SBI Implements New Policy For Locker Holders: Customers Urged To Sign Revised Agreement

New Delhi, 3rd July 2023: State Bank of India (SBI), the largest lender in India, has implemented a new policy for its customers who hold lockers with the bank. Under the directive from the Reserve Bank of India (RBI), SBI has instructed all locker holders to visit their respective branches and sign the updated locker agreement.

RBI has mandated that all banks ensure that a minimum of 50 per cent of their locker holders sign the new agreement by June 30. By September 30, banks nationwide should aim for 75 per cent of their clients to have signed the agreement, with 100 per cent compliance expected by December 31 of this year. Furthermore, banks are directed to provide necessary information to their customers and update the status of their locker agreements on RBI’s efficient portal.

SBI customers need to be aware that locker charges vary depending on the size and location of the locker. There will be a charge of Rs 500, plus GST, for small and medium-sized lockers. Large lockers require a registration charge of Rs 1,000, in addition to GST.

Please find below the locker rent charges based on city and locker size:

– SBI customers in urban or metro cities will be charged Rs 2,000 plus GST for small lockers.
The cost of a small locker in small cities or rural areas will be Rs 1,500, inclusive of GST. On the other hand, 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.
– 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.

– SBI will charge Rs 12,000 plus GST for the largest locker 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.