If you use a bank locker to store valuable items, it’s important to stay updated on recent policy changes and new fee structures. Leading banks like SBI, ICICI, HDFC, and PNB have recently updated their locker fees, security rules, and nomination services to better serve customers. Here’s what you need to know to manage your locker effectively under these new policies.
Understanding Bank Locker Services and Security
Bank lockers are provided to individuals, companies, clubs, and other customers. However, banks don’t offer lockers in the name of minors. Acting as custodians, banks provide locker services for an annual rental fee, and although the items stored are considered safe, banks don’t assume liability for cash kept in lockers. It’s essential to carefully evaluate what you store in a bank locker and be aware of this limited liability.
Locker Fees by Bank and Location
Locker fees now vary significantly depending on the location and size of the locker. For instance, rates in metro areas are higher than in rural locations. Here’s an overview of the updated locker fees at top banks:
- SBI (State Bank of India)
- Small Locker: Rs.2,000 in metro/urban areas, Rs.1,500 in semi-urban/rural areas
- Medium Locker: Rs.4,000 in metro/urban, Rs.3,000 in semi-urban/rural
- Large Locker: Rs.8,000 in metro/urban, Rs.6,000 in semi-urban/rural
- Extra Large Locker: Rs.12,000 in metro/urban, Rs.9,000 in semi-urban/rural
- ICICI Bank
- Rural areas: Rs.1,200 to Rs.10,000
- Semi-urban: Rs.2,000 to Rs.15,000
- Urban: Rs.3,000 to Rs.16,000
- Metro: Rs.3,500 to Rs.20,000
- Metro+ Locations: Rs.4,000 to Rs.22,000
- HDFC Bank
- Metro branches: Rs.1,350 to Rs.20,000
- Urban: Rs.1,100 to Rs.15,000
- Semi-urban: Rs.1,100 to Rs.11,000
- Rural: Rs.550 to Rs.9,000
- PNB (Punjab National Bank)
- Rural: Rs.1,250 to Rs.10,000
- Urban: Rs.2,000 to Rs.10,000
Visit Charges After 12 Free Visits
Most banks provide 12 free locker visits per year. If customers exceed this limit, they are charged Rs.100 for each additional visit. This fee encourages customers to consolidate their locker visits and use their allotted access efficiently.
What These Changes Mean for Customers
These changes reflect efforts by banks to streamline services and update rates according to location and customer demand. Customers should review the updated rates and evaluate if their locker needs align with the new costs and policies. Adjusting to these changes early can help avoid unexpected fees and make the most of your bank’s locker services.
With updated fees and policies in place, it’s a good time to assess your locker usage and ensure you’re well-prepared to make the best of these changes for your security needs.
