Locker Charges in SBI 2024 – Features, Types & Locker Price

Being the 48th largest bank in the world by assets, SBI is the only Indian bank on the Fortune Global 500 list of the biggest corporations of 2020. It offers various exclusive financial services to account holders. Additionally, SBI Bank lockers are a trusted means for the safe-keeping of valuables like jewellery, important documents like financial or legal papers, etc. Know about the revised locker cost in SBI if you are planning to book a locker here.

Latest SBI Locker Changes and Its Types

SBI offers a wide range of locker sizes for its customers to select from. The list below mentions different locker sizes available with SBI and categorises them into small, medium, large and extra-large sections. Also, it contains revised locker charges in SBI based on size and location, according to SBI’s new locker agreement:

Note: Additionally, SBI locker cost involves a one-time registration fee. You will be charged a registration fee of ₹500 + GST for small or medium-sized lockers. Whereas, an amount of ₹1000 + GST will be charged for large-sized bank lockers.

Features of SBI Locker 

With a large number of branches offering locker facilities, SBI stands as an ideal bank for securely storing your personal belongings of value. Here are some of the important features of SBI lockers:

1. A nominal rent depending on the location and size of the locker, is charged from the customers.
2. Rent can be paid in advance of the financial year.
3. A copy of the locker agreement will be signed by both the parties and the locker-hirer will know about their rights/responsibilities.
4. You can add a nominee for your SBI locker in some simple steps.

If you’re wondering why these features are of relevance, let us explain!

By availing the benefits of a nomination facility or survivorship clause, customers will unlock the major advantage in the event of the death of either of the joint locker-holders. The access to the locker content does not devolve for the surviving joint locker-holder or nominee unless a survivorship clause or nomination is involved.

Eligibility Criteria to Open an SBI Locker

Does the locker price in SBI coincide with your budget? If yes, make sure you meet the following eligibility criteria before opting for a SBI locker:

1. You must be a customer of the branch in which you’re applying for a locker.
2. Your SB or Current account should be KYC compliant.
3. The account should not be inactive for the past 1 year.
4. An average account balance should be maintained, enough to cover 2 years’ rent for the last year. 
5. Lockers are to be hired individually or jointly with another individual(s).

Documents Required to Open a SBI Locker

If you’ve met the above-mentioned criteria, keep the following documents in handy for a quick application process:

1. Valid KYC documents including identity and address proof
2. 2 passport-sized recent photographs
3. A copy of your PAN card
4. A signed and stamped locker agreement (IBA-specified format)

Do you have all the documents ready to be presented and are thorough with the bank locker charges SBI? If yes, keep reading to learn how you can open your SBI locker if you are

How to Open SBI Locker Online?

Follow these few easy steps to open your bank locker with SBI:

• Step 1: Sign in to your SBI net banking account by entering the necessary credentials.
• Step 2: Click on “e-Services” and then “Online Locker”.
• Step 3: Provide your district, state, and PIN code.
• Step 4: Click on ‘Submit’ 
• Step 5: The details of the vacant locker appear on screen.
• Step 6: Select the size of the locker by clicking on the branch code.

Alternatively, you can apply for your SBI locker offline!

How to Open SBI Locker Offline?

To book an SBI locker in person, follow these few simple steps:

• Step 1: Visit your nearest SBI branch.
• Step 2: Ask about the availability of lockers.
• Step 3: Fill out an application form by providing the required information.
• Step 4: Submit the form along with the necessary documents.

Depending on the availability of lockers, SBI branches will maintain a waitlist to ensure transparency with the customers. If there is availability, it will show up on the Internet banking site once you login under e-services.

SBI Locker Rules & Regulations

Here are some of the rules & regulations maintained while allotting the lockers:

1. The allotment of lockers will happen on a first-come-first-serve basis.
2. A written document is to be sent to the applicant’s address by Registered Post. They will be given 15 days’ time to claim the Locker.
3. Customer Due Diligence to be carried out according to KYC norms for the assignment of lockers (for new and old customers).

Final Words

You are now caught up with everything you need to know before applying for a locker with SBI. From locker cost in SBI to how you can open the SBI locker online – everything has been covered for your convenience. So, book a locker at SBI today and ensure the maximum safety of your valuable assets. 

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This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.