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State Bank of India (SBI) has asked its customers who have lockers with the bank to sign a new locker agreement. The new agreement is in line with the Reserve Bank of India’s (RBI) new guidelines for bank lockers.
Last date to sign locker agreement
The RBI has directed 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.
The new agreement includes several changes, including:
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- A new fee structure for locker rent. The new fee structure is based on the size of the locker and the location of the branch.
- A new clause that clarifies the bank’s liability in case of loss or theft of items stored in the locker.
- A new clause that allows the bank to inspect the locker at any time.
SBI customers are advised to visit their respective branches to sign the new agreement. The agreement can be signed by the customer or by a nominee.
The following is a table of the new locker rent charges for SBI customers:
| Locker Size | Urban/Metro Cities | Small Cities/Rural Areas |
|---|---|---|
| Small | Rs. 2,000 + GST | Rs. 1,500 + GST |
| Medium | Rs. 4,000 + GST | Rs. 3,000 + GST |
| Large | Rs. 8,000 + GST | Rs. 6,000 + GST |
| Extra Large | Rs. 12,000 + GST | Rs. 9,000 + GST |
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