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State Bank of India Locker Charges & Documents To Open It


State Bank of India Locker Charges : Hi, Dear all. Today I will be sharing some exciting information on the topic of State Bank of India Locker Charges. Please go on the article and enjoy reading it.

State Bank of India Locker

A locker can operate by a person alone or jointly with someone; Hindu Undivided Families, Firms, and Trusts the applicant may have to open a bank account in the branch before allowed to apply for a locker.

The Safe Deposit Lockers are one of the essential facilities. 

A bank offers lockers that come in different sizes and are used to safekeeping valuable items; only the locker hirer or joint hirers can operate the safe.

The country’s top person that lends money to the State Bank of India is SBI, had hiked the rental charges for its safe deposit lockers across India existing on the date of 31 March. 

State Bank of India branches offers cheaper locker services in semi-urban and rural areas, such as a small locker in a metro or urban city. The rental charge has been increased by around Rs. 500 to Rs. 2,000. 

The fees have been raised by Rs. 2,000 to Rs 8,000 in the metro and urban cities for a giant safe. But in the semi-urban and rural areas, the charge has been increased by around Rs. 1,000 to Rs. 6,000. The rates do not include Good and Services Tax, which is in GST.

The Documents that are needing for opening a bank locker

To open a safe, one will have to give the KYC documents, along with their photographs.

A bank may ask the applicants to start a fixed deposit to cover the locker rent for about three years. Also, it will charge for breaking to open the locker in case of a possible event. 

The Applicants typically give a standing instruction to the bank to deduct the annual rent amount from the account that they maintain.

Also, it is worth value when it is mentioning that if the hirer does not operate the locker even though he pays the rent for a continuous period of one year, in case of a high-risk profile or three years in a medium risk profile. 

The bank may ask the hirer to operate the locker or surrender them immediately.

The State Bank of India has also decided on a one-time locker registration charge of around Rs. 500 plus the GST. For the small and medium lockers but large and extra-large lockers. 

One should have to pay Rs.1,000 plus GST. A delay in delivering the locker rent charges on time. It can be leading to a penalty as high as 40%.

According to the Reserve Bank of India, that is on RBI regulations. 

The banks can open the locker if someone has not operated it at least once a year. But the banks are required to send someone a notice. You are asking one to either perform the locker or surrender it.

Final words about State Bank of India Locker

So, this is vital information on the topic of State Bank of India Locker Charges. Here I have mentioned the safety of the people’s valuable things on the bank lockers in India’s State Bank. The types of bank lockers and their rates with penality.

If Queries or Questions is persisting then, please feel free to comment on the viewpoints.

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