India’s largest public sector lender had previously reviewed the service fees in November 2014. The revision in fee is seemingly targeted at shoring up the fee earning, which pushed up a bit to INR 3153 crore in the second quarter of the fiscal 2016 from INR 3111 crore in year previous to that. In the metro & urban cities, based on the size of the deposit locker, the yearly rental (not including the service taxes) will be escalated from 12.35 percent to 35 percent.
The rental for lockers in semi-urban & village regions will be up by 5 to 19 percent. For instance, the yearly rent on a minor sized locker in metro & urban cities and semi-urban and rural areas will be INR 1100 (INR 979 currently) and INR 800 (INR 756), in that order.