Latest Union Bank of India Locker Charges 2024

Banks have always been the most reliable financial institute to keep our cash safe and sound. Keeping this in mind, lately, banks have come up with their custodian services for the safe upkeep of your precious items.

Banks charge a fair annual amount for providing custody services to look after your valuable items. If you are thinking about the Union Bank locker charges, stay tuned as you have come to the right place. We will be discussing everything regarding the same ahead.

Union Bank of India Safe Locker

Safe Custody or bank lockers are a facility provided by nationalized and private banks to their account holders to store their jewelry and necessary documents apart from the cash in their locker facility. Generally, a nominal fee is charged from the locker hirers.

Features of Union Bank Safe Deposit Lockers

Union Bank provides many features to its customers who avail of their locker facility. Customers can not only keep their cash but also keep their precious belongings such as pieces of jewelry and documents in the bank’s locker.

Some of the features of the locker facility provided by the bank are:

1. All the branches of Union Bank across the nation provide a locker facility to their customers.
2. Any person can avail of a locker facility in the Union Bank whether he is an individual (either single or joint), Partnership Firm, Company, club, an association of Persons, etc.
3. The Union Bank lockers differ in location and size.
4. The lockers of the Union Banks have different rate schemes depending upon the size of the lockers and the location of their branches (rural, semi-urban, urban, and metro).
5. Union Bank charges its locker rent annually.
6. The rent for the locker facility is paid in advance, and the locker hirers can also pay advance rent for up to 3 years.

After going through the above features, if the customers find it convenient to opt for a locker facility in the Union Bank, they may choose to keep their valuable belongings in the Union Bank lockers.

Fees of Union Bank Safe Deposit Locker

Like other banks, even Union bank has lockers in multiple sizes ranging from small to medium and large. The annual rental charges vary with each locker size, considering its location and the branch.

The below-given table provides a charge of the annual fee charged by Union bank for its locker charges:

Last Updated: 25 January 2024

The annual rent for the locker depends highly upon your location and size, depending upon the valuables you ought to store therein.

Locker Visiting Charges

Union Bank provides a facility of 12 free visits to the lockers. But a visit beyond the twelfth one might land you paying a penalty of INR 118 per operation.

Terms And Conditions For Union Bank Locker Services

Before opting for your desired locker, you must be well aware of the terms and conditions of the locker services for Union bank. Some of the stated conditions are:

1. Always visit the bank locker during operating hours on bank working days.
2. Nobody can access the bank locker except the locker hirer or joint hirers and nominees.
3. Bank lockers are given on a first-served basis, so you might need to wait in case of the unavailability of a locker.
4. In case of an inactive locker for one year or a continuous period of 3 years, the bank can intervene to ask the hirer to operate it immediately or surrender it.
5. You must have the necessary documents to obtain a locker facility in the Union bank. The list of such vital documents includes KYC documents, passport-size photographs, a security deposit, a savings account or a current account with the bank branch, and a duly signed agreement for a locker.
6. You must also get a locker facility form from your nearest branch to apply for a locker in your bank.

Conclusion

Banks account for a trustworthy medium to store your valuables. With a nominal amount ranging from 1298 INR to 13452 INR, you can easily avail of a bank locker for the safe upkeep of your necessary documents.

To know the actual union bank locker charges, you can visit your nearest branch or check online on the internet and mobile banking services. The annual charges differ in terms of the locker size, the area of your bank branch, and even the type of city the bank is located in.