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SBI raises charges across various bank lockers effective March 31

February 26
22:56 2020

The State Bank of India (SBI), on February 26, increased the rental charges for its safe deposit lockers across India effective March 31.

The rental charges for SBI’s small lockers has been increased to Rs 2,000, up by Rs 500, while the extra large locker’s annual rent stand at Rs 12,000, up from Rs 9,000.

The annual rate for SBI’s medium size locker will be prized at Rs 4,000, while that of its large locker will be Rs 8,000, up by Rs 2,000.

The above rates are valid for branches in metro cities and urban areas, and excludes GST.

SBI’s locker services are less expensive in semi-urban and rural areas where the rates range from Rs 1,500 to Rs 9,000.

There is also a new one-time locker registration charge of Rs 500 plus GST for small and medium lockers while Rs 1,000 plus GST has to be paid for large and extra large lockers.

Failure in the payment of locker rent charges could lead to a penalty as high as 40 percent of the annual rent amount.

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