SBI releases new guidelines for locker holders, know revised charges, deadlines here

SBI locker update: State Bank of India, the largest public sector bank in the country, has issued a special notification for its customers who have lockers with the bank. In order to comply with the directive from the Reserve Bank of India (RBI), SBI has requested all locker holders to visit their respective bank branches and sign the new locker agreement at the earliest convenience. This announcement was made through a tweet by the bank, emphasizing the importance of customers reading the new agreement notice before providing their signature.

The RBI has instructed all banks to ensure that at least 50% of their locker holders sign the new agreement by June 30, 2023. Furthermore, banks are required to have 75% of customers sign the agreement by September 30 and achieve 100% compliance by December 31. Additionally, all banks are expected to update the status of their locker agreements on the RBI's efficient portal, along with providing necessary details to their customers.

For SBI customers, the charges for lockers will vary based on the size and location of the locker. Small and medium-sized lockers will incur a charge of Rs 500, along with applicable GST. Larger lockers, on the other hand, will require a registration fee of Rs 1000, plus GST.

Here is an overview of the locker rent charges based on city and locker size:

• For small lockers in urban or metro cities, SBI customers will need to pay Rs 2,000 plus GST.

• In small cities or rural areas, the charge for a small locker will be Rs 1,500, in addition to GST.

• Medium-sized lockers in urban or metro cities will cost Rs 4,000 plus GST.

• In small towns or rural areas, the charge for a medium-sized locker will be Rs 3,000, along with GST.

• Customers in big and metro cities opting for large-sized lockers will be charged Rs 8,000 plus GST.

• In small towns and rural areas, the fee for a large-sized locker will be Rs 6,000, plus GST.

• The biggest locker offered by SBI in big cities or metro areas will require a payment of Rs 12,000 plus GST.

• In small towns and rural areas, the charge for the largest locker will be Rs 9,000 plus GST.

SBI customers are advised to promptly visit their respective branches and complete the signing of the new locker agreement to ensure compliance with the RBI directive and avoid any inconvenience in the future.

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