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Steep hike in bank locker charges
I have locker with Dena bank. On renewal of Locker, I came to know that bank has increase locker rent by 300%. That too without any Correspondence, or letter for reminder of renewal. When I am surrendering Locker, they ask for rent for whole year. Still it is 20 days pass to renewal date. Again the rent increased by bank is Disproportionate, ie, increased Rs. 1000 from Rs. 550 & Rs. 2500 from Rs. 750 as well as from Rs. 1000, ie no uniformity in rent which should be same for all customer.
Please help me & guide me.
Premji Shah
Mumbai
Email: shahraju23@gmail.com
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We understand that there has been a steep increase in the locker charges in other banks too. For. e.g. SBI charges are as follows:
For Metro/Urban Areas:
Small Size: Rs.1000/-
Medium Size: Rs.2500/-
Large Size: Rs.3000/-
The RBI format for locker charges are as follows:
For Metro/Urban Areas:
Type A – 1000(for 1 year) / 1950(for 2 years) / 2900 (3 years)
Type B – 1000(1 year) / 1950(2 years) / 2900 (3 years)
Type C – 2500(1 year) / 4900(2 years) / 7300(3 years)
We think Dena Bank follows the RBI format charges.
Note:
Locker charges are normally collected per annum basis.
Charges are paid in advance and the charges depend on the size of the locker and the centre in which the branch is located.
We think it is the duty of the bank to notify the existing customers about the increase in the rates well before the renewal date so that they are in a position to consider whether to continue with locker at the increased rates.
(The information above is general in nature and collated from the respective bank’s website and may not be final. Those concerned should approach the banks for full and accurate information)
What about at the time of submit? ie, if I am surrendering locker within 1st month of new year, still the bank has right to collect rent for full year? Please tell me should I pay for the whole Year when I had surrendered locker?
Since the locker rent is on annual basis and is collected in advance, banks may be within their rights in asking you to pay the full amount even if you are one month into the new year. However, it is better you ask for the complete locker rules from your bank.
You also have the option of writing to the bank that bank has not sent to you any prior notice of increase in the rentals and on this ground you offer to pay only the proportionate rent for one month. This is the only ground on which you can fight if the bank insists on your paying the full annual rent. You can diplomatically tell the bank that you may be seeking the help of the consumer court in the matter. You should also bear in mind that if you have an SB account in the same branch then the bank may debit the amount from your account.
You may as well consult a banking expert in the matter.