You can keep your jewellery, valuables and important documents in the bank locker. However, to use a locker, you have to pay a certain amount every year as rent. Apart from this, there is also a registration fee and locker opening fee. In this article we will know, how much fee has to be paid for taking locker in banks. What is the rent and other charges for locker of banks like SBI, ICICI, PNB, Axis Bank.
How are bank locker charges decided?
Locker rent is not the same in all banks. It mainly depends on three things-
- The bank is government that private: Generally, the annual locker rent is less in public sector banks, while it is higher in private banks.
- Whether the bank branch is urban or rural: Bank branches in metro and urban areas have higher locker fares, while branches in rural and urban areas have lower locker fares.
- What is the size of the bank locker: The rent of the bank locker also depends on its size. The rent for small, sized lockers is the lowest, while the rent for medium (medium), sized lockers is higher. Large size lockers have the highest rent.
Types of bank locker’s charges
There are mainly 3 types of charges you have to pay for the locker-
- Registration fee
- Annual rental charge
- Locker visit charges for opening more than 12 times
Apart from these, you may also have to pay a penalty for not paying the locker rent on time. There are also charges for some other special reasons. To make them easy to understand, here we are giving the details of charges for bank locker in State Bank of India (SBI).
SBI locker registration charges
To get a bank locker in your name, you have to get it registered with the State Bank of India (SBI). You only have to pay this fee once. Depending on the size of the locker, its charges are as follows-
- For small size locker: Rs.500+GST
- For medium size locker: Rs.500+GST
- For Large Size Locker: Rs 1000+GST
- For extra large size lockers: Rs.1000+GST
Annual Rent of SBI Lockers Annual Rent of SBI lockers
Locker rent in public sector banks can range from Rs 1000 to Rs 12000 per annum depending on the size of the locker. On the other hand, locker rent in private banks can range from Rs 1500 per annum to Rs 20,000 per annum, depending on the size of the locker. To understand the estimation of locker rental in banks, here we are giving the list of locker rentals for SBI and Axis Bank annually-
Small Locker Rent
SBI provides 2 types of lockers in this category-
- Size A: 125 × 175 × 492
- Size B: 159 × 210 × 492
The rent for the whole year is as follows
- On Metro and Urban Branches: Rs 2000+GST
- For rural and semi-urban branches: Rs.1500+GST
- Medium Locker Rental Medium Locker Charges
SBI provides 4 types of lockers in this category-
- Size C: 125 × 352 × 492
- Size D: 189 × 263 × 492
- Size E: 159 × 423 × 492
- Size H1: 325 × 210 × 492
The rent for the whole year for them is as follows-
- On Metro and Urban Branches: Rs 4000+GST
- On rural and semi urban branches: Rs 3000+GST
- Large Locker Rental Large Locker Charges
SBI provides 3 types of lockers in this category-
- Size F: 278 × 352 × 492
- Size G: 189 ×529 × 492
- Size H: 325 × 423 × 492
The rent for the whole year for them is as follows-
- On Metro and Urban Branches: Rs 8000+GST
- On rural and semi-urban branches: Rs.6000+GST
- Extra-Large Locker charges
SBI provides 2 types of lockers in this category-
- Size L: 404 × 529 × 492
- Size L1: 385 × 529 × 492
The rent for the whole year for them is as follows-
- On Metro and Urban Branches: Rs 12000+GST
- On rural and semi-urban branches: Rs.9000+GST
Rent waiver for customers with salary accounts
SBI also gives some discount on locker rental to customers with salary accounts. This discount is available as follows-
- Platinum variant account: 25% discount on locker fare
- Diamond variant account: 15% discount on locker fare
Advance has to be paid
You have to pay this annual rent in advance. You will have to write in the standing instructions of your Savings / Current account in the bank, that the locker rent should be deducted from it. For this, some banks urge locker takers to open an FD account . So that, if needed, the rent for the next 3 years can be adjusted.
Locker Opening Charges
In State Bank of India (SBI), the facility of opening the locker 12 times in a year is free of cost to every customer having a locker. For opening more than this, you will have to pay Rs.100+GST, separately for each time.
Locker Breaking Charges
Rs 1000 + GST As per the Reserve Bank of India (RBI) guidelines, if a customer does not operate his locker for 1 consecutive year, then the bank can open that locker himself. For this, the customer will have to pay Rs 1000 and GST . If the process of opening the locker and changing the lock costs more than Rs 1000, then the customer will also have to pay the same.
But, before doing so, he has to send a notice to the locker owner. The notice shall give an option to operate the locker or to surrender the locker. The bank has the right to open the locker even if the locker key is lost or the locker rent is not paid.
Penalty
- Locker rent overdue charge for late payment of rent
- Delay up to one quarter (1 Qtr) – 10% of the locker’s annual rent
- In case of delay up to two quarters (2 Qtr) – 20% of the locker’s annual rent
- Delay up to three quarters (3 Qtr) – 30% of the locker’s annual rent
- Delay by one year (1 year) – 40% of the locker’s annual rent
So friends! These were the different types of charges levied for the locker of State Bank of India (SBI). The charges of other public sector banks (PNB, BOB, Canara Bank, Union Indian Bank etc.) are also almost the same, with slight differences. To understand the locker charges of private banks (ICICI, HDFC, Axis, Yes Bank etc.), here is a list of private bank Axis Bank locker charges.
Annual Rental for Axis bank lockers
Small Size Locker Rental
- For Rural Branches Locker: Rs.1500
- For lockers of Semi-Urban branches: Rs 1,700
- For lockers of Urban and Metro branches: Rs 2800
Medium Size Locker Rental
- For Rural Branches Locker: Rs.2200
- For Locker of Semi-Urban Branches : Rs 2500
- For lockers of Urban and Metro branches: Rs.6000
Large Size Locker Rental
- For Rural Branches Locker: Rs.5000
- For lockers of Semi-Urban branches: Rs 5500
- For lockers of Urban and Metro branches: Rs 10800
Large Size Locker Rental
- For Rural Branches Locker: Rs.10,000
- For lockers of Semi-Urban branches: Rs 11000
- For lockers of Urban and Metro branches: Rs 12960
