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Anishka Bhadly
Anishka Bhadly, working at Loansjagat, is a content writer with a finance and business background. She has completed her bachelor's degree with a specialisation in finance and is currently pursuing an MBA in the finance field too. The knowledge she has gained from her studies and experience working with EdTech companies helped her combine theoretical knowledge with practical industry insight. Her expertise lies in creating well-researched, informative, and reader-friendly content in various banking, personal finance, loans, insurance, and investment-related topics.
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Union Bank of India locker charges usually depend on the size of the locker, where the branch is situated, and the category of the customer. Not only the basic service charges, but users also need to pay 18% GST for using a locker, irrespective of category and other criteria. You may also need to pay other charges such as operational and overdue charges. Understanding these charges will help users avoid extra charges on locker use and help create an estimate of the total cost of maintaining a locker. It is important to compare different types of lockers available in the Union Bank of India so that you are aware of what you are getting into. This is where platforms like LoansJagat help you make accurate financial decisions.
Key Takeaways:
The Union Bank has divided the locker rents based on the area the bank is situated in, such as rural or semi-urban areas, urban areas, and metro areas. The bank has decided the charges as per the size of the locker in cubic inches, meaning the bigger the locker, the more rent will be charged.
Here you will find the complete information related to the Union Bank locker charges based on the size of the locker and where they are located:
The table below shows all the information related to the Union Bank of India lockers situated in the rural and semi-urban areas in India.
You can use this table to compare the cost of the locker you are going to book based on its size and other charges. Make sure to check the GST applied on the locker’s total amount before booking.
The Union Bank lockers are available in urban area bank branches; you can check the size availability and charges below:
The locker rates in the urban areas are a bit higher than in rural or semi-urban areas. Ensure you carefully review the charges and then choose the preferred locker size.
Union Bank of India lockers available in the metro area branches are said to be the most expensive of them all. This table presents all the locker charges, GST, and sizes available in metro area branches:
Make sure to review and check the prices carefully to avoid any confusion. Being a Union Bank customer, it is important to check the prices from the official website before visiting the bank for clarity and also to avoid surprises.
Union Bank allows its users an operational limit to visit their lockers 12 times. Once the limit is exceeded, the bank charges ₹100 + 18% GST, totalling ₹118 for every visit. A penal interest of 18% on overdue rent is also charged, with a minimum of ₹5 being levied.
This information may be a lot to understand at once, but this table is for your reference. Users do not have to learn all these details; you can just check your area type and the rate applied to the locker as per that area.
Disclaimer: These charges are written as per the latest regime. As banks often change these prices, users must ensure they double-check the number from the official website before visiting the bank.
Read Also: Union Bank Statement Guide: Check How to Download
A locker service can be a great option for the Indian public, as they can store their valuables safely in the lockers themselves. This service has made us understand how banks can help people make our lives easier by offering such amazing services. The important part is played by the locker users; they need to review the fees, visit limits, and terms before they put their valuables in those lockers. The locker charges may get updated over time or vary from branch to branch; make sure to check the website for official data before going to the branch.
You can visit your nearest Union Bank branch, submit an application, complete KYC, submit documents, and pay the locker usage fee and security deposit. The locker will be allotted to you.
Union Bank of India collects the locker rent on a yearly basis; however, the rent may vary based on the locker size and branch location.
No, it is not mentioned in the official locker charges notice that a Union Bank customer needs an FD to access a bank locker.
If your gold is lost due to the bank’s negligence, like theft, fire, or burglary, the bank will be liable to pay the customer as per the RBI’s guidelines.
Bank lockers include annual rent, limited access, waiting list, and additional charges for providing services, which can be a big downside for bank lockers.
Union Bank has not mentioned a fixed limit of how much gold you can keep in their lockers; just ensure the items fit inside the locker and comply with applicable laws.
If your valuables get robbed due to the bank’s negligence, the bank will be liable to compensate you for the amount as per RBI’s rules.
Yes, it is possible that a bank can unlock a locker in certain conditions like pending rent, legal orders, or other such situations.
Union Bank provides 12 free operational locker visits; after the limit is exceeded, users need to pay ₹100 + 18% GST, totalling ₹118 on each visit.
Yes, Union Bank is regulated by the RBI like other major banks and financial institutions. It can be a secure option for keeping your jewellery, documents, and other valuables.
