South Indian Bank Locker Charges 2025 – Updated Fees & Complete Guide

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.

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.

Types of Lockers Available at South Indian Bank

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

• Alpha: 12.5 in x 17.5 in x 49.2 in
• Beta: 15.9 in x 21 in x 49.2 in
• Gamma: 12.5 in x 35.2 in x 49.2 in
• Delta: 18.9 in x 26.3 in x 49.2 in
• Epsilon: 32.1 in x 21 in x 49.2 in
• Zeta: 15.9 in x 42.4 in x 49.2 in
• Eta: 27.8 in x 35.2 in x 49.2 in
• Theta: 18.9 in x 53 in x 49.2 in
• Iota: 32.1 in x 42.4 in x 49.2 in
• Kappa: 38.5 in x 53 in x 49.2 in

These are the sizes of the lockers available for rent at the bank:

Size of Lockers in South Indian Bank

Safe Deposit Locker Rent and Security Deposit in South Indian Bank Locker

Here is the information about rent and security deposit in South Indian Bank presented in a table

Let’s understand it with an example

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.

Security Deposit & Locker Key Policy in South Indian Bank

Eligibility Criteria and Required Documents for South Indian Bank Locker

Eligibility

• You should be an adult, not a minor.

Documents to be submitted

• Two passport photos
• Identity proof (e.g., driver's license, voter ID, passport, or Aadhaar card)
• Address proof (e.g., rent agreement or electricity bill)
• Permanent Account Number (PAN) card
• Copy of existing bank account document
• Signed agreement for locker

How do you apply for a South Indian Bank Locker?

To apply for a locker in South Indian Bank, do the following:

• Go to a South Indian Bank branch that has lockers.
• Ask for the application form from the bank.
• Fill out the form with the necessary information.
• Take the filled form and documents required to the bank.
• Submit the documents to open the locker.
• Sign the locker register.

Nomination for South Indian Bank Locker

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.

Forms:

• Form SL 1: For nominating a single locker holder.
• Form SL 1A: For joint locker holders to nominate a person.
• Form SL 2: To withdraw a past nomination.

Here's what you have to do

• Visit the bank branch.
• Ask for a form that fits your preferences.
• Complete the form with the name and address of the individual you wish to nominate.
• Submit the form along with the documents to the bank.

What happens after the hirer dies?

How to Surrender a South Indian Bank Locker?

• Visit the South Indian Bank branch where your locker is located.
• Remove all your contents from the locker. It should be empty.
• Submit the locker surrender form given by the bank.
• Hand over the original locker key to the bank officer.
• Settle all overdue locker rent until the surrender date.

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).

Conclusion

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.

FAQs related to South Indian Bank Locker

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.

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