new policy for customers who hold lockers with the bank. In compliance with the directive from the Reserve Bank of India (RBI), SBI has instructed all locker holders to visit their respective branches and sign the revised locker agreement.
The RBI has mandated that all banks ensure a minimum of 50 percent of their locker holders sign the new agreement by June 30. By September 30, banks across the country are expected to achieve 75 percent compliance, with 100 percent of locker holders signing the agreement by December 31. Additionally, banks are required to provide customers with necessary information and update the status of locker agreements on RBI’s portal.
SBI customers should take note that locker charges will vary based on the size and location of the locker. Small and medium-sized lockers will incur a charge of Rs 500, plus GST. Large lockers will require a registration charge of Rs 1,000, in addition to GST.
The following are the locker rent charges based on city and locker size:
- Small lockers:
- Customers in urban or metro cities will be charged Rs 2,000 plus GST.
- In small cities or rural areas, the cost of a small locker will be Rs 1,500, inclusive of GST.
- Medium-sized lockers:
- In urban or metro cities, medium-sized lockers will be priced at Rs 4,000, along with GST.
- For small towns or rural areas, the charge for a medium-sized locker will be Rs 3,000, including GST.
- Large-sized lockers:
- Customers in major metro cities who opt for large-sized lockers will pay Rs 8,000 plus GST.
- In smaller towns and rural regions, the cost of a large-sized locker will amount to Rs 6,000, inclusive of GST.
- Largest lockers:
- SBI will charge Rs 12,000 plus GST for the largest lockers in major cities or metro areas.
- For small towns and rural areas, the charge for the largest locker will be Rs 9,000, plus GST.
It is important for SBI customers who hold lockers to visit their respective branches and sign the revised agreement as per the RBI’s directive. By complying with the new policy, customers can ensure the smooth continuation of their locker services and avoid any inconvenience in the future.
