India’s largest public sector bank, the State Bank of India (SBI), has important news for its customers who use bank lockers.
If you have an SBI bank locker, you need to act now.
The Reserve Bank of India (RBI) has directed all banks, including SBI, to have their customers sign a new bank locker agreement by September 30.
If you have an SBI bank locker, visit your branch and sign the new agreement to avoid potential issues.
SBI has urged its customers to complete this process by September 30.
SBI has introduced a revised bank locker contract that incorporates customer rights.
All customers using the lockers are required to sign this new agreement.
The bank is reaching out to its customers via SMS and email, advising them to visit their branch and sign the new agreement.
Key Points
All banks must complete this process by December 31. RBI has mandated that at least 50 percent of locker holders sign the new agreement by June 30, with banks across the country aiming for 75 percent by September 30 and full compliance by December 31.
Banks are also required to provide customers with necessary information and update their locker agreement status on the RBI’s efficient portal.
Locker Rental Charges by SBI
Below are the revised Locker Charges:
- Small locker charges in urban or metro cities: Rs 2,000 + GST.
- Small locker charges in small cities or rural areas: Rs 1,500 + GST.
- Medium-sized locker charges in urban or metro cities: Rs 4,000 + GST.
- Medium-sized locker charges in small towns or rural areas: Rs 3,000 including GST.
- Larger size locker charges in major metro cities: Rs 8,000 + GST.
- Larger size locker charges in small towns and rural areas: Rs 6,000 + GST.
- Largest locker charges in major cities or metro areas: Rs 12,000 + GST.
- Largest locker charges in small towns and rural areas: Rs 9,000 + GST.
SBI has urged its customers to complete this process by September 30.
