The State Bank of India (SBI), the biggest lender in India, has modified its policy for clients who have bank-owned lockers. To comply with the Reserve Bank of India (RBI) regulation, SBI has encouraged all locker owners to visit their branch and sign the updated locker agreement.
“Bank has published a supplement locker agreement that incorporates the rights of the client. Customers who use SBI’s locker services are urged to get in touch with the branch where their locker is kept and sign the updated or supplemented locker agreement, if necessary, the bank’s official Twitter account wrote.
The RBI has instructed all banks to ensure that the revised agreement is signed by at least 50% of its locker holders by June 30. By September 30 and by December 31 of this year, banks all around the nation should have obtained 75% of their clients’ signatures on the agreement. All banks are required to update the status of their locker arrangements on the effective RBI site in addition to giving their clients with the relevant information.
Customers of SBI should be aware that the cost of a locker will vary depending on its size and location. The cost for the small and medium-sized lockers is Rs 500 plus GST. There will be a registration fee of Rs 1,000 + GST for large lockers.
Look for locker rent prices according to city and locker size.
– For small lockers, SBI clients in metropolitan or major cities must pay Rs 2,000 + GST.
– In addition to GST, the cost of a modest locker in small towns or rural regions would be Rs.
– Medium-sized lockers would cost Rs 4,000 plus GST in urban or metro areas.
– In small towns or rural locations, a medium-sized locker will cost Rs 3,000 plus GST.
Customers who choose large-sized lockers in big metropolises will pay Rs 8,000 plus GST.
– In small towns and rural regions, the cost of a large-sized locker would be Rs 6,000 + GST.
– In major cities or metro regions, SBI will charge Rs 12,000 plus GST for the largest locker.
– In small towns and rural regions, the cost of the biggest locker would be Rs 9,000 plus GST.
