Bank lockers, where poeple can keep their valuables including jewellery, property documents and insurance policies, is a service a bank provides to its customers. It secures the valuable in safe deposit lockers and levies some charges in lieu of that. Bank safe deposit lockers are available at various locations and sizes, depending upon the need of the depositors. Here are locker charges of ICICI Bank, PNB, SBI and HDFC Bank:
ICICI Bank’s Locker Charges
ICICI Bank charges between Rs 1,200 and Rs 5,000 annually for a small-size locker. It levies Rs 2,500-9,000 for medium size lockers. ICICI Bank’s charge for a large locker is Rs 4,000-15,000, and between Rs 10,000 and Rs 22,000 for an extra-large locker. Over and above this, GST as applicable is also charged.
According to ICICI Bank’s website, “Locker rent is charged annually and is payable in advance. Allotment of locker is subject to availability and discretion of ICICI Bank. All other applicable Terms and Conditions in relation to lockers shall be communicated through the locker agreement."
Punjab National Bank’s Locker Charges
PNB charges a yearly locker rent of above Rs 1,250 in rural and semi-urban areas. The bank fee for urban and metro areas ranges from Rs 2,000 to Rs 10,000.
SBI’s Locker Charges
SBI levies locker charges in the range of range Rs 500-Rs 3,000. In metro and metropolitan areas, the bank charges Rs 2,000, Rs 4,000, Rs 8,000, and Rs 12,000 for small, medium, large, and extra-large size lockers, respectively. In semi-urban and rural locations, SBI charges Rs 1,500, Rs 3,000, Rs 6,000, and Rs 9,000 for small, medium, big, and extra-large size lockers, respectively.
HDFC Bank’s Locker Charges
It charges locker rent in the range of Rs 550-Rs 20,000 annually — Rs 550 is charged for an extra small locker in rural areas, while Rs 20,000 is charged for an extra large locker in metro cities.
“Rentals may vary between branches under same location. Our lockers rentals vary based on locker size and branch location. Allotment of lockers is subject to availability," HDFC Bank’s website said.
Eligibility For Safe Deposit Locker
Lockers can be rented by individuals, limited companies, associations and trusts.
Is Nomination Facility Available?
Yes, nomination facility is available in safe deposit lockers. Nomination on safe-deposit lockers enables the bank to release the contents to the nominee of the person hiring in the event of their death. If a locker is held jointly, and one of the people hiring dies, the contents can only be removed jointly by the nominee(s) and the survivors.
How Can You Add/ Cancel/ Modify A Nominee In Your Locker?
You will need to fill up the some forms and submit it to your locker branch. The forms are available in the forms centre section of the bank’s website.
- For addition of a nominee: Form SL1 (sole hirer) / SL1A (joint hirer)
- For cancellation of nomination: Form SL2
- For change of nomination: Form SL3 (sole hirer) / SL3A (joint hirer).
Read all the Latest Business News here