Last updated: Jul 03, 2023, 9:50 AM IST
India’s largest lender, the State Bank of India (SBI), has changed the rule for customers to have safety deposit boxes at the bank. SBI has advised all locker holders to visit their branch and sign the new locker agreement, to comply with the Reserve Bank of India (RBI) order.
“The bank has issued a revised/additional locker agreement that includes the customer’s rights. Customers using SBI locker facilities are requested to contact their locker department and implement the revised/additional locker agreement, if applicable,” tweeted the official SBI Twitter account.
We request our valued customers to contact their locker company and implement the revised/additional locker agreement, if applicable.#SBI pic.twitter.com/e7Gk5b3Unu— State Bank of India (@TheOfficialSBI) June 5, 2023
RBI has instructed all banks to ensure that at least 50 percent of their locker owners sign the new agreement by June 30. Banks across the country should have 75 percent of their customers’ signatures on the agreement by September 30 and reach 100 percent compliance by December 31 this year. In addition to providing necessary information to their customers, all banks are instructed to also update the status of their locker agreements on RBI’s efficient portal.
SBI customers should note that locker charges vary based on locker size and location. The small and medium sized lockers will be charged a fee of Rs 500 along with GST. Large lockers require a registration fee of Rs 1,000, plus GST.
Check locker rental costs based on the size of the city and lockers
– SBI customers in urban or metropolitan cities must pay Rs 2,000 plus GST for small lockers.
– The cost for a small locker in small towns or rural areas is Rs 1,500 in addition to GST.
– In urban or metropolitan cities, medium-sized lockers cost Rs 4,000 plus GST.
– The cost for a medium sized locker in small towns or rural areas is Rs 3,000 along with GST.
– Customers in major cities who opt for large lockers pay Rs 8,000 plus GST.
– The fee for a large safe in small towns and rural areas is Rs 6,000, plus GST.
– SBI would charge Rs 12,000 plus GST for the largest locker in major cities or metropolitan areas.
– The cost for the largest locker in small towns and rural areas is Rs 9,000 plus GST.
