Renting Bank Lockers: Charges, Guidelines and Alternatives

Bank lockers have always been considered a safe and preferred place to store jewels, stock certificates, deeds and other valuables. While most banks offer such a facility, the locker size, annual rent, deposit required, time period and provision for refund differs for various banks.

As you can see in the table below Private Banks like HSBC charge almost double of public sector banks.

Annual Rent (Rs.)
Banks Small Medium Large
State Bank of India 1,000 2,500 5,000
Punjab National Bank 800 3,000
Canara Bank 700 1,300 3,500
Central Bank of India 1,000 3,000 5,000
Union Bank of India 1,100 2,750 3,300
Bank of Baroda 1,000 3,000 5,000
Indian Bank 900 3,000 5,000
ICICI Bank 1,263 5,388
HDFC Bank 4,500 9,000
Standard Charted Bank 2,245 15,435
HSBC 2,750 10,000 27,000
Citibank 2,500 20,000 40,000

Bank Lockers: The ground realities –

It’s hard to get lockers in metro and other big cities due to non-availability and high demand. Due to this banks are demanding much more than the above charges

  • New customers need to either open account with Rs 1 lakh or make a deposit of Rs 5 lakh for
  • Existing customer may also need Rs 1 lakh in savings account or a deposit of Rs 75,000
  • High risk customers may have to pay up to Rs 1 lakh for insurance cover of the locker
  • Existing customer may be preferred over a new one, NRI chosen over existing customer

Bank Lockers: The Guidelines?

  • RBI guidelines say banks cannot demand a deposit or insurance charges for a locker
  • Banks should maintain applicants’ waitlist for lockers, give a waitlist number and ensure complete transparency in the allotment of lockers
  • New customers (only new customers) can complain to the bank head office and RBI
  • Redressal may be slow, warn industry experts

Private Company Vaults – Alternative to Bank Lockers:

There are some private companies who also provide locker facilities in some cities. Some companies in this field are

  1. India Safety Vaults (present in Mumbai and Pune) and
  2. Navketan Lockers (Hyderabad and Mumbai)

According to an India Safety Vaults’ executive, the company provides lockers in nine different sizes, A-type to L-type. You will be charged Rs 21,796 for three years for an A-type locker and Rs 59,000 a year for an L-type.

Navketan Lockers’ charges for A to L-type can either be paid for one year, three years or five years. The annual charges for A-type lockers is Rs 6,545 inclusive of service tax and caution deposit, while for the L-type locker it would be Rs 29,467 inclusive of service tax and caution deposit

Why you might not prefer Private Company Lockers:

  1. The trust on Private company lockers is not as high as bank lockers
  2. Private companies do not insure the lockers, which banks do
  3. Private companies costs more than bank lockers

Let us know your experience in getting bank lockers and their overall service.

20 thoughts on “Renting Bank Lockers: Charges, Guidelines and Alternatives

  1. I have a locker in Indian Bank. The Bank has recovered one year’s rent on 01.07.2017. I want to surrender the locker, but the Bank says, “no refund of rent would be made, whether you vacate it now or anytime upto 30.06.2018”. Please advise, whether all the Banks have their own rental policies or they are governed by RBI guidelines in this matter.

    Thanx and Regards,

    NK Sharma

  2. Sir i am having locker in canarabank but i lost my keys i want to no the charges to open locker its small locker

    • You’ll have to contact Canara Bank branch to know about “the actual break open charges” for your locker in case of lost keys. This might be in the range of Rs 3,000.

  3. I visited IndusInd bank, Golf Course Road, Gurgaon branch for a locker based on their pamphlets in local newspaper regarding availability of locker in their branch. However, branch manager was more interested in selling their bank’s insurance products as a condition to allotting me a locker. Since this is against RBI guidelines, I decided to complain against the branch manager in banking ombudsman. Within a week, I got an email from their head office that branch will contact me shortly. Then next day, a lady from that branch called me to come and open the locker. Only thing they insisted then was opening a savings account to facilitate locker rent charges deduction. To avoid any more litigation time, I opened the savings account with minimum 10k amount and they allotted me a locker.

    • That is great. Thanks for sharing would help lot of readers who are forced to buy unnecessary investment products for lockers.

    • Hi Anshul,
      I am facing the similar problem but they are asking me to open a locking FD with their branch and I am not comfortable in doing so. Would you please let me know, to whom you actually approach and if possible format of your complaint. Thanks.

  4. Arup Kumar Barat says:

    Respected sir,
    I had written the following matter to you for your reply on dated 27.09.2015:-
    I beg to state that I had surrender a Safe Deposit Locker ( Locker no.- 97 ) at Dhanlaxmi Bank, Veraval branch, PO.- Veraval, Dist.- Junagadh, ( Gujarat ) on dated 22.09.2015. The Bank had deducted Rs. 3600.00 on 15.01.2015. for Safe Deposit Locker rent for one year ( 15.01.2015. to 14.01.2016. ) from my saving bank account. But, the Bank manager had refused to refund me the Safe Deposit Locker rent for remaining period of one year ( 22.09.2015. to 14.01.2016. ).
    you had sugested me to complained this matter to the ‘Bank Ombuds person” on dated 28.09.2015.
    I had complained this matter to the ‘Bank Ombuds person”.
    The Bank manager has refund me Rs.900.00 today ie, 28.10.2015.for the Safe Deposit Locker rent for remaining quater ( 01.10.2015. to 31.12.2015. ).
    Many many thanks for your guidelines.

    • Arup its a great news and Congratulations on your refund. It would be great if you share your experience on the blog which would help other readers too. This would include – Timelines, how you contacted the nodal officer, what was there decision and how much time bank finally took to refund your money?

      Very happy for you 🙂

      • Arup Kumar Barat. says:

        Respected sir,
        Thank you for your reply.
        I have sent a complained this matter to the ‘Bank Ombuds person” on dated 28.09.2015 through E mail.
        The ‘Bank Ombuds person” had take necessary action from his end to refund me the Safe Deposit Locker rent for remaining period of one year ( 22.09.2015. to 14.01.2016. ).
        The Bank manager had refund me Rs.900.00 on dated 28.10.2015.for the Safe Deposit Locker rent for remaining quarter ( 01.10.2015. to 31.12.2015. ).
        Many many thanks for your guidelines.

        • Arup Kumar Barat. says:

          Respected sir,
          there is a correction on date.
          I have sent a complained this matter to the ‘Bank Ombuds person” on dated 15.10.2015 through E mail.
          Many many thanks.

        • Thanks for sharing the details. I am sure this would help many others.

  5. Arup Kumar Barat. says:

    Respected sir,
    I beg to state that I had surrender a Safe Deposit Locker ( Locker no.- 97 ) at Dhanlaxmi Bank, Veraval branch, PO.- Veraval, Dist.- Junagadh, ( Gujarat ) on dated 22.09.2015. The Bank had deducted Rs. 3600.00 on 15.01.2015. for Safe Deposit Locker rent for one year ( 15.01.2015. to 14.01.2016. ) from my saving bank account. But, the Bank manager had refused to refund me the Safe Deposit Locker rent for remaining period of one year ( 22.09.2015. to 14.01.2016. ).
    Kindly, give me your reply.
    Thanking you.

    • As far as I know the bank locker rent is charged on annual basis, so a refund might not be possible for remaining period. You might want to read more details on their website.

      • ARUP KUMAR BARAT. says:

        ING VYSYA BANK has a provision to refund safe deposit locker rent of remaining period after surrender. Why the Dhanlaxmi Bank might not be refund possible for remaining period?

        • The policies vary from bank to bank. But if you think you are being cheated by Dhanlaxmi Bank, I would strongly advise to give a written compliant and take acknowledgement from the manager. You can also email him the complaint. In case there is no response from the bank approach the ‘Bank Ombuds person”.

  6. I was informed you need to have a fixed deposit of 2 lacs to have a bank locker in Indian Overseas Bank. Am I being misinformed?

    Are there any other nationalized banks where such locker facility is free or available at a nominal charge?

    • Well as I stated in the post, its pretty difficult to get bank lockers and so banks are putting up their conditions to get lockers!

  7. I have been looking for locker in my locality for more than a year now, but still I am in the wait list of banks.

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