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Locker Charges in HDFC Bank & Kotak Mahindra Bank | How to Get Locker? | 2022-23

Locker Charges in HDFC Bank & Kotak Mahindra Bank

Locker Charges in HDFC Bank & Kotak Mahindra Bank

Most bank branches offer the facility of lockers to keep valuables such as documents or jewellery securely.
An ideal place to hire a locker would be the nearby bank branch where one has a savings or current account.
Usually, this locker knows as a safe deposit locker.
In this article, I’m going to discuss the HDFC Bank Locker Charges and Kotak Mahindra Bank Locker Charges in 2022-23.
However, before going ahead, Let’s talk about the Safety of the locker.
Most of us like to keep our valuables in bank lockers and not home safes. But how safe are bank lockers?

Read Are You Thinking Bank Lockers are Safe?

Common Terms and Conditions in 2022-23

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  1. New– The liability of banks will be limited to 100 times its annual rent in case of fire, theft, building collapse or fraud by bank employees.
  2. New – As per the RBI guideline, Banks are allowed to obtain a TD (i.e. Term Deposit), at the time of allotment, which would cover 3 years’ rent and the charges for breaking open the locker in case of such eventuality.
  3. New – Safe deposit locker holders will need to execute a new locker agreement with the bank to be eligible for the new pay.
  4. New – Banks to advise before the day’s end, by sending an email and SMS alarm to the client’s enlisted email address and mobile number as a positive affirmation, educating them regarding the date and season of the locker activity, as well as the redressal system accessible in case of unapproved locker access.
  5. Rental depends on the size of the lockers & location of the branch.
  6. Annual rental is payable in advance. In addition, one-time registration charges are also payable.
  7. KYC(Know Your Customer) norms are applicable for locker hirers.
  8. Safe Deposit Locker can not be allotted to minors either singly or jointly with others. However, a nomination facility is available.
  9. Generally, the Allotment of lockers is on a first-come-first-served basis. For this reason, a waitlist is maintained.
  10. Operation in the Deposit Locker will be stopped if rent is not paid on the due date.
  11. Loss of key should be immediately informed to the Bank’s Branch. In other words, the bank shall not be responsible for any loss. Charges for opening the locker, replacing the lost key, and for changing the lock shall be payable by the Renter.

Document Required for Locker Facility

  1. KYC documents.
  2. Passport size Photograph.
  3. Current or Savings account.
  4. Security Deposit.
  5. In case of Locker Custody with survivorship clause the bank will demand only the following papers:
    1. Copy of Death certificate (duly certified from original).
    2. Duly filled in the claim application in the prescribed form.
    3. Stamped receipt for discharged safe custody receipt/Locker.

Also Read Locker Charges in SBI, Bank of Baroda(BoB), Punjab National Bank(PNB) & Canara Bank | Yearly Charges | T&C

HDFC Bank Locker Charges & Features

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  • HDFC Lockers Branches are equipped with high-security features and specially built strong rooms.
  • The locker facility is available in over 2500+ branches in India. In addition, wide availability of lockers in various sizes and at various HDFC branches.
  • Hassle-free payment options via your HDFC Bank saving/current account. Extended banking hours for accessing lockers.
  • Nomination on lockers enables the branch to release the contents to the nominee of the person hiring in the event of their death. However, If a locker is held jointly, and one of the people hiring dies, the contents can only be removed jointly by the nominee(s) and the survivors.
  • The nomination facility is available. However, For this hiring on an individual basis, nominations can be made in favour of one individual.

Also Read SBI Capital Gain Bonds | 54EC Bonds | Features | Interest Rate 2021 | How to Buy SBI Online?

Annual Locker rentals (in Rs.) :

LocationMetroUrbanSemi-UrbanRural
Extra Small135011001100550
Small220016501200850
Medium4000300015501250
Extra medium4400330017501500
Large10000700040003300
Extra Large2000015000110009000
HDFC Bank locker charges (without GST charges)
  • Request you to visit the locker branch for a locker visit and security deposit charge.
  • Locker rates vary based on the location of the branch and locker sizes.

Also Read Locker Charges in ICICI Bank | Axis Bank

HDFC Bank Locker Application Form

Also Read RBI Bonds 2021 or Floating Rate Savings Bonds | Rate of Interest | Online & Offline

T&C for HDFC Bank Locker

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  • To facilitate easy and hassle-free locker rent recovery, HDFC bank recommends that a Savings/Current account be linked to the locker.
  • The Locker holder is permitted to add/update/remove names from the list of persons who can operate the Locker or have access to it.
  • Loss of key should be immediately informed to the Bank’s Branch. In other words, the bank shall not be responsible for any loss. Charges for opening the locker, replacing the lost key, and for changing the lock shall be payable by the Renter.
  • In case of Locker Custody with survivorship clause the bank will demand only the following papers:
    Firstly, a copy of the death certificate. Secondly, duly filled in the claim application. Thirdly, and most importantly, a stamped receipt for discharged safe custody receipt/Locker.

Also Read Sovereign Gold Bond : Best Returns on Gold Investment | 2020-21 Dates

Locker Charges in Kotak Mahindra Bank

Locker Branch CategoryAnnual Locker Rent range depending on the size of the locker ( in Rs.)
A+3,750 – 12,500
A3,000 -10,000
B2,250 – 7,500
C1,500 – 5,000
D750 – 2,500
  • Request you to visit the locker branch for a locker visit and security deposit charge.
  • Locker rates vary based on the location of the branch and locker sizes.

Also Read RBI IINSS-C Bonds Inflation Indexed National Savings Securities-Cumulative

How to Get Locker in HDFC Bank or Kotak Mahindra Bank?

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Time needed: 5 minutes.

Follow the steps given below for getting the Locker in HDFC & Kotak Mahindra Bank

  1. Locker facility

    Firstly, a locker facility is offered at select branches and the allotment of lockers is subject to availability.

  2. Eligibility

    Lockers can be hired by an individual (Singly or jointly). However, He / She must be a customer of the branch, having a Savings or Current account.

  3. Locker Availability

    The bank branches will maintain a waitlist for the reason of the allotment of lockers and ensure transparency in the allotment of lockers.

  4. Allotment of the Locker

    The locker will be allotted on a first-come-first-served basis and a separate register will be maintained.
    All requests received for allotment of the locker will be acknowledged and given a waiting number.
    The hirer(s) will be required to open a special kind of Term Deposit at the time of allotment that would cover three years’ rent and the charges.

  5. Agreement

    After that, a copy of the signed Locker Agreement and allotment letter will be given to the Locker hirer(s) with an acknowledgement from the hirer.

Also Read RBI Bonds 2021 vs Tax Saving Fixed Deposits vs Sovereign Gold Bonds

Source – HDFC Bank & Kotak Bank

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