SBI Offers Safe Deposit Locker Facility. Benefits Explained Here

SBI (State Bank of India) offers safe deposit locker facility at large number of branches for the safety of valuables. In order to avail SBI’s safe locker facility, customers need to pay an annual rent, which depends on the size of the locker and the centre at which the branch is located, said the country's largest lender on its official website -- sbi.co.in. However, the rent is to be paid in advance for the financial year. SBI also provides nomination facility to locker-hirers. Advantage of availing this facility is that in the event of death of one of the joint locker-hirer, the right to the contents of the locker does not automatically gets transferred to the surviving joint locker-hirer, unless there is a nomination, further said the website. 
 
Key things to know about SBI's safe deposit locker facility:
 
1. One has to pay annual rental in advance which depends on the size of the lockers and location of the branch. Customers also need to pay one time registration charges for all centers for SBI's locker facility.
 
2. KYC (Know your customer) norms are applicable for locker hirers, as well.
 
3. However, SBI's locker facility cannot be allotted to minors either singly or jointly with others.
 
4. One can avail the nomination facility. In case the nominee wishes to continue with the locker, bank may enter into a fresh contract with nominee and also adhere to KYC norms in respect of the nominee.
 
5. In case the locker remains unoperated for more than one year, the branch has the right to cancel the allotment of the locker.