New Bank Locker Rules: SBI Customers Asked to Implement Revised Locker Agreement

The State Bank of India (SBI) has directed its customers availing locker facilities to implement the revised or supplementary locker agreement as applicable. The bank has issued a notice asking customers to contact their locker holding branch and execute the revised/supplementary locker agreement. The revised agreement incorporates the customer’s rights and SBI requests its esteemed customers to implement it.

RBI Circular on Bank Locker

The Reserve Bank of India (RBI) has directed banks to notify all customers of the revised locker agreement requirements by 30 April. Banks must ensure that 50% of existing customers execute the revised bank locker agreement by 30 June and 75% by 30 September. Banks will need to report compliance status on their Daksh supervisory portal. Banks are advised to facilitate the execution of fresh or supplementary stamped agreements with customers.

SBI Locker Charges

SBI charges an annual rent for lockers, depending on the size of the locker and the centre where the branch is located. SBI also imposes a one-time locker registration charge, which is ₹500 plus GST for small and medium lockers, and ₹1,000 plus GST for large and extra-large lockers.

SBI’s Small Locker Rental Charges

Urban and Metro: ₹2000+Gst

Rural and Semi-Urban: ₹1500+Gst

SBI’s Medium Locker Rental Charges

Urban and Metro: ₹4000+Gst

Rural and Semi-Urban: ₹3000+Gst

SBI’s Large Locker Rental Charges

Urban and Metro: ₹8000+Gst

Rural and Semi-Urban: ₹6000+Gst

SBI’s Extra Large Locker Rental Charges

Urban and Metro: ₹12000+Gst

Rural and Semi-Urban: ₹9000+Gst

The revised or supplemented locker agreement by SBI is aimed at providing better rights to customers. Customers availing locker facilities are advised to contact their locker holding branch and execute the revised/supplementary locker agreement.

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