SBI hikes Locker Rent

SBI hikes Locker Rent

  • India’s largest bank, the State Bank of India (SBI), has hiked rental charges for its safe deposit lockers across India. The new rental charges will be effective from March 31, 2020.
  • After the rate hike, the annual charges of an SBI locker will go up by at least ₹ The details of the hike is as under:
    • SBI’s small locker rental charges has been hiked by ₹500 to ₹2,000
    • Extra-large locker will come at an annual rent of ₹12,000 now instead of ₹9,000.
    • SBI’s medium size locker will be expensive by ₹1,000 to ₹4,000
    • Large locker’s rent will be up by ₹2,000 to ₹8,000.
  • These rates are applicable only in metro cities and urban areas and exclude GST.


  • SBI branches offer cheaper locker services in semi-urban and rural areas
  • Here the rates begin from ₹1,500 and go up to ₹9,000.
  • Across all SBI branches, the rate hike is about 33%.
  • SBI also imposes a one-time locker registration charge of ₹500 plus GST for small and medium lockers while for large and extra-large lockers, one has to pay ₹1,000 plus GST.
  • A delay in paying the locker rent charges on time can lead to a penalty as high as 40%

The Reserve Bank of India (RBI) regulations add that banks are allowed to open customers’ locker if the same is not operated at least once in a year. But banks are required to send a notice to the customer to either operate the locker or surrender it.


  • SBI locker charges have been hiked by a third from March 31
  • The cheapest bank locker in SBI will now come at a rent of ₹2,000 while the most expensive one is for ₹12,000

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