker holding branch sign the updated or supplemented locker agreement as necessary.

By June 30, 2023, the Reserve Bank of India has ordered all banks to ensure that at least 50 percent of its locker holders have signed the new agreement. Banks must also get 75 percent of their customers to sign the contract by September 30 and achieve 100 percent compliance by December 31.

The bank charges urban and metro consumers Rs 2000 plus GST, while rural and semi-urban customers pay Rs 1500 plus GST.

The bank charges metro and urban customers Rs. 4000 plus GST, and rural and semi-urban customers pay Rs. 3000 plus GST.

Customers in urban and metro areas pay Rs 8000+GST, while those in rural and semi-urban areas pay Rs 6000+GST.

The bank charges metro and urban customers Rs 12,000 plus GST, and rural and semi-urban customers pay Rs 9000 plus GST.

SBI locker owners are entitled to 12 free visits after which each additional visit would cost Rs 100 + GST.

For small, medium, and extra-large lockers, SBI charges a one-time registration cost of Rs. 500 plus GST, and for big, Rs. 1,000 plus GST.

The bank assesses a late fee of 10 percent of the annual rent to be collected as the locker rent for the first quarter. The bank charges 20 percent and 30 percent in the second and third quarters, respectively. The bank assesses a 40 percent late fee for one year's worth of unpaid locker rent. Banks have been breaking into lockers for more than a year.

The one-time fee for all types of safe deposit articles is Rs 300 plus GST for an envelope and Rs 500 plus GST for large packets per quarter.

SBI levies a minimum of Rs 300 + GST annually and Rs 150 plus GST for each scrip.

Even if the rent is paid on time and the locker stays inactive for seven years, the bank may transfer the contents to the hirer's nominees or legal heirs or dispose of the items in a transparent manner.