SBI: India’s largest government bank, State Bank of India (SBI), has changed its rules for customers holding bank lockers. In compliance with the Reserve Bank of India’s (RBI) order, SBI has advised all locker holders to visit their SBI bank branch and sign the new locker agreement. This task must be completed by the bank before 30th September. If you also have an SBI bank locker at any branch, make sure to sign the new bank locker agreement there; otherwise, you may face difficulties.
SBI has issued instructions to customers – visit the bank branch before 30th September
As per SBI, the bank has issued a revised bank locker contract, including the customer’s rights. It is mandatory for locker holders to sign this new locker contract. The bank is also advising its customers through SMS and email to visit their bank locker branch and sign the new agreement.
All banks have to complete this task by 31st December
RBI has ordered all banks to have at least 50% of locker holders sign the new agreement by 30th June. Banks across the country must obtain signatures from 75% of their customers on locker agreements by 30th September, and they must reach 100% compliance. Banks are directed to provide necessary information to their customers and update the status of their locker agreements on RBI’s skilled portal by 31st December this year.
These are the charges for SBI bank lockers, i.e., the rent:
Depending on the size and location of the locker, SBI customers should note that the locker charges will vary:
- For small and medium-sized lockers, there will be a charge of INR 500 plus GST.
- For large lockers, there will be a registration charge of INR 1,000 plus GST.
- In urban or metro cities, SBI customers will have to pay INR 2,000 plus GST for small lockers.
- In small cities or rural areas, the charge for small lockers will be INR 1,500 plus GST.
- For medium-sized lockers in urban or metro cities, the cost will be INR 4,000 plus GST.
- In small cities or rural areas, the charge for medium-sized lockers will be INR 3,000 plus GST.
- In major metro cities, customers choosing large lockers will have to pay INR 8,000 plus GST.
- In small cities or rural areas, the fee for large lockers will be INR 6,000 plus GST.
- For the largest lockers in major cities or metro areas, SBI will charge INR 12,000 plus GST.
- In small cities or rural areas, the fee for the largest lockers will be INR 9,000 plus GST.
