SBI locker new charge: Check immediately how much you have to pay for taking a locker 

Amid the rise of loot cases, people are nowadays not willing to keep any valuable belongings in their houses. They want them to keep in safe places. Most of them prefer to keep them in bank lockers.

All most all the banks are offering the locker facility. They charge money as per the size of the locker. The country’s largest bank State Bank of India (SBI) also offers the facility to the customers. The bank, however, has revised its charges for lockers.

If you are also planning to keep your valuable things in SBI’s bank locker you must know the size and prices of the lockers.

Here’s how much SBI charges for the locker

SBI locker registration charges

You will have to pay a registration fee of Rs 500 plus GST for small and medium lockers. However, you need to pay a registration fee of Rs 1,000 plus GST for the large and extra-large lockers.

SBI locker visiting charges

In a financial year, the bank gives 12 free locker visits. Thereafter, it charges Rs 100 + GST ​​per visit.

SBI may impose penalty

The State Bank of India may impose a penalty for not paying the rent on time. The bank may ask to pay a fine of up to 40 per cent.

As per the guidelines of the Reserve Bank of India (RBI), the banks can open your locker if you have not opened it at least once in 1 year. However, the bank is liable to send you a notice before opening your locker.

Here’s all you need to know about the revised locker rules

• The bank’s liability will be 100 times its annual rent in case of fire, theft, building collapse or frauds by bank employees.
• Banks will have to incorporate a clause in the locker agreement so that the hirer cannon keep anything illegal or hazardous in lockers.
• Banks will have to keep a branch-wise list of vacant lockers and wait-list in core banking system (CBS) or any other computerised system compliant with the cyber security framework.
• In case of unavailability of lockers, the banks will need to acknowledge the receipt of all applications for allotment of locker and provide a wait list number to the customers.
• The RBI has also detailed the compensation policy and liability of banks in the revised instructions.
• A board-approved policy outlining the responsibility owed by them for any loss or damage to the contents of the lockers due to their negligence will also need to be framed.
• The guidelines specify that banks shall not be liable for any damage and/or loss of contents of locker arising from natural calamities or Acts of God like earthquakes, floods, lightning and thunderstorm or any act that is attributable to the sole fault or negligence of the customer. However, banks need to exercise appropriate care to protect their premises from such catastrophes.
• To ensure prompt payment of locker rent, banks are allowed to obtain a term deposit, at the time of allotment, which would cover three years’ rent and the charges for breaking open the locker in case of such eventuality.
• Existing locker holders do not need to pay such term deposits, neither can the bank insist them to pay so.
• Banks will have the discretion to break open any locker following due procedure if the rent has not been paid by the customer for three years in a row.
• If locker rent is collected in advance, in the event of the surrender of a locker by a customer, the proportionate amount of advance rent collected shall be refunded to the customer.