Union Bank’s one of value-added services is the Safe Deposit Locker facility which offers specially manufactured lockers to keep the valuables of the hirers in exceptionally built strong rooms. Based on the needs and suitability of the customers, the sizes of different lockers vary. To know more about this facility, Union Bank locker charges and other associated details, continue reading this blog.
Latest Union Bank Locker Changes and Its Types
Union Bank customers have to pay the rent (charged annually) in advance for Safe Deposit Lockers. Go through the table to comprehend how Union Bank locker charges vary with the size of the locker and the location of the branch:
| Size of Locker | Rural/Semi Urban Branches | Urban Branches | Metro Branches | ||||||
| Area (in cubic inches) | Basic Service Charges (₹) | GST (₹) at 18% | Total (₹) | Basic Service Charges (₹) | GST (₹) at 18% | Total (₹) | Basic Service Charges (₹) | GST (₹) at 18% | Total (₹) |
| 491 | 1,100 | 198 | 1,298 | 1,400 | 252 | 1,652 | 1,700 | 306 | 2,006 |
| 544 | 1,100 | 198 | 1,298 | 1,400 | 252 | 1,652 | 1,700 | 306 | 2,006 |
| 550 | 1,100 | 198 | 1,298 | 1,400 | 252 | 1,652 | 1,700 | 306 | 2,006 |
| 781 | 1,200 | 216 | 1,416 | 1,500 | 270 | 1,770 | 1,800 | 324 | 2,124 |
| 850 | 1,300 | 234 | 1,534 | 1,600 | 288 | 1,888 | 2,000 | 360 | 2,360 |
| 859 | 1,300 | 234 | 1,534 | 1,600 | 288 | 1,888 | 2,000 | 360 | 2,360 |
| 1085 | 1,400 | 252 | 1,652 | 2,000 | 360 | 2,360 | 2,600 | 468 | 3,068 |
| 1197 | 1,400 | 252 | 1,652 | 2,100 | 378 | 2,478 | 2,700 | 486 | 3,186 |
| 1200 | 1,400 | 252 | 1,652 | 2,100 | 378 | 2,478 | 2,700 | 486 | 3,186 |
| 1215 | 1,400 | 252 | 1,652 | 2,100 | 378 | 2,478 | 2,700 | 486 | 3,186 |
| 1337 | 1,500 | 270 | 1,770 | 2,200 | 396 | 2,596 | 2,800 | 504 | 3,304 |
| 1350 | 1,500 | 270 | 1,770 | 2,200 | 396 | 2,596 | 2,800 | 504 | 3,304 |
| 1550 | 1,600 | 288 | 1,888 | 2,300 | 414 | 2,714 | 3,300 | 594 | 3,894 |
| 1657 | 2,000 | 360 | 2,360 | 2,700 | 486 | 3,186 | 3,400 | 612 | 4,012 |
| 1702 | 2,000 | 360 | 2,360 | 2,700 | 486 | 3,186 | 3,500 | 630 | 4,130 |
| 1800 | 2,100 | 378 | 2,478 | 2,800 | 504 | 3,304 | 3,600 | 648 | 4,248 |
| 1872 | 2,100 | 378 | 2,478 | 2,800 | 504 | 3,304 | 3,600 | 648 | 4,248 |
| 2510 | 2,800 | 504 | 3,304 | 3,300 | 594 | 3,894 | 4,200 | 756 | 4,956 |
| 2583 | 2,800 | 504 | 3,304 | 3,300 | 594 | 3,894 | 4,200 | 756 | 4,956 |
| 2685 | 2,900 | 522 | 3,422 | 3,400 | 612 | 4,012 | 4,300 | 774 | 5,074 |
| 2700 | 2,900 | 522 | 3,422 | 3,500 | 630 | 4,130 | 5,200 | 936 | 6,136 |
| 2750 | 2,900 | 522 | 3,422 | 3,500 | 630 | 4,130 | 5,300 | 954 | 6,254 |
| 2842 | 3,000 | 540 | 3,540 | 3,600 | 648 | 4,248 | 5,600 | 1,008 | 6,608 |
| 3500 | 3,100 | 558 | 3,658 | 4,200 | 756 | 4,956 | 6,300 | 1,134 | 7,434 |
| 3611 | 3,600 | 648 | 4,248 | 4,500 | 810 | 5,310 | 6,400 | 1,152 | 7,552 |
| 3973 | 3,600 | 648 | 4,248 | 4,800 | 864 | 5,664 | 6,600 | 1,188 | 7,788 |
| 4000 | 3,600 | 648 | 4,248 | 4,800 | 864 | 5,664 | 7,000 | 1,260 | 8,260 |
| 5100 | 3,700 | 666 | 4,366 | 4,800 | 864 | 5,664 | 8,000 | 1,440 | 9,440 |
| 5428 | 4,100 | 738 | 4,838 | 6,100 | 1,098 | 7,198 | 8,100 | 1,458 | 9,558 |
| 5718 | 4,200 | 756 | 4,956 | 6,200 | 1,116 | 7,316 | 8,200 | 1,476 | 9,676 |
| 6500 | 4,300 | 774 | 5,074 | 6,300 | 1,134 | 7,434 | 9,200 | 1,656 | 10,856 |
| 7000 | 4,400 | 792 | 5,192 | 6,300 | 1,134 | 7,434 | 10,200 | 1,836 | 12,036 |
| 7500 | 4,500 | 810 | 5,310 | 6,600 | 1,188 | 7,788 | 11,400 | 2,052 | 13,452 |
Note: The Union Bank of India locker charges mentioned in this table are effective from 01.04.2022.
Features of Union Bank Locker
Here are some of the notable features of Union Bank locker that you can benefit from:
- These lockers of various sizes are available across different locations in India.
- The size of the locker and the branch location determine the final Union Bank locker charges.
- Safe Deposit Lockers of Union Bank comes with a nomination facility.
- The process of payment for this locker facility is hassle-free.
- The lockers are accessible during bank hours on all working days.
Eligibility Criteria to Open a Union Bank Locker
As you are aware of the Union Bank locker charges and types, you may want to know the eligibility criteria to open a locker. If you are someone from the list below, you are eligible to rent a locker.
- Individuals
- Joint Account Holders
- Companies
- Partnership Firms
- Associations and Clubs
Documents Required to Open a Union Bank Locker
You have to submit the following documents to rent a Union Bank Locker:
- Revised Model Locker Agreement
- Application for Allotment of Locker
- Passport size Photograph
- KYC documents
- Current or Savings account details
- Security Deposit
How to Open Union Bank Locker Online?
To open a Union Bank Locker online, you have to follow the steps below:
- Step 1: Visit the official net banking website of Union Bank of India and navigate to ‘Products’.
- Step 2: Find ‘Lockers/Other Services’ and click on it.
- Step 3: On the new page, click on ‘Online Locker Registration’.
- Step 4: Select the appropriate ‘State’, ‘District’, and ‘Branch’. Then click on ‘Register’.
- Step 5: Enter the required details such as particulars, contact details, address and locker types. Fill in the captcha code.
- Step 6: Select the ‘I Agree to Terms and Conditions ’ box and click on ‘Send OTP’.
You will receive an OTP on the mobile number you entered. After that, a bank representative will contact you and guide you with further instructions on how to open a Union Bank locker.
How to Open Union Bank Locker Offline?
To open a locker offline, you need to follow the steps below:
- Step 1: Visit your nearest Union Bank branch and obtain a Safe Deposit Locker opening application form.
- Step 2: Fill out the form and attach the required documents.
- Step 3: Pay an advance amount of 3 years and you will receive the key and password for your locker along with other crucial information.
Union Bank Locker Rules & Regulations
The locker holder has to follow some guidelines to operate or use a locker. Here are some of the rules and regulations you need to abide by while using Union Bank Lockers.
- The locker is for the customer’s personal use and no other person can access it.
- Union Bank’s Safe Deposit Locker is non-transferable.
- Safe Deposit Lockers are not for storing any cash but for valuables like documents and jewellery.
- One can not store the following items in a locker: Weapons, arms, explosives, contraband materials, illegal, perishable, or radioactive materials, and materials that can cause nuisance to the bank and its other customers.
- If the bank notifies a user of a specific locker operation time, the user can only access his/her locker at that time. Otherwise, it is accessible on all working days.
- A locker holder has to use the identification mechanism that the bank has offered to access his/her locker and not any other means.
- In case a hirer fails to pay the due rent on a locker, or fails to submit proof of identity at the time of application, the bank will refuse access to the locker.
Final Word
With reasonable Union Bank locker charges, you can keep valuables, important documents, insurance policies, gemstones, and sentimental keepsakes secured. Depending on your need and your location the charges for Safe Deposit Lockers will vary but you can expect the complete safety of your priceless belongings.
FAQs
The bank allotts lockers on a first-come first-serve basis if an applicant is eligible for a Safe Deposit Locker and complies with the KYC norms.
Yes, all existing locker holders should execute the revised Locker Agreement as per RBI’s revised guidelines on locker.
Once the bank representative verifies and records the applicant’s identity, he/she permits the operation of a locker to the locker holder and/or the person duly authorised by the locker holder.
A locker holder can access the facility for free 12 times a year. Beyond that, accessing one’s locker is subject to standard Union Bank locker charges.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
