NEW DELHI : India’s largest bank, the State Bank of India (SBI), has hiked rental charges for its safe deposit lockers across India. The new rental charges will be effective from March 31.
After the rate hike, the annual charges of an SBI locker will go up by at least ₹500. SBI’s small locker rental charges has been hiked by ₹500 to ₹2,000 while the extra large locker will come at an annual rent of ₹12,000 now instead of ₹9,000.
SBI’s medium size locker will be expensive by ₹1,000 to ₹4,000 while the large locker’s rent will be up by ₹2,000 to ₹8,000. These rates are applicable only in metro cities and urban areas and excludes GST.
SBI branches offer cheaper locker services in semi-urban and rural areas where the rates begin from ₹1,500 and go up to ₹9,000. Across all SBI branches, the rate hike is about 33%.
SBI also imposes a one-time locker registration charge of ₹500 plus GST for small and medium lockers while for large and extra large lockers, you have to pay ₹1,000 plus GST. A delay in paying the locker rent charges on time can lead to a penalty as high as 40%.
According to 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.