bank locker charges: Latest bank locker charges of HDFC Bank, ICICI Bank, SBI, Yes Bank, Canara Bank

bank locker charges: Latest bank locker charges of HDFC Bank, ICICI Bank, SBI, Yes Bank, Canara Bank

Most large banks provide locker facilities to its customers in certain branches, with fees varying based on the location and size of the locker. Further, some banks, such as SBI, Canara Bank mandate the locker-hirer to create a term deposit at the time of allotment, which would cover three years’ rent and costs for breaking open the locker if the rent was not paid.

What is a bank locker

A safe deposit locker is a rented locker that a bank offers you to store your valuables. The valuables can be jewellery, gemstones, financial or legal papers, insurance policies, identity proof, other confidential and private items can be stored.

Locker hirer should pay their rent in advance for the entire fiscal year. A copy of the Locker Agreement signed by both parties must be sent to the Locker hirer so that they are aware of their rights and duties.

Here is a comparison of the locker charges of HDFC Bank, SBI, ICICI Bank, Canara Bank, Yes Bank, as per bank websites.

SBI locker charges

The bank will charge Rs 1500+GST for urban and metro customers for small size locker and Rs 1000+GST for rural semi urban customers for small size locker. For medium size locker, SBI charges Rs 3000+GST for urban and metro customers and rural, semi urban customers the charge is Rs 2000+GST.

HDFC Bank locker charges

Depending on their sizes, availability, and locations, locker fees can range from Rs 1350 to Rs 20,000 annually. At metro and urban locations, it typically offers annual storage fees of Rs 3,000 for medium lockers, Rs 7000 for large lockers, and Rs 15,000 for extra-large lockers.

Annual locker rentals starting from*
(Amount in Rs)
Location Metro Urban Semi -Urban Rural
Extra Small 1350 1100 1100 550
Small 2200 1650 1200 850
Medium 4000 3000 1550 1250
Extra medium 4400 3300 1750 1500
Large 10000 7000 4000 3300
Extra Large 20000 15000 11000 9000

ICICI Bank locker charges

ICICI Bank charge between Rs 1,200 – 5,000 for small size lockers. For medium size lockers, the bank charges between Rs 2,500 –9,000 and for large, charges vary between Rs 4,000 –15,000.

Locker size Approximate rental in INR* excluding GST.
Small 1,200 – 5,000
Medium 2,500 –9,000
Large 4,000 –15,000
Extra Large 10,000 – 22,000

Yes Bank locker charges

Yes Bank charges between Rs 4,500 to Rs 32000 for different sizes of locker.

Locker Size Annual Locker Rental ( in Rs.)
Small A,B Upto Rs. 4,500
Medium C,2A,D,E,2B1,H1,2B Upto Rs. 10,000
Large F,G,4A,2D,H,4B Upto Rs. 20,000
Ex-Large L,L2,K,K1,4D,4D1 Upto Rs. 32,000

According to the Yes Bank website, “In the event of surrender of a locker before expiry of lease period, the proportionate amount of advance rent collected i.e. {(Annual Rent /12 )* Remaining Months (excluding month of surrender)} will be refunded to the customer.”

Canara Bank locker charges

For Canara Bank customers, the one-time locker registration charge is Rs 400 plus GST. Service charge for locker operations, limited to 12 per year for free after that there will be a charge of Rs. 100 per operation plus GST.

Locker Size Metro Urban/ Semi Urban Rural
Small 2000/- 1500/- 1000/-
Medium 4000/- 3000/- 2000/-
Large 7000/- 6000/- 4000/-
Very Large 10,000/- 8000/- 6000/-

Why should you add nominee to safe deposit locker?
You must add a nominee to your bank safety locker. In the tragic event of the locker holder untimely death, the nominee has access to the Locker. So, by adding nominee to your locker, you can financially secure your loved ones by giving them access to valued belongings.

What cannot be stored in the locker?
Chemicals, weapons, explosives, perishable items, narcotics, and other such dangerous /illegal items are NOT allowed to be stored in Safe Deposit Lockers.

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Author: Shirley