How much do bank lockers charge?

Currently, state-owned banks charge Rs 2,000 as annual rent for a small safe deposit locker and Rs 4,000 for a medium-sized one in urban and metro areas. The annual rent for a large locker is Rs 8,000. In addition, a customer has to also pay the applicable GST.

How does chime make its money?

Chime makes money by charging so-called interchange fees for every transaction conducted with the card, interest earned on cash, as well as ATM fees. Founded in 2013 by banking and technology executives, the company has seen a continuous rise in user growth and adoption of its products.

Where can I get a locker in a bank?

Locker facility is generally not available at all branches of a bank. One should find out in advance which branch offers the facility, as well as the availability of lockers at the branch.

How long does it take to rent a bank locker?

While most banks demand annual rent, certain banks like Syndicate Bank, BoB and Central Bank of India demand advance locker rent for three years when you first rent the locker. After the first three years, you can pay rent for either one, two or three years. Most banks let you rent a locker anytime during the year.

What is the locker rent for a bank branch in India?

The locker rent is higher if the branch is located in a prime commercial area of the city. Moreover, private and foreign banks charge a much higher rent compared to public sector banks. For example, the annual locker rent charged by Citibank for its smallest locker is Rs 2,500 while that for the largest one may go up to Rs 40,000.

Do banks demand a deposit when you rent a locker?

All banks may not demand a deposit when you rent a locker but certain banks do. Here also, private and foreign banks require a higher deposit amount than public sector banks. For instance, ICICI Bank demands a fixed deposit (FD) of Rs 60,000, Rs 1 lakh or Rs 5 lakh, depending on the locker size.