Many banks and some of their branches offer bank lockers to their customers in exchange for a deposit and the locker is allotted based on availability.
Here is a look at the charges of bank lockers and the various sizes available at State Bank of India (SBI), ICICI Bank, Punjab National Bank (PNB) and Axis Bank. (All charges and sizes of lockers are as per the respective bank websites.)
SBI locker charges
Bank locker charges vary from Rs 500 to Rs 3,000, depending on the size of the locker and the city, according to the bank’s website. For small, medium, large and extra large size lockers, the bank charges Rs 2,000, Rs 4,000, Rs 8,000, and Rs 12,000 respectively in metro and urban areas.
The bank charges Rs 1,500, Rs 3,000, Rs 6,000, and Rs 9,000 for small, medium, big, and extra large size lockers respectively in semi-urban and rural areas.
A one-time registration fee is charged by SBI Bank, and annual rent should be paid in advance. Even if the rent is paid on time, if a locker is left unattended for more than a year, the branch has the right to terminate the locker’s allotment and open the locker, according to the SBI website. Note that these mentioned charges are excluding GST.
ICICI Bank locker charges
According to ICICI Bank’s, a locker can hold a maximum of five hirers. A locker application, notarized locker agreement, and two pictures are necessary to apply for a Safe Deposit Locker.
ICICI Bank collects the annual rent amount in advance. To ensure prompt payment of the locker rent, the locker hirer must have an active ICICI Bank account that is not due for Re-KYC and is not frozen, dormant, or inactive, according to ICICI bank. ICICI Bank charges Rs 1,200 – 5,000 for a small size locker and for extra large the rent can range from Rs 10,000 – 22,000. Note that these charges are excluding GST.
PNB Bank locker charges
PNB Bank recently increased locker charges along with other charges. It also reduced the number of free visits to 12 from 15. Locker annual rent varies from Rs 1250 – to Rs 10,000 in rural and semi-urban area. For urban and metro, the bank charge varies from Rs 2000 – to Rs 10,000. Click
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Axis Bank locker charges
Axis Bank customers should note that the annual rent collected will NOT be reimbursed to them upon surrender. There will be a late payment penalty of 2.5 percent every month, up to a maximum of 25%. Number of free visits is limited to 3 per calendar month, post which Rs 100 + GST applicable per visit.
According to the Axis Bank website, in a metro or urban branch, rental charge for a small sized locker starts from Rs 2,700, medium from Rs 6,000, large at Rs 10,800 and an x-large locker rental starts from Rs 12, 960. (Applicable GST will be extra; Rentals may vary between branches under the same location.)
Are bank lockers safe?
According to the new RBI regulations, banks would be responsible for any loss of locker material caused by their negligence. Click
here to read the full story.
The RBI notification says: “It is the responsibility of banks to take all steps for the safety and security of the premises in which the safe deposit vaults are housed. It has the responsibility to ensure that incidents like fire, theft/ burglary/ robbery, dacoity, building collapse do not occur in the bank’s premises due to its own shortcomings, negligence and by any act of omission/commission. As banks cannot claim that they bear no liability towards their customers for loss of contents of the locker, in instances where loss of contents of locker are due to incidents mentioned above or attributable to fraud committed by its employee(s), the banks’ liability shall be for an amount equivalent to one hundred times the prevailing annual rent of the safe deposit locker.”
New locker agreement
While banks will begin implementing operational standards on January 1, 2022, safe deposit locker holders must sign a new locker agreement with the bank to be eligible for the new compensation. According to RBI notification, “Banks shall renew their locker agreements with existing locker customers by January 1, 2023”.