Bank Locker Charges: 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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