“State Bank of India (SBI) safe deposit locker” can be had by applying and opening an account with the balance of Rs 5000. Three types of lockers are available with State Bank of India, such as standard, medium and large. The annual charges for opening these accounts are given below in the table.

Current charges of SBI for its locker services in 2013 year

 

 

Here is the latest 2014 locker charges details as per State bank of India website:

Types of locker accounts Annual charges (Rs)
(i) Standard(ii) Medium(iii) Large 1,0002,0005,000

 

How to apply for a locker in State Bank of India?

  • State Bank of India (SBI) only gives safe deposit locker facilities in select branches, not in all branches.
  • For getting a locker in the particular branch of SBI, you should have an account in that particular branch.
  • You can apply for the locker in your name or in joint names.
  • SBI allots lockers on-first-cum-first-serve basis to its clients.
  • At the time of hiring the account, you need to pay the “security deposit” for the locker.
  • You will sign the “memorandum of letting” with SBI and have a copy of this.
  • You will have to pay the annual charges for locker personally or the same can be debited to your account.
  • You will be given the “key” for the safe deposit locker, which must keep with utmost care.
  • It is a compulsory norm with SBI that you will operate your locker once in six months, failing which your locker can be cancelled.
  • State Bank of India has fixed timing for operation of locker accounts in every bank.
  • If you have an account in a particular branch and the same branch has free lockers, you can approach the branch manager with your application to open the locker account.
  • The branch manager has the full authority to allot you account.