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

Locker charges in SBI

Locker Charges

The bank’s locker relieves you of all your safety concerns regarding your valuables.
Bank lockers are one of the most important facilities offered by a bank. Bank Lockers are also known as Safe Deposit Locker in India.
These lockers come in different sizes-small, medium, large, etc. However, it depends on the branch location.
The charges depend on the size of the locker and the bank branch you opt for.
Let’s look at the locker charges in SBI, PNB, BON & Canara bank.

Also Read Locker Charges in ICICI Bank | Axis Bank

Terms and Conditions of Locker in 2022-23

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  • Annual rental is payable in advance.
  • Rental depends on the size of the lockers & location of the branch.
  • One-time registration charges.
  • KYC(Know Your Customer) norms are applicable for locker hirers.
  • Safe Deposit Locker can not be allotted to minors either singly or jointly with others.
  • In case of locker remains unoperated for more than 1 year, the bank has the right to cancel the allotment of the locker and open the locker even if the rent is paid regularly.
  • Annual or monthly rent collected will NOT be refunded to the customer on surrender.
  • Loss of key should be immediately informed to the Bank’s Branch. 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.
  • 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.
  • 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.
  • New – Safe deposit locker holders will need to execute a new locker agreement with the bank to be eligible for the new pay.
  • 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.
  • Always keep the bills & proof of your gold and valuable items.
  • Keep a record of your valuable items and gold to claim the compensation.

How Safe are Bank Lockers?

Also Read Locker Charges in HDFC Bank & Kotak Mahindra Bank | How to Get Locker?

  • As per the RBI – Reserve Bank of India guidelines, “Banks have no liability for loss of valuables in lockers”. This means any mishap like bank robbery, sudden fire, or any natural calamity banks are not liable to pay their customers any compensation.
  • The agreement itself does not mention any liability payment. So, it is all customers’ responsibility to take care of their valuable items by doing the insurance.
  • Any Banks do not provide any locker insurance to their hirer(s). Only private insurance companies can help customers with insurance policies.

Also Read Are You Thinking Bank Lockers are Safe?

Document Required for Locker

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

Locker Charges in SBI

Let’s take a look at locker charges in SBI

Sizes – Locker Charges in SBI – Annual Rent
Small Size
Urban and Metro : Rs. 2000+GST
Rural and Semi-Urban: Rs. 1500+GST
Medium Size
Urban and Metro : Rs. 4000+GST
Rural and Semi-Urban: Rs. 3000+GST
Large Size
Urban and Metro : Rs. 8000+GST
Rural and Semi-Urban: Rs. 6000+GST
Extra-large Size
Urban and Metro : Rs. 12000+GST
Rural and Semi-Urban: Rs. 9000+GST
———————————
One-time locker registration
Rs. 500 + GST
Large and extra-large lockers: Rs. 1000+GST
Locker visit charges
12 visits free.
Thereafter: ₹100 /- + GST per visit
Locker rent overdue charge (All sizes)
1 Qtr – 10% *
2 Qtr – 20% *
3 Qtr – 30% *
1 Year – 40% *

*of the Annual rent to be recovered in addition to Locker Rent.
Safe Custody charges
Rs 150/-+ GST per scrip. Min. Rs. 300/-+ GST
p.a. or part thereof.
Source SBI

For Salary Package Accounts:
Platinum variant Accounts: 25% concession on locker Rent.
Diamond variant Accounts: 15% concession on Locker Rent.

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

How to Get Locker in SBI?

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Time needed: 5 minutes.

Follow the steps given below for getting the Locker in SBI

  1. Locker facility

    SBI Locker facility is offered at select branches and allotment of lockers is subject to availability.

  2. Eligibility

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

  3. Locker Availability

    SBI branches will maintain a waitlist for the reason of the allotment of lockers and ensure transparency in the allotment of lockers.
    The vacancy position is updated and shown in the onlinesbi after login under e-services.
    OR
    Click here to check the vacancy without login.

  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

    A copy of the signed Locker Agreement and allotment letter will be given to the Locker hirer(s) with an acknowledgment from the hirer.

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

Locker Charges in Bank of Baroda (BoB)

  1. You must maintain an account with our Bank.
  2. The locker will be rented only to individuals and companies.
  3. A security deposit of Rs.2000 is required which is refundable when the locker is surrendered.
  4. To avail locker facility, please contact the Bank of Baroda branch.
Class of LockerAnnual Rental (Rs) without GST
A1250
B2000
C2400
D3500
E4000
F4500
H5500
L6500
Source BOB

15 % Vat is applicable on the rental fees.

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

Locker Charges in Punjab National Bank(PNB)

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Click here to check the locker availability without login.

Locker Type – Size
(Sq. Inches)
Annual Rental (Rs)
Urban Branches
Annual Rental (Rs)
Rural Branches
Small Upto 50)1500 + GST1000 + GST
Medium(51 to 100)3000 + GST2000 + GST
Large(101 to 200)5000 + GST2500 + GST
Very Large(201 to 300)7500 + GST5000 + GST
Extra Large(Above 300)10000 + GST10000 + GST
Security DepositNA
Source PNB

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

Locker Charges in Canara Bank

  1. To avail of a locker facility, please contact the Canara Bank branch.
  2. No free locker operations.
  3. Delayed remittance of rentals.
Locker Size (inches)TypeRental per Annum without GST
05x06x21 – SMALLA1250/-
05X07X21 – SMALLB1500/-
05X13X21 -MEDIUMC1900/-
07X09X21- MEDIUMC2000/-
13X07X21- MEDIUMF2400/-
06X16X21- MEDIUME2800/-
11X13X21- LARGEF3000/-
07X20X21- LARGEG3700/-
12X16X21- LARGEH5000/-
16X20X21- VERY LARGEL6300/-
Security DepositNA
Source – Canara Bank

# The above rates are confined to Branches under the Bangalore metro only.
# The rentals vary from place to place depending upon the size of the locker and demand in the area.

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