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HomeBankingSBI Bank Locker Charges 2024: Types, Features, Eligibility & More

SBI Bank Locker Charges 2024: Types, Features, Eligibility & More

SBI is the bank which is Indian listed on the Fortune 500 list of the top firms of 2020, despite being the 48th greatest bank in the globe by assets. It provides account customers with a range of premium financial services. SBI Bank’s lockers are also a reliable option for storing valuables like jewelry and important papers like banking or legal paperwork. If you want to reserve a locker at SBI, be aware of the updated rates.

SBI Bank Locker Charges and Types

Customers of SBI can choose from a large selection of locker sizes. The following list lists the various locker sizes that SBI bank offers, dividing them into groups for small, medium, big, and extra-large lockers. Additionally, it includes updated SBI locker fees according on location and size, as per the company’s latest locker agreement:

Small 125 x 175 x 492 / 159 x 210 x 492 ₹1500/- ₹1000/-
Medium 125 x 352 x 492 / 189 x 263 x 492 / 159 x 423 x 492 / 325 x 210 x 492 ₹3000/- ₹2000/-
Large 278 x 352 x 492 / 189 x 529 x 492 / 325 x 423 x 492 ₹6000/- ₹5000/-
Extra Large 404 x 529 x 492 / 385 x 529 x 492 ₹9000/- ₹7000/-

 

Note: A one-time registration charge is also included in the pricing of the SBI locker. For small and medium in size lockers, there is a ₹500 registration cost plus GST. However, large-sized bank lockers would cost you ₹1000 + GST.

Read More: PNB Bank Locker Charges

SBI Bank Locker’s Features 

SBI is the best bank to store valuable personal items in a safe location because so many of its branches provide lockers. The following are some crucial characteristics of SBI lockers:

  • Customers are required to pay a little rent that varies based on where it is and the dimensions of the locker.
  • Prior to the fiscal year, rent might be paid.
  • Both parties will sign a copy of their locker agreement, and the person renting the locker will be aware of their rights and obligations.
  • In a few easy steps, you may add a candidate to your SBI locker.

Let us clarify why these characteristics are important if you’re curious!

In the event that one of the joint locker holders passes away, clients can take advantage of a survivorship clause or nomination facility, which would release their significant benefit. Unless there is a morality clause or nomination in place, the person who survives the joint locker holder or nominee retains access to all locker content.

Read More: Features of UCO mPassbook

Eligibility to Access an SBI Bank Locker

Does the cost of the locker at SBI fit within your budget? If so, before choosing an SBI locker, make sure you fulfill the qualifying requirements listed below:

  • To be eligible for a locker, you have to be a customer of the branch where you are applying.
  • Your current account or SB should comply with KYC regulations.
  • It shouldn’t have been dormant for more than a year.
  • It is recommended to keep an average balance in the account that is sufficient to cover the rent for the previous two years. 
  • Lockers may be rented separately or in conjunction with another person.

Read More: Eligibility to Open an Recurring Deposit (RD) Account with SBI

Paperwork Needed to Access an SBI Bank Locker

If you meet the requirements listed above, have the following materials ready for a speedy application process:

  • legitimate KYC documentation, such as proof of residence and identity
  • two recent passport-sized photos
  • a duplicate of your PAN card
  • An IBA-specified format locker agreement that has been signed and stamped

Are you familiar with the SBI bank locker costs and do you have all the necessary paperwork ready to present? If so, continue reading to find out how to access your SBI locker.

Open a SBI Bank Locker Online

Simply follow these procedures to have your SBI bank locker opened:

Step 1: Enter the required login information to access your SBI internet banking account.

Step 2: Select “Online Locker” after selecting “e-Services.”

Step 3: Enter your state, PIN code, and district.

Step 4: Select “Submit.” 

Step 5: The information of the unoccupied locker shows up on the display.

Step 6: Click on the code for the branch to choose the locker’s size.

As an alternative, you may apply offline for your SBI locker!

How to Open an Offline SBI Bank Locker?

To reserve an SBI locker in individual just take a few easy steps as follows:

Step1: Go to the SBI branch that is closest to you.

Step 2: Find out if there are any lockers available.

Step 3: Complete an application form with the necessary data.

Step 4: Send the completed form and required paperwork.

To enhance openness with consumers, SBI offices will keep a queue based on their availability of lockers. Once you log in under e-services, the availability will be displayed on your internet banking website.

SBI Bank Locker Policies & Procedures

The following are some guidelines that are used while assigning lockers:

  • Lockers will be assigned based on first-come, first-served.
  • A written document must be delivered by Registered Post to the applicant’s address. They have fifteen days to retrieve the Locker.
  • When assigning lockers, client due diligence must be completed in accordance with KYC guidelines (for new and previous customers).

You now have all the information you require to apply for a locker in SBI. Everything has been addressed for your convenience, from the cost of an SBI locker to the process of opening an SBI locker online. Thus, reserve a locker in SBI right now to guarantee your priceless possessions the highest level of protection.

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