KARACHI, Sept 3: The National Bank of Pakistan has raised the lockers rent six times from this month.

The new rates fall between Rs6,000 and Rs14,000 per annum depending on the size of the locker. These rates are the highest among competitive banks.

Till the recent hike, people were able to hold a locker for a rent of Rs1,000 per year. However, the sudden raise could force many to surrender their lockers for being too expensive.

“We have revised lockers’ rates after 30 years while the maintenance cost has gone up many times over this period,” said Khalid Mahmood, SVP of National Bank. He looks after the lockers’ affair.

Lockers facility is being offered by the banks primarily to facilitate customers and not to earn profit.

Rent rate of lockers in other banks was found reasonably lower than the NBP.

The NBP argues that the bank is providing insurance cover to all lockers and this was decided after the State Bank’s insistence for insurance which is an additional protection for the customers. The NBP paid up to Rs20 million after incidents of lockers’ robbery.

Khalid said the rent rate was so low that a number of people were not using lockers but did not care to close them down to let the bank offer it to people who need them. This was one of the reasons to increase the rent, he said.

The NBP increased the rent of a small locker from Rs1,000 to Rs6,000. Rent for medium has been raised to Rs10,000 and for the largest locker the rent would be Rs14,000 per annum.

The NBP says that it has beefed up security of lockers providing new equipment with enhanced facilities.

Muslim Commercial Bank rates were found much lower than the NBP. The MCB maintains four categories. A small locker carries a rent of Rs1,200, medium Rs1,800, larger Rs3,000 and the largest Rs4,000. However, no insurance cover is available to these lockers.

The Bank Al Falah rates are also competitive as far as MCB is concerned, but much lower than the NBP.

The bank maintains three categories. The small one carries a charge of Rs1,000, medium Rs1,500 and large up to Rs3,000 per annum.

With deteriorating law and order situation, attraction for the safety lockers has increased but the limited availability of lockers made it impossible for most of the people to keep their costly belongings in lockers.