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
- 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?
- 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
- KYC documents
- Passport size Photograph
- Current or Savings account
- Security Deposit
- 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.
Locker Charges in SBI
Let’s take a look at locker charges in SBI
|Sizes – Locker Charges in SBI – Annual Rent|
Urban and Metro : Rs. 2000+GST
Rural and Semi-Urban: Rs. 1500+GST
Urban and Metro : Rs. 4000+GST
Rural and Semi-Urban: Rs. 3000+GST
Urban and Metro : Rs. 8000+GST
Rural and Semi-Urban: Rs. 6000+GST
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.
For Salary Package Accounts:
Platinum variant Accounts: 25% concession on locker Rent.
Diamond variant Accounts: 15% concession on Locker Rent.
How to Get Locker in SBI?
Time needed: 5 minutes.
Follow the steps given below for getting the Locker in SBI
- Locker facility
SBI Locker facility is offered at select branches and allotment of lockers is subject to availability.
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.
- 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.
Click here to check the vacancy without login.
- 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.
A copy of the signed Locker Agreement and allotment letter will be given to the Locker hirer(s) with an acknowledgment from the hirer.
Locker Charges in Bank of Baroda (BoB)
- You must maintain an account with our Bank.
- The locker will be rented only to individuals and companies.
- A security deposit of Rs.2000 is required which is refundable when the locker is surrendered.
- To avail locker facility, please contact the Bank of Baroda branch.
|Class of Locker||Annual Rental (Rs) without GST|
15 % Vat is applicable on the rental fees.
Locker Charges in Punjab National Bank(PNB)
Click here to check the locker availability without login.
|Locker Type – Size|
|Annual Rental (Rs)|
|Annual Rental (Rs)|
|Small Upto 50)||1500 + GST||1000 + GST|
|Medium(51 to 100)||3000 + GST||2000 + GST|
|Large(101 to 200)||5000 + GST||2500 + GST|
|Very Large(201 to 300)||7500 + GST||5000 + GST|
|Extra Large(Above 300)||10000 + GST||10000 + GST|
Locker Charges in Canara Bank
- To avail of a locker facility, please contact the Canara Bank branch.
- No free locker operations.
- Delayed remittance of rentals.
|Locker Size (inches)||Type||Rental per Annum without GST|
|05x06x21 – SMALL||A||1250/-|
|05X07X21 – SMALL||B||1500/-|
|16X20X21- VERY LARGE||L||6300/-|
# 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.