Bank Rates go up for your safety
With a regular hike in interest rates, now bank rates for safety lockers go up. A signs of some hike in annual changes of PSU banks for security deposit lockers
First Bank who hikes rates is Syndicate bank, so all the customers who have safety deposit lockers in bank. All public sector banks will follow suit.
Banks have different rates for different locker size and customer category. Customers in metros will paying Rs3,000 to Rs10,000 for small lockers, while for large lockers, they have to pay at least Rs15,000 to Rs19,000 as deposits. Customers in semi-urban and rural areas will be charged lower rates depending on the locker size.
Furthermore, even the annual rent has been hiked from Rs300 to Rs600 for small lockers; Rs500 to Rs1,110 for medium lockers; Rs900 to Rs1,900 for large lockers; and Rs1,500 to Rs2,500 for very large lockers. Calculate your emi with EMI Calculator
According to Syndicate Bank officials, the rates have been increased following a directive from the RBI with an advice to the Indian Banks Association. This means all public sector banks will increase the charges.
Most of the customers are not a happy lot. “There are no recurring expenses for this service. Lockers are installed and they need very little annual servicing. Some customers have decided to appeal to the banking ombudsmen and to RBI regional director in Bangalore to seek a clarification.
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