Banks across the nation, including leading institutions like SBI, ICICI, HDFC, and PNB, have revised the rules surrounding their locker facilities. This update includes changes to rental costs, security protocols, and nomination processes. Let’s delve into these new regulations and understand how they might impact you financially.
Understanding the New Locker Rental Fees
Locker rental fees now vary not just by bank but also by the size and location of the locker within the branch. For instance, rental costs at urban and metro locations are typically higher compared to rural and semi-urban branches. Here’s a detailed breakdown of the revised locker rental fees across major banks:
- State Bank of India (SBI)
- Small Locker: ₹2,000 in metro/urban areas; ₹1,500 in semi-urban/rural areas.
- Medium Locker: ₹4,000 in metro/urban areas; ₹3,000 in semi-urban/rural areas.
- Large Locker: ₹8,000 in metro/urban areas; ₹6,000 in semi-urban/rural areas.
- Extra Large Locker: ₹12,000 in metro/urban areas; ₹9,000 in semi-urban/rural areas.
- ICICI Bank
- Rural: ₹1,200 to ₹10,000.
- Semi-Urban: ₹2,000 to ₹15,000.
- Urban: ₹3,000 to ₹16,000.
- Metro: ₹3,500 to ₹20,000.
- Metro+: ₹4,000 to ₹22,000.
- HDFC Bank
- Metro Branches: ₹1,350 to ₹20,000.
- Urban Areas: ₹1,100 to ₹15,000.
- Semi-Urban Areas: ₹1,100 to ₹11,000.
- Rural Areas: ₹550 to ₹9,000.
- Punjab National Bank (PNB)
- Rural Areas: ₹1,250 to ₹10,000.
- Urban Areas: ₹2,000 to ₹10,000.
Each bank offers a limited number of free visits to the locker, typically around 12 per year, after which customers may be charged ₹100 per additional visit.
Security and Liability: What Banks Cover
From a security standpoint, banks assure customers that their valuables are kept in highly secure conditions. However, it’s crucial to note that while lockers are safe, banks are not liable for the security of cash stored within these lockers. Customers are advised to keep this in mind when deciding what to store in their bank lockers.
Who Can Rent a Bank Locker?
Banks offer locker facilities to a diverse range of customers including individual persons, partnership firms, limited companies, and clubs. Importantly, lockers cannot be rented in the name of minors, reflecting the banks’ policy of dealing only with legally competent lessees.
Conclusion
The changes to bank locker regulations mark a significant shift in how banks manage these facilities. As fees vary significantly based on locker size and location, customers are advised to review their current agreements and consider how these changes might impact their budget and security arrangements for stored valuables.