As they are deemed to be secured, most of us want to preserve our valuables in bank lockers. One of the most essential services provided by a bank is safe deposit or bank lockers. Such lockers fall in various sizes-small, medium, large and extra large. It is not inexpensive to hire a bank locker, though. Generally, it relies on the size of the locker and the branch of the bank you settle for. As of 31 March, India's largest lender State Bank of India (SBI) had raised rental costs for its safe deposit lockers throughout India. In semi-urban and rural areas, SBI branches provide cheaper locker facilities. Below are the charges(plus GST) provided by SBI for small, medium, large and extra large lockers:
Rental charges for SBI small locker
- Urban and Metro : Rs.2000
- Rural and Semi Urban: Rs.1500
Rental charges for SBI medium locker
- Urban and Metro: Rs.4000
- Rural and Semi Urban: Rs.3000
Rental charges for SBI large locker
- Urban and Metro: Rs.8000
- Rural and Semi Urban: Rs.6000
Rental charges for extra large locker
- Urban and Metro: Rs.12,000
- Rural and Semi Urban: Rs.9000
Registration charge for one-time locker
SBI also charges a one-time locker registration fee of Rs.500+GST for small and medium lockers, and Rs.1,000 plus GST for large and extra large lockers.
Locker visit charges
For all locker sizes, SBI provides 12 visits for free. The bank charges Rs.100+GST per visit after that.
Note: Banks are authorised to open your locker if you have not served it at least once a year and even they are required to provide you a notice asking you to either run or forfeit the locker, as per Reserve Bank of India (RBI) guidelines.