SBI Issues New Guidelines For Locker Holders; Check Deadlines, Revised Charges Here

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SBI customers should keep in mind that the charges for lockers will differ based on the size and location of the locker

India’s largest lender State Bank of India (SBI) has changed its rule for customers who hold lockers with the bank. SBI has advised all locker holders to visit their branch and sign the new locker agreement, in order to comply with the order from the Reserve Bank of India (RBI).

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“Bank has issued a revised/supplement locker agreement incorporating the customer’s rights. Customers availing locker facilities from SBI are requested to contact their locker holding branch and execute the revised/ supplement locker agreement as applicable,” SBI’s official Twitter account tweeted.

We request our esteemed customers to contact their locker holding branch and execute the revised/supplementary locker agreement as applicable.#SBI pic.twitter.com/e7Gk5b3Unu

— State Bank of India (@TheOfficialSBI) June 5, 2023

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RBI has ordered all banks to make sure that at least 50 per cent of their locker holders sign the new agreement by June 30. Banks across the country should have 75 per cent of their client’s signatures on the agreement by September 30 and reach 100 per cent compliance by December 31, this year. Along with providing necessary information to their customers, all banks are directed to update the status of their locker agreements on RBI’s efficient portal as well.

SBI customers should keep in mind that the charges for lockers will differ based on the size and location of the locker. The small and medium-sized lockers will incur a fee of Rs 500, along with GST. Large lockers will require a registration charge of Rs 1,000, plus GST.

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Check Locker Rent Charges Based On City And Locker Size

– SBI customers in urban or metro cities need to pay Rs 2,000 plus GST for small lockers.

– The charge for a small locker in small cities or rural areas will be Rs 1,500, in addition to GST.

– In urban or metro cities, medium-sized lockers will cost Rs 4,000 plus GST.

– The charge for a medium-sized locker in small towns or rural areas will be Rs 3,000, along with GST.

– Customers in major metro cities who opts for large-sized lockers will pay Rs 8,000 plus GST.

– The fee for a large-sized locker in small towns and rural areas will be Rs 6,000, plus GST.

– SBI would charge Rs 12,000 plus GST for the biggest locker in major cities or metro areas.

– The charge for the largest locker in small towns and rural areas will be Rs 9,000 plus GST.