SBI Hikes Bank Locker Rates; Read the New Rent to be Paid from March 31

The State Bank of India, India's largest bank, has hiked rental charges for its safe deposit lockers across India. It must be noted that the new rental charges will be effective from March 31, 2020.

SBI Hikes Bank Locker Rates; Read the New Rent to be Paid from March 31
SBI Locker

The State Bank of India (SBI), India's largest bank, has hiked rental charges for its safe deposit lockers across India. It must be noted that the new rental charges will be effective from March 31, 2020.

New Rates of SBI Locker:

  1. The annual charges of SBI locker will go up by at least ₹500, after the rate hike.  
  2. SBI's small locker rental charges have been hiked by Rs 500 - Rs 2,000. 
  3. The extra large locker of SBI that charged Rs 9,000 will now come at an annual rent of Rs 12,000.
  4. The medium size locker rent will be up by Rs 1,000 to Rs 4,000.
  5. SBI's large locker's rent will be expensive by Rs 2,000 to Rs 8,000. 

Important information for customers:

  • It must be noted that, the new rates are applicable only in metro cities & urban areas. It excludes GST charges.
  • However, SBI branches offer cheaper locker services in semi-urban & rural areas. The rates begin from Rs 1,500 and go up to Rs 9,000. The rate hike across all SBI branches is around 33%.
  • Adding to it, one-time locker registration charge of Rs 500 plus GST for small & medium lockers is imposed, whereas for large and extra large lockers, Rs 1,000 plus GST charges are to be paid. If there is delay in paying the locker rent charges on time then a penalty as high as 40% can be charged.

As per Reserve Bank of India (RBI) regulations, banks are allowed to open your locker if you have not operated it at least once in a year. But banks are required to send you a notice asking you to either operate the locker or surrender it.