By continuing, you agree to LoansJagat's Credit Report Terms of Use, Terms and Conditions, Privacy Policy, and authorize contact via Call, SMS, Email, or WhatsApp
Disclaimer: The information published on LoansJagat is intended for general informational and educational purposes only and should not be considered financial, legal, or investment advice. Interest rates, loan terms, statistics, and other data may change over time and may vary by lender or source. Please verify the latest information and consult a qualified financial advisor or the respective Bank/NBFC before making any financial decisions.
Apply for Loans Fast and Hassle-Free
Subscribe Now
About the author
LoansJagat Team
‘Simplify Finance for Everyone.’ This is the common goal of our team, as we try to explain any topic with relatable examples. From personal to business finance, managing EMIs to becoming debt-free, we do extensive research on each and every parameter, so you don’t have to. Scroll up and have a look at what 15+ years of experience in the BFSI sector looks like.
Related Blog Post
Simplify All Your Loans Into One Affordable EMI
Customers Served
Debt Consolidated
1200+ Reviews
Locations in India
Club all Loans & Credit Card Bills into Single EMI
Quick Apply Loan
Consolidate your debts into one easy EMI.
Takes less than 2 minutes. No paperwork.
10 Lakhs+
Trusted Customers
2000 Cr+
Loans Disbursed
4.7/5
Google Reviews
20+
Banks & NBFCs Offers
Other services mentioned in this article
Neha opted to rent a locker at Union Bank to store her precious belongings. She opted for Locker A at a Rural/Semi Urban branch.
The minimum service charge for renting this locker is ₹900 per annum. In addition to this, there is an 18% GST, which amounts to ₹162. Therefore, Neha will be paying a total of ₹1062 per annum for Locker A.
One of the great aspects of this rental is that Neha gets to visit her locker a maximum of 12 times within a year free of cost. It is so easy and cheap.
Fact: As per The Reserve Bank locker rental rules. Banks will be liable for 100 times the yearly rent in the event of fire, theft, collapse of the building, or fraud on the part of bank employees from January 1, 2022.
Union Bank offers a variety of safe deposit lockers in different sizes. Here's a list of the locker types and their sizes in cubic inches:
These lockers are available in various sizes to meet your storage needs.
Here's a table about Safe Deposit Locker Rent and Security Deposit for Rural/Semi Urban Branches in Union Bank
Type of Locker | Volume (in cubic inches) | Rural/Semi Urban Branches | GST (₹) at 18% | Total (₹) |
- |
Here's a table about Safe Deposit Locker Rent and Security Deposit for Urban Branches in Union Bank
Read More – Union Bank Balance Check Number
Type of Locker | Volume (in cubic inches) | Urban Branches |
|
|
|
|
Here's a table about Safe Deposit Locker Rent and Security Deposit for Metro Branches in Union Bank:
Type of Locker | Volume (in cubic inches) | Metro Branches |
|
|
|
|
-
Basic Service Charges (₹) |
- |
- |
A | 4 x 5 x 20 | 900.00 | 162 | 1062.00 |
B | 5 x 7 x 20 | 1000.00 | 180 | 1180.00 |
C | 4 x 12 x 20 | 1700.00 | 306 | 2006.00 |
D | 7 x 9 x 20 | 1500.00 | 270 | 1770.00 |
E | 5 x 15 x 20 | 2000.00 | 360 | 2360.00 |
F | 10 x 12 x 20 | 3500.00 | 630 | 4130.00 |
G | 7 x 19 x 20 | 3500.00 | 630 | 4130.00 |
H | 12 x 15 x 20 | 4500.00 | 810 | 5310.00 |
H-1 | 12 x 7 x 20 | 2000.00 | 360 | 2360.00 |
L | 15 x 19 x 20 | 6000.00 | 1080 | 7080.00 |
L-1 | 11 x 19 x 20 | 6000.00 | 1080 | 7080.00 |
GST (₹) at 18% |
Total (₹) |
A | 4 x 5 x 20 | 1250.00 | 225 | 1475.00 |
B | 5 x 7 x 20 | 1250.00 | 225 | 1475.00 |
C | 4 x 12 x 20 | 2500.00 | 450 | 2950.00 |
D | 7 x 9 x 20 | 2500.00 | 450 | 2950.00 |
E | 5 x 15 x 20 | 3000.00 | 540 | 3540.00 |
F | 10 x 12 x 20 | 4000.00 | 720 | 4720.00 |
G | 7 x 19 x 20 | 3500.00 | 630 | 4130.00 |
H | 12 x 15 x 20 | 4500.00 | 810 | 5310.00 |
H-1 | 12 x 7 x 20 | 3000.00 | 540 | 3540.00 |
L | 15 x 19 x 20 | 6500.00 | 1170 | 7670.00 |
L-1 | 11 x 19 x 20 | 6500.00 | 1170 | 7670.00 |
*T&C Apply
GST (₹) at 18% |
Total (₹) |
A | 4 x 5 x 20 | 1500.00 | 270 | 1770.00 |
B | 5 x 7 x 20 | 1500.00 | 270 | 1770.00 |
C | 4 x 12 x 20 | 2750.00 | 495 | 3245.00 |
D | 7 x 9 x 20 | 2750.00 | 495 | 3245.00 |
E | 5 x 15 x 20 | 3200.00 | 576 | 3776.00 |
F | 10 x 12 x 20 | 4500.00 | 810 | 5310.00 |
G | 7 x 19 x 20 | 4500.00 | 810 | 5310.00 |
H | 12 x 15 x 20 | 4700.00 | 846 | 5546.00 |
H-1 | 12 x 7 x 20 | 3200.00 | 576 | 3776.00 |
L | 15 x 19 x 20 | 6500.00 | 1170 | 7670.00 |
L-1 | 11 x 19 x 20 | 6500.00 | 1170 | 7670.00 |
Let’s understand it with an example of Rajesh, Riya and Sahil each book Locker A at different Union Bank branches
Character | Type of Locker | Branch Type | Basic Service Charges (₹) | GST (18%) (₹) | Total (₹) |
Rajesh | Locker A | Rural/Semi Urban Branch | ₹900.00 | ₹162.00 | ₹1062.00 |
Riya | Locker A | Urban Branch | ₹1250.00 | ₹225.00 | ₹1475.00 |
Sahil | Locker A | Metro Branch | ₹1500.00 | ₹270.00 | ₹1770.00 |
This shows how the location of the branch affects the service charges and GST for renting a safe deposit locker.
Here’s the information in a table format
Locker Policy | Details |
How to Use the Key | Use the key, or password provided by the bank. Keep it safe and do not share it. |
What to Do If the Key Is Lost | Notify the bank immediately. Return the key to the bank if found. |
How to Return the Locker | If you no longer need the locker, return the key and surrender the locker to the bank. |
Eligibility criteria to get a Union Bank locker
Documents required to open a locker in Union Bank
1. Online Process:
2. Offline Process:
To add, modify, or revoke a nominee for your Union Bank locker, you may either go to a branch or download the relevant forms.
To download the forms, click here.
Fact: Finance Minister Nirmala Sitharaman has proposed the Banking Laws (Amendment) Bill, 2024, which suggests enabling four nominees for bank accounts and lockers rather than one. For more information, check out the article.
Also Read - Union Bank Net Banking
Renting a locker at Union Bank is a simple and secure way to store your valuables, with flexible options across Rural, Urban, and Metro branches. With affordable annual charges, free visits, and strong safety measures, Union Bank offers excellent locker services. Plus, the easy application process and nominee options protect your items, giving you peace of mind!
Q1: Can I choose the size of my locker at Union Bank?
Yes, Union Bank offers a variety of locker sizes to suit your needs.
Q2: Is GST included in the locker rent?
Yes, GST (18%) is added to the basic service charges.
Q3: How is the cost of renting a locker affected by the branch location?
Locker rent varies based on whether the branch is in a Rural, Urban, or Metro location.
Other Bank Locker Charges | ||
