SBI official Twitter account tweeted: “Bank has issued a revised/supplement locker agreement incorporating the customer’s rights. Customers availing locker facilities from SBI are requested to contact their locker holding branch and execute the revised/ supplement locker agreement as applicable.”
Latest SBI locker rent charges
SBI’s small locker rent charge
The bank charges Rs 2000+GST for urban and metro customers and Rs 1500+GST for rural and semi-urban.
SBI’s medium locker rent charge
The bank charges Rs 4000+GST for urban and metro customers and Rs 3000+GST for rural and semi-urban.
SBI’s large locker rent charge
The bank charges Rs 8000+GST for urban and metro customers and Rs 6000+GST for rural and semi-urban.
SBI’s extra large locker rent charge
The bank charges Rs 12,000+GST for urban and metro customers and Rs 9000+GST for rural and semi-urban.
SBI: Different types of safe deposit locker charges
- Locker Visit Charge
- Locker Rent Overdue Charge
- Breaking open of Locker
- Safe Custody charges
- Safe deposit articles
SBI locker visit charges
SBI locker holders can make 12 free visits thereafter there will be a charge of Rs 100 /- + GST per visit.
SBI locker registration charge
SBI levies a one-time locker registration fee of Rs 500 plus GST for small and medium lockers, and Rs 1,000 plus GST for large and extra-large lockers.
SBI: Break open the locker
The charge for key loss or non-payment of locker rent is Rs 1,000 plus GST. Plus the actual costs incurred by locker makers for breaking open the locker and changing the lock.
Locker rent overdue charge (all sizes)
The bank charges 10 per cent of the annual rent to be recovered as the locker rent for the first quarter as the overdue charge. For the second and third quarters, the bank levies 20 per cent and 30 per cent respectively. For one year of locker rent overdue, the bank charges 40 per cent. For more than 1 year, lockers to be broken open by banks.
Overdue period is clarified as under:
According to the SBI website, “Standing Instruction set up, for advance rental for the financial year 2017-18, recoverable on 01.04.2017: Overdue charge @ 10%/20%/30%/40% of annual rent to be levied on 1st July 2017/1st October 2017/ 1st January 2018/1st April 2018 respectively, if remaining unpaid till that date.”
Safe deposit articles
One time charge for all kinds of Safe Deposit Articles for an Envelope is Rs 300 plus GST per quarter and for large packets, it is Rs 500 plus GST per quarter.
Safe Custody charges
SBI charges Rs 150 plus GST per scrip and a minimum of Rs 300 plus GST per annum.
If the locker remains inoperative for seven years and the locker hirer cannot be located, even if the rent is paid on time, the bank may transfer the contents to their nominees/legal heirs or dispose of the objects in a transparent manner.
In case of fire, theft, burglary, or robbery, branches will bear responsibility to ensure that incidents like fire, theft, burglary, robbery, dacoity, and building collapse do not occur in the bank’s premises due to its shortcomings, negligence, and by any act of omission/commission.
In cases where the loss of the contents of the locker is the result of the aforementioned incidents or is related to fraud perpetrated by its employee(s), the bank will be liable for an amount equal to 100 times the current yearly rent of the safe deposit locker.