Looking for the cheapest bank locker charges in India? Whether you want to store valuables safely or compare locker rental fees, this article provides a detailed comparison of locker charges across major Indian banks like SBI, HDFC, ICICI, PNB, and more.
What Are Bank Lockers?
Bank lockers are secure storage spaces offered by banks to store jewelry, important documents, and other valuables. Locker rental charges vary based on bank, location (metro, urban, semi-urban, rural), and locker size (small, medium, large, extra-large).
Locker Charges of Major Banks in India (2024)
Below is a detailed comparison of locker rental charges levied by State Bank of India (SBI), HDFC Bank, ICICI Bank, PNB, and Canara Bank.
1. State Bank of India (SBI) Locker Charges
| Locker Size | Metro/Urban (₹) | Semi-Urban/Rural (₹) |
|---|---|---|
| Small | 2,000 + GST | 1,500 + GST |
| Medium | 4,000 + GST | 3,000 + GST |
| Large | 8,000 + GST | 6,000 + GST |
| Extra Large | 12,000 + GST | 9,000 + GST |
2. HDFC Bank Locker Charges
| Locker Size | Metro (₹) | Urban (₹) | Semi-Urban (₹) | Rural (₹) |
| Extra Small | 1,350 | 1,100 | 1,100 | 550 |
| Small | 2,200 | 1,650 | 1,200 | 850 |
| Medium | 4,000 | 3,000 | 1,250 | 1,250 |
| Large | 10,000 | 7,000 | 4,000 | 3,300 |
| Extra Large | 20,000 | 15,000 | 11,000 | 9,000 |
3. ICICI Bank Locker Charges
| Locker Size | Rural (₹) | Semi-Urban (₹) | Urban (₹) | Metro (₹) | Premium Metro (₹) |
| Small | 1,200 | 2,000 | 3,000 | 3,500 | 4,000 |
| Medium | 2,500 | 5,000 | 6,000 | 7,500 | 9,000 |
| Large | 4,000 | 7,000 | 10,000 | 13,000 | 15,000 |
| Extra Large | 10,000 | 15,000 | 16,000 | 20,000 | 22,000 |
4. Punjab National Bank (PNB) Locker Charges
| Locker Size | Rural/Semi-Urban (₹) | Urban/Metro (₹) |
| Small | 1,250 | 2,000 |
| Medium | 2,500 | 3,500 |
| Large | 3,000 | 5,500 |
| Very Large | 6,000 | 8,000 |
| Extra Large | 10,000 | 10,000 |
5. Canara Bank Locker Charges
| Locker Size | Metro (₹) | Urban/Semi-Urban (₹) | Rural (₹) |
| Small | 2,000 | 1,500 | 1,000 |
| Medium | 4,000 | 3,000 | 2,000 |
| Large | 8,000 | 6,000 | 4,000 |
| Extra Large | 12,000 | 9,000 | 6,000 |
6. Axis Bank Locker Charges
| Locker Size | Metro/Urban (₹) | Semi-Urban/Rural (₹) |
|---|---|---|
| Small | 3,000 + GST | 2,000 + GST |
| Medium | 5,000 + GST | 3,500 + GST |
| Large | 10,000 + GST | 7,500 + GST |
| Extra Large | 15,000 + GST | 10,000 + GST |
7. Bank of Baroda (BoB) Locker Charges
| Locker Size | Metro/Urban (₹) | Semi-Urban/Rural (₹) |
| Small | 2,500 + GST | 2,000 + GST |
| Medium | 4,500 + GST | 3,500 + GST |
| Large | 8,000 + GST | 6,500 + GST |
| Extra Large | 12,000 + GST | 9,000 + GST |
Additional Locker Charges You Should Know
Apart from annual rental fees, banks may charge extra fees for the following services:
- Locker Access Charges: Free access is generally allowed 12 times per year, beyond which banks may charge ₹100 per additional visit.
- Breaking Open Charges: If a customer fails to pay rent for three years, the bank may break open the locker. Charges depend on locker size and location.
- Security Deposit: Some banks require customers to maintain a fixed deposit to avail a locker.
Which Bank Offers the Cheapest Lockers?
- Best for Rural Customers: HDFC Bank (₹550 per year for extra small lockers in rural areas).
- Best for Semi-Urban Areas: Punjab National Bank (PNB) and SBI have lower rental fees.
- Best for Large Cities (Metro/Urban): ICICI Bank and SBI offer competitive pricing with premium services.
How to Apply for a Bank Locker in India?
- Visit the bank branch and check locker availability.
- Submit KYC documents (Aadhaar, PAN, passport-size photos).
- Sign a locker agreement as per RBI guidelines.
- Pay the security deposit (if required by the bank).
- Start using the locker after receiving the key.
Final Thoughts: Choose the Best Bank Locker for Your Needs
With locker demand increasing, many banks have waiting lists for new customers. If you’re looking for the most affordable option, compare banks based on location, fees, and additional charges before making a decision.
Frequently Asked Questions (FAQs)
1. What are the cheapest bank locker charges in India?
HDFC Bank offers the lowest locker charges in rural areas, starting at ₹550 per year for extra small lockers.
2. Can I get a bank locker without a fixed deposit?
Most banks require a fixed deposit for locker allocation, but some may provide lockers based on customer relationships and account standing.
3. How many times can I access my locker for free?
Banks typically allow 12 free visits per year, after which additional charges apply (₹100 per visit in most banks).
4. What happens if I don’t pay my locker fees?
If you fail to pay locker rent for three consecutive years, the bank may break open the locker and recover dues from its contents.
5. Can I open a joint locker with a family member?
Yes, banks allow joint locker ownership, and both account holders must sign the locker agreement.
6. What documents are required to apply for a bank locker?
You need to submit Aadhaar, PAN, address proof, passport-size photographs, and sometimes an additional financial document.
7. Can NRIs apply for a bank locker in India?
Yes, Non-Resident Indians (NRIs) can avail bank lockers by providing valid NRI KYC documents, including a passport, visa, and proof of overseas residence.
8. Are my locker contents insured by the bank?
No, banks do not insure locker contents. You should personally insure your valuables stored in the locker.
9. Can I authorize someone else to operate my locker?
Yes, you can authorize a nominee or a family member to access your locker by providing written authorization to the bank.
10. What if my locker key is lost?
If you lose your locker key, the bank will arrange for breaking open the locker and issuing a new key. You will be charged a fee for this service.
11. Are there any banks offering fully digital or biometric lockers?
Some banks, like ICICI Bank and HDFC Bank, offer biometric access and smart digital lockers for enhanced security.
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