Money & Banking

KVB customers may have to pay extra fee for looking up locker more often

LN Revathy Coimbatore | Updated on April 10, 2019 Published on April 10, 2019

The bank to levy a charge of ₹200 + GST beyond 12 visits per year

Karur Vysya Bank has announced a revision in its service charges effective from May 1, 2019.

And this revision in charges, apart from being account-related — be it for non-maintenance of average minimum balance, cheque book issue, or upward revision in safe deposit locker rent (as one would expect normally) — is proposed for locker operations as well.

So, from May 1, the user would have to plan in such a way that he/she does not have to pay a price for checking on the locker more than once a month (on average).

The lockers are categorised size-wise as small, medium, big, large, extra large and mega lockers and the rent ranges between ₹1,000 and ₹20,000 a year.

smallRs 1200Rs 1000
mediumRs 2500Rs 1700
BigRs 4000Rs 2000
LargeRs 6000Rs 2500
Extra LargeRs 8000Rs 3000

The bank has, according to the circular, decided to levy a charge for locker operations as well.

While the customer can operate it for free for up to 12 visits a year, the bank has decided to charge the customer ₹200 plus GST for every locker operation beyond 12 visits. “And this charge will have to be levied manually by the branches concerned as there is no system provision,” the circular reads.

When asked about this levy, a bank source told BusinessLine that such a charge was imposed many years back to restrict footfalls in the locker room, but was withdrawn after customers raised a hue and cry about the imposition of such a charge.

“We have now decided to introduce such a charge to restrict footfall. It would also help the bank to generate some revenue from such a service,” the source said.

Published on April 10, 2019
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