Union Bank of India Locker Charges 2025: Updated Fees & Benefits

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. 

Types of Lockers available at Union Bank

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:

• L1: 11 inches x 19 inches x 20 inches
• L: 15 inches x 19 inches x 20 inches
• H1: 12 inches x 7 inches x 20 inches
• H: 12 inches x 15 inches x 20 inches
• G: 7 inches x 19 inches x 20 inches
• F: 10 inches x 12 inches x 20 inches
• E: 5 inches x 15 inches x 20 inches
• D: 7 inches x 9 inches x 20 inches
• C: 4 inches x 12 inches x 20 inches
• B: 5 inches x 7 inches x 20 inches
• A: 4 inches x 5 inches x 20 inches

These lockers are available in various sizes to meet your storage needs.

Safe Deposit Locker Rent and Security Deposit for Rural/Semi Urban Branches in Union Bank

Here's a table about Safe Deposit Locker Rent and Security Deposit for Rural/Semi Urban Branches in Union Bank

Safe Deposit Locker Rent and Security Deposit for Urban Branches in Union Bank

Here's a table about Safe Deposit Locker Rent and Security Deposit for Urban Branches in Union Bank

Safe Deposit Locker Rent and Security Deposit for Metro Branches in Union Bank

Here's a table about Safe Deposit Locker Rent and Security Deposit for Metro Branches in Union Bank:

Let’s understand it with an example of Rajesh, Riya and Sahil each book Locker A at different Union Bank branches

This shows how the location of the branch affects the service charges and GST for renting a safe deposit locker.

Locker Key Policy of Union Bank

Here’s the information in a table format

Eligibility Criteria and Required Documents for Union Bank Locker:

Eligibility criteria to get a Union Bank locker

• You can be a company, partnership firm, association, club, or individual/joint account holder.
• You must follow the bank's KYC rules.

Documents required to open a locker in Union Bank

• A filled-in locker application form.
• A passport photograph.
• KYC documents (such as your Aadhaar card and PAN card).
• Account details of your savings or current account with the bank.
• A signed locker agreement form.
• A security deposit.

How to apply for a Union Bank Locker?

1. Online Process:

1. Visit the official website of Union Bank.
2. Click on ‘Account & Deposits’, and select ‘Locker services’ under it.
3. Select ‘Safe Deposit Lockers’ and click on ‘Apply Now.’
4. Select state, district, and branch according to your preference.
5. Select the type, size, and availability of lockers at the branch, and click on ‘Register.’
6. The system will display a "Locker Registration Form."
7. Fill out the form and follow the instructions to complete the registration.

2. Offline Process:

1. Go to a Union Bank branch.
2. Ask a bank official for the application form.
3. Fill in your details on the form.
4. Submit the form along with any required documents.

How to close the Union Bank Locker?

1. Go to the branch where you opened the locker.
2. Tell the bank officials that you want to surrender the locker.
3. Take out all your items from the locker.
4. Give the locker key back to the branch manager.
5. Pay any remaining locker charges.
6. Sign a letter to give up the locker officially.
7. Return any other identification or documents provided by the bank.
8. Get a receipt or acknowledgment from the branch manager.

Nomination for Union Bank Locker

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.

Forms

• Form SL1: To add nominee for sole locker holder
• Form SL1A: To add nominees for joint locker holders
• Form SL2: To revoke nominee
• Form SL3: To modify the nominee for sole locker holder
• Form SL3A: To modify nominee for joint locker holders

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.

Conclusion

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!

FAQs related to Union Bank Locker Charges

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.

Apply for Loans Fast and Hassle-Free

Apply Now

About the Author

LoansJagat Team

We are a team of writers, editors, and proofreaders with 15+ years of experience in the finance field. We are your personal finance gurus! But, we will explain everything in simplified language. Our aim is to make personal and business finance easier for you. While we help you upgrade your financial knowledge, why don't you read some of our blogs?