SBI Locker Charges 2024

Most of the banks in India, irrespective of their size, tend to offer locker facilities to customers. An account holder can securely store their valuables with a locker facility. State Bank of India (SBI) offers locker facilities as a value-added service to keep your important things such as documents, jewellery and other valuable items safe from any threat. In exchange for the service, SBI charges a certain fee every year from its customers. 

Read this article to learn more about SBI locker charges. 

Types of Bank Lockers in SBI Bank

State Bank of India mainly has four variants of lockers, which are as follows:

• Small 
• Medium 
• Large 
• Extra Large 

SBI Bank Locker Charges

SBI locker charges mainly depend on the size of the locker. The below table provides the different SBI locker charges:

SBI Locker Charges for Gold

SBI does not charge any different fees from you to keep gold in your lockers. The SBI locker charges for keeping gold are the same as SBI locker charges for different sizes of lockers in different locations (as provided in the table above). 

How To Check Locker Availability in SBI Bank?

You have to visit the online locker enquiry page of the State Bank of India to check the availability of SBI lockers near you. After landing on the page, enter your state, district name, pin code, and captcha. Then click on 'Submit'. 

Now you will see the branch names with locker availability. After getting the information, you have to visit the branch and request the bank officials for further steps to book a locker.

SBI Locker Eligibility and Documents Required

The eligibility criteria to get an SBI locker is as follows:

• The KYC of your account should be updated as per the latest guidelines.
• You must have had savings or a current account in SBI Bank for the last 3 years.
• Your account should be active, and if there have been no transactions for the last year, you will not be eligible.
• You have to maintain a good account balance from the last 1 year to get a locker.
• If you are a VIP customer or HNI or have a salary account, you do not need to make a term deposit for your locker in SBI Bank.

You need to submit these documents to open a new locker in SBI Bank:

• Application form
• Two passport-size photographs
• Identity proof (Driver's licence, voter ID, passport, Aadhaar card, etc.)
• Address proof (Aadhaar card, passport, rent agreement, utility bills, etc.)
• Permanent Account Number (PAN) card

How To Open Locker Facility in SBI Bank?

Here are the steps to open a locker facility in SBI: 

Step 1: Visit the online locker enquiry page of SBI and enter the details to check the availability of the locker.

Step 2: Visit the SBI bank branch where there is an availability of a locker.

Step 3: Get the locker application form from the bank officials, fill the form, and submit it along with the required documents.

Step 4: The bank will provide a waitlist number if lockers are unavailable for immediate allotment. SBI bank allows new locker openings only on a first-come, first-serve basis. 

Step 5: SBI will allot a locker when available and send a written letter to your registered residential address. 

Step 6: Once you receive the letter, you need to visit the bank within 15 days to claim the locker facility. 

After these steps, SBI will complete further processes as per KYC norms, and the rules are the same for new or existing customers of SBI vaults.

How to Close SBI Bank Locker?

You have to visit the branch physically to close your SBI locker. You need to ask the bank officials to close your locker. Before closing your locker, you have to clear all the dues of your locker charges. You will also have to surrender the locker by taking out all your things and the keys to the bank officials. A duplicate copy of the locker surrender documents will be provided to you.

SBI Bank Locker Operation Rules

These are some important terms and conditions you should know before applying for a State Bank of India locker:

• Locker Rent Payment: SBI Bank will collect the locker rent in advance, and you have to pay up to the 31st March of the financial year. In case, your locker rent is overdue, you will not be allowed to access your locker until the payment. Additionally, if your locker rent is due for three years, SBI bank will break the locker, and SBI will sell the things to recover the locker fee.
• Locker: You can not keep hazardous or illegal substances in your locker. If found, legal actions can be taken against the locker owner as per the bank norms.
• Other Charges: SBI Bank also takes other charges like one-time registration charges, locker visit charges, break-open charges for lockers, locker rent overdue charges, etc.
• Deposit: SBI Bank may ask you for a term deposit during the time of locker allotment. It will include all your three-year locker rent.
• Nomination: You can make nominations of your locker during the time of allotment. It is applicable for both jointly and singly occupied lockers in SBI Bank.
• Inactivity: If your locker charges are being paid regularly but it has been inactive for seven years, and SBI is unable to contact the owner, they will hand over the ownership to the nominees of the locker. In case, no nominee is not registered, the bank will break the locker.

Locker is a great facility offered by SBI where you can put your important assets or documents to safeguard them from theft. Visit your nearest SBI Branch to apply for a locker.

Bank Locker Related Articles:
1. ICICI Bank Locker Charges
2. HDFC Bank Locker Charges

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