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Think of safely storing your valuable papers and treasures in the Safe Deposit Locker of South Indian Bank. You can lease an Alpha locker for as little as ₹2,700 per year and enjoy peace of mind with a refundable security deposit of ₹23,100.
The icing on the cake? |
12 complimentary visits throughout the year and additional visits at just ₹25 per month.
Recently, the Lok Sabha approved the Banking Laws (Amendment) Bill, enabling you to have multiple nominees in your bank accounts and lockers. However, the bill has yet to be approved by the Rajya Sabha.
Read More – South Indian Bank Net Banking
South Indian Bank lockers provide a solid metal build with natural calamity security. Being non-transferable, they house valuables minus money, arms, or prohibited material, guaranteeing safekeeping and peace of mind.
South Indian Bank provides safe deposit lockers in different sizes. These lockers' rent and security deposit were updated on January 1, 2024. Here are the available locker sizes
S.no. | Cage Type | Height | Width | Depth | Area (sq cm) |
1 |
Here is the information about rent and security deposit in South Indian Bank presented in a table
Locker Size | Metro Rent | Penalty per month | Security Deposit (Metro) | Urban Rent | Penalty per month |
36,000
6,500
30
34,500
5,000
25
Alpha |
12.5 |
17.5 |
49.2 |
218.75 |
2 | Beta | 15.9 | 21 | 49.2 | 333.9 |
3 | Gamma | 12.5 | 35.2 | 49.2 | 440 |
4 | Delta | 18.9 | 26.3 | 49.2 | 497.07 |
5 | Epsilon | 32.1 | 21 | 49.2 | 674.1 |
6 | Zeta | 15.9 | 42.4 | 49.2 | 674.16 |
7 | Eta | 27.8 | 35.2 | 49.2 | 978.56 |
8 | Theta | 18.9 | 53 | 49.2 | 1001.7 |
9 | Iota | 32.1 | 42.4 | 49.2 | 1361.04 |
10 | Kappa | 38.5 | 53 | 49.2 | 2040.5 |
11 | Lambda | 40.5 | 53 | 49.2 | 2146.5 |
Semi-Urban/Rural Rent |
Penalty per month |
Security Deposit (Semi-Urban/Rural) |
Alpha | 2,700 | 25 | 23,100 | 2,500 | 20 | 22,500 | 1,500 | 15 | 19,500 |
Beta | 3,500 | 30 | 25,500 | 3,400 | 25 | 25,200 | 2,600 | 20 | 22,800 |
Gamma | 5,000 | 30 | 30,000 | 4,600 | 25 | 28,800 | 3,500 | 20 | 25,500 |
Delta | 5,500 | 30 | 31,500 | 5,200 | 25 | 30,600 | 3,800 | 20 | 26,400 |
Epsilon | 7,000 | 35 | 36,000 | 6,500 | 30 | 34,500 | 5,000 | 25 | 30,000 |
Zeta | 7,000 | 35 |
*T&C Apply
30,000
Eta
8,500
35
40,500
7,500
30
37,500
6,500
25
34,500
Theta
9,000
40
42,000
8,000
35
39,000
7,500
30
37,500
Iota
9,500
40
43,500
9,000
35
42,000
7,600
30
37,800
Kappa
11,000
45
48,000
10,500
40
46,500
9,000
35
42,000
Lambda
13,000
45
54,000
12,000
40
51,000
9,500
35
43,500
Here's the example in a table format for better clarity. This table summarises the rent, penalties, and the total amount you must pay for the first year when renting the Alpha locker at the Metro branch of South Indian Bank.
Description | Amount | Details |
Locker Rent (Metro) | ₹2,700 | Rent for one year to lease the Alpha locker (12.5 x 17.5 x 49.2 inches). |
Penalty (Metro) | ₹25 per month | ₹25 per month for extra visits beyond the 12 free visits allowed yearly. |
Security Deposit | ₹23,100 | Refundable security deposit for the locker, covering the first 3 years of rent and any costs related to locker opening. |
Total for 1 Year | ₹25,800 | ₹2,700 (rent) + ₹23,100 (security deposit) = ₹25,800 total for the first year. |
Category | Terms |
Security Deposit | A deposit is required to cover rent and charges for at least 3 years. The deposit can be renewed as long as the locker is in use. |
Key Usage | Keep keys and passwords safe. Do not share, copy, or tamper with keys. Notify the bank if keys are lost and return them if found after reporting lost. |
Locker Access | An officer may unlock the locker the first time, but customers open it privately. The bank ensures privacy and checks lockers are properly closed. |
Other Terms | Lockers are not available at all branches. They are subject to availability and conditions. Individuals, firms, trusts, and others can rent lockers. |
To apply for a locker in South Indian Bank, do the following:
Nomination under Section 45ZA of the Banking Regulation Act and Rule 4(1) of the Banking Companies (Nomination) Rules, 1985, by a sole locker holder:
Where the locker is rented in the sole name of a minor, the nomination should be signed by a person who is lawfully entitled to act on behalf of the minor.
Situation | Action |
Hirer dies without a nominee | The bank will follow a customer-friendly procedure to manage the locker. |
Joint hirers | The remaining person(s) or legal heirs can continue to use the locker. |
Surrendering the locker | The survivors or legal heirs can return the locker to the bank. |
Nominee present | The bank will hand over the locker contents to the nominee as per the instructions. |
Note: You may write to the bank at customercare@sib.co.in or call toll-free numbers: 1800 843 1800 or 1800 425 1809 (India).
South Indian Bank provides safe, value-for-money Safe Deposit Lockers with different sizes, disaster-resistant quality, and competitive pricing. The new banking laws permit more than one nominee for lockers and accounts, making it easier to transfer assets. With transparent policies and no-hassle terms, South Indian Bank provides peace of mind to all customers.
Q1: How many times can a locker be accessed?
The authorised hirer can access the locker any number of times during working hours, with no limit on the number of visits per day.
Q2: Can lockers be rented by non-individuals?
Yes, lockers can be rented by individuals (either singly or jointly), partnership firms, limited companies, associations, and clubs. However, they cannot be rented by minors.
Q5: Is locker rent refundable?
Locker rent is collected in advance. If a customer surrenders the locker, the bank will refund the proportionate amount of the advance rent.
Other Bank Locker Charges | |||
