Kotak Bank Increases Locker Charges
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Recently, Kotak Bank raised its locker fees. If I am paying over 8,000 for a medium locker, what is my actual protection?
On the other hand, SBI and other PSU banks offer similar security at nearly half the price. Would switching save me enough over ten years to justify the hassle of moving my valuables?
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Well, according to RBI's current rules, locker compensation is capped at 100 times the annual rent for losses due to bank negligence (theft, fire, or fraud). So, for your ₹8,000 Kotak locker, you’re covered for up to ₹8 lakh.
SBI’s metro medium locker fees are lower at ₹4,000 + GST. Switching to SBI can save you about ₹40,000–50,000 over ten years. If you want better service and quick access, Kotak’s higher fees make sense. However, if you're looking for safety at a reasonable price, moving to a PSU bank is a smart choice for the long run.
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