Nowadays most of the people prefer to keep their jewellery, valuables or other important documents in the bank locker as it has been considered very safe. However, there is a charge for this.
Bank locker charges: Most of us like to keep our jewellery, valuables or other important documents etc. in the bank locker. This is because it has been considered extremely safe and reliable.
However, you cannot keep valuables in the bank’s locker for free, for this service you will have to pay the bank as a service charge. This charge depends on the size of the locker. That is, the bigger the locker you take, the more you will have to spend. So let’s know in which bank how much you will have to pay for locker service-
SBI locker charges-
According to the State Bank of India (SBI) website, bank locker charges range from Rs 500 to Rs 3,000 depending on the size and city of the locker. For SBI small, medium, large and extra large sized lockers, the bank charges Rs 2,000, Rs 4,000, Rs 8,000 and Rs 12,000 in metro and urban areas respectively.
Whereas, for small, medium, large and extra large sized lockers in semi-urban and rural areas, the bank charges Rs 1,500, Rs 3,000, Rs 6,000 and Rs 9,000 respectively. The registration fee is charged by SBI Bank.
Every customer having a locker in State Bank of India has the facility of opening the locker 12 times free of cost in a year. For opening more than this, you will have to pay Rs.100+GST for each time separately.
PNB Bank locker charges-
PNB Bank has recently announced increase in locker charges along with other charges. According to the new rule, PNB locker holders can now make 12 free visits to the locker in a year, from the 13th visit each visit will be charged Rs 100. The annual rent of the locker in rural and semi-urban areas ranges from Rs 1250 to Rs 10,000. For urban and metro, the bank charges range between Rs 2000 to Rs 10,000.
HDFC Bank locker charges-
According to the HDFC Bank website, you will get Rs 1350 for extra small size locker in metro city, Rs 1100 for urban and Rs 550 in rural area.
Apart from this, if you are taking a small size locker, then you will be charged Rs 2200 in metro cities, Rs 1650 in urban city and Rs 850 in rural areas. On the other hand, if you are taking medium lockers in extra size, then you will be charged Rs 4400 in metro cities, Rs 3300 in urban and Rs 1500 in rural.
On the other hand, taking the largest size locker i.e. extra large will cost you Rs 20,000 in metro cities, Rs 15,000 in urban and Rs 9000 in rural. Please note that the fare may be different between two different branches of the same location. The rent of the lockers is charged annually and has to be deposited in advance.
Axis Bank locker charges-
As per Axis Bank, the number of free visits has been fixed at 3 times in a month, thereafter Rs 100 + GST applicable per visit. According to the Axis Bank website, the rental charges for a smaller size locker in a metro or urban branch starts from Rs 2,700. The rent for a medium size locker is Rs 6,000, large size Rs 10,800 and extra large size locker Rs 12, 960.
ICICI Bank locker charges-
According to ICICI Bank, a locker can have a maximum of five tenants. To apply for a safe deposit locker you will need a locker application, locker agreement letter and two photographs.
ICICI Bank takes the annual locker rent money in advance. According to ICICI Bank, you need to have an ICICI Bank account to rent a locker. ICICI Bank charges Rs 1,200 – 5,000 for small size lockers and Rs 10,000 to Rs 22,000 for extra large lockers. Note that these charges are excluding GST.
RBI has changed the rules
Let us tell you that the Reserve Bank of India has amended the guidelines related to renting of bank lockers with effect from January 1, 2022. According to the guidelines of the Reserve Bank, the entire responsibility of the security of the premises where there are safe deposit lockers will be with the bank.
It states that in the event of fire, theft, theft or burglary in the locker, the bank cannot abdicate its liability. In these cases the liability of the bank will be up to one hundred times the annual rent of the locker. This means that the bank will give up to 100 times the annual rent of the locker to the customer.
