State Bank of India (SBI) will hike its safe deposit rental charges from March 31 onwards. According to a statement, SBI has said the rental charges will be incremented by Rs 500-3,000.
The rise in rental charges will depend on the size of the locker and the place where it's located. For example, SBI will charge Rs 500 to Rs 2,000 more in a metro city. For a large locker in a metro city, SBI will charge Rs 2,000 to Rs 8,000 more. The charges have also been increased for semi-urban and rural areas by Rs 1,000 to Rs 6,000.
Safe deposit lockers are a critical facility provided by the bank to its customers. The lockers come in different sizes, and are used for the safekeeping of valuables. Only the holders and joint holders are allowed to open the locker.
A locker can be hired by an individual or an organisation such as a firm or a trust. The applicant has to open an account in the bank before hiring a safe deposit. KYC documents and photographs are necessary for hiring a bank locker.
If users don't use it for a longer period of time, a year or three years, the bank has the right to ask the hirer to surrender it.