Bank Locker Rules: Let us tell you that the rent of the locker varies according to its size and location of the branch in the centre. But, what to do if SBI locker becomes inoperative and how much penalty has to be paid? Let us know this in this news below…
State Bank of India provides the facility of Safety Deposit Locker (Bank Locker Rules) to its customers in many of its branches. Customers renting lockers have to pay annual rent to the bank. Locker rent varies depending on its size and location of the branch in the centre. But, what to do if SBI locker becomes inoperative and how much penalty has to be paid? SBI has made clear guidelines regarding this.
Banks provide locker facility to the customers to keep valuables, documents, jewelery etc. Some rules and fees regarding locker use are decided by the bank, which are recorded in the agreement. To help the locker hirer understand their rights and obligations, every bank provides a copy of the Locker Agreement, which is signed by both the parties i.e. the customer and the bank.
According to the bank, SBI charges Rs 500 plus GST on small and medium lockers and Rs 1000 plus GST on large and extra large lockers. To avoid the situation of locker being inactive, banks always recommend that you use your locker regularly or at least once a year. Locker status may change depending on bank policies.
When does SBI Locker become inactive?
For example in SBI, if a locker is inactive for seven years and a tenant is not found, even if the rent is being paid on time, the bank is free to transfer the contents of the locker to the nominees or legal heirs of the tenant. .
