In order to keep cash, jewellery and important documents in safe custody, some customers tend to maintain bank lockers at their home branch. Bank lockers provide security of a customer's assets but this comes at a modest price. Bank lockers' charges vary according to the size. State Bank of India (SBI)'s locker charges start from Rs 1,100 and go up to Rs 8,000 a year. SBI also charges a registration fee and after the maximum number, locker visits are also chargeable. Canara Bank's locker charges start from Rs 1,250 and go up to Rs 6,300 per annum.
Here are the details of SBI locker charges:
1. In State Bank of India (SBI), charges for the smallest locker amount to Rs 1,100 in a metro city. The medium-sized locker's charges amount to Rs 2,800 in a metro city.
2. A large locker of SBI charges is available for Rs 6,000 in a metro city. The largest locker (extra -large size) loosens the purse strings by Rs 8,000 a year.
3. SBI also charges Rs 500 as a one-time registration fee at the time of applying for the locker. The bank allows 12 locker visits without any charge in a year. Afterwards, each visit is chargeable for Rs 100.
4. SBI also imposes overdue charges to the tune of 10 per cent of annual rent when the user has some unpaid dues for one quarter. Beyond this, the penalty charges amount to 25 per cent of the annual rent. From third quarter onwards, the penalty shoots up to 40 per cent of the annual rent. After that, the penalty rises to 50 per cent of annual rent.
Canara Bank's charges for bank lockers:
1. At Canara Bank, the charges are relatively lower. There are, however, ten different rates for as many sizes of lockers.
3. There are three categories of medium lockers at Canara Bank. The charges amount to Rs 2,000, Rs 2,400 and Rs 2,800 depending on the size.
4. Canara Bank offers three large-sized lockers. The charges amount to Rs 3,000, Rs 3,700 and Rs 5,000.
5. The very large-sized box, which is of the maximum size, costs the user Rs 6,300 per annum.