Safe deposit lockers, commonly known as bank lockers, are a popular way to store valuables. For this service, banks impose a fee dependent on the size of the locker.
Many banks and some of their branches offer customers bank lockers in exchange for a deposit, with lockers being assigned based on availability.
Here are the rates for bank lockers at State Bank of India (SBI), ICICI Bank, Punjab National Bank (PNB), and Axis Bank, as well as the various sizes available. (All locker fees and sizes are listed on the various bank websites.)
Charges for SBI lockers
According to the bank’s website, bank locker fees range from Rs 500 to Rs 3,000, depending on the size of the locker and the locality. In metro and metropolitan areas, the bank charges Rs 2,000, Rs 4,000, Rs 8,000, and Rs 12,000 for small, medium, large, and extra-large lockers, respectively.
In semi-urban and rural locations, the bank charges Rs 1,500, Rs 3,000, Rs 6,000, and Rs 9,000 for small, medium, large, and extra-large lockers, respectively.
SBI Bank charges a one-time registration fee, and annual rent must be paid in advance. According to the SBI website, even if the rent is paid on time, if a locker is left unattended for more than a year, the branch has the right to terminate the locker’s allotment and open the locker. Please keep in mind that the aforementioned costs are ad valorem.
Charges for ICICI Bank lockers
A locker can house a maximum of five hirers, according to ICICI Bank. To apply for a Safe Deposit Locker, you’ll need a locker application, a notarized locker agreement, and two photos.
The annual rent is collected in advance by ICICI Bank. According to ICICI Bank, the locker hirer must have an operational ICICI Bank account that is not due for Re-KYC and is not frozen, inert, or inactive to assure fast payment of the locker rent. ICICI Bank charges Rs 1,200 – 5,000 for a small locker and Rs 10,000 – 22,000 for an extra big locker. Please keep in mind that these fees do not include GST.
Locker fees at PNB Bank
PNB Bank has increased its locker fees, as well as other fees. The number of complimentary visits was also lowered from 15 to 12. In rural and semi-urban areas, locker annual rent ranges from Rs 1250 to Rs 10,000. The bank charge for urban and metro ranges from Rs 2000 to Rs 10,000.
Charges for lockers at Axis Bank
Customers of Axis Bank should be aware that the annual rent collected will not be repaid upon surrender. Every month, there will be a 2.5 per cent late payment penalty, up to a maximum of 25%. The number of free visits is restricted to three per calendar month, beyond which each visit will cost Rs 100 + GST.
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