Latest bank locker charges for SBI, HDFC Bank, ICICI Bank, Canara Bank, Axis Bank, and Kotak Mahindra Bank

Large banks across India offer locker facilities to their customers at select branches. These facilities allow individuals to safely store valuables such as jewellery, gemstones, financial or legal papers, insurance policies, and other personal or confidential items. The fees for these lockers fluctuate depending on their size and location.

In certain banks like State Bank of India (SBI) and Canara Bank, at the time of the allotment, customers taking a locker are required to open a term deposit to cover three years' worth of rent. This deposit also covers costs that may arise in situations where the locker needs to be forcibly opened due to non-payment of rent.

Each locker-hirer is required to pay their rent upfront for the entire fiscal year. To ensure transparency and awareness of the terms and conditions, a copy of the Locker Agreement, signed by both the customer and the bank, is provided to the locker-hirer. This agreement details the rights and duties of each party involved in the contract.

As of 2023, the charges for bank lockers across various leading banks in India have witnessed a varied range of changes. Here's a quick breakdown of locker charges for HDFC Bank, SBI, ICICI Bank, Canara Bank, Axis Bank, and Kotak Mahindra Bank, based on the latest information available.

State Bank of India (SBI)

SBI charges Rs 1500 + GST for urban and metro customers for small-sized lockers, and Rs 1000 + GST for rural and semi-urban customers for the same size. For medium-sized lockers, SBI charges Rs 3000 + GST for urban and metro customers. Rural and semi-urban customers are charged Rs 2000 + GST for medium-sized lockers.

HDFC Bank

Locker fees at HDFC Bank vary from Rs 1350 to Rs 20,000 annually depending on locker sizes, availability, and locations. At metro and urban locations, the annual storage fees are Rs 3,000 for medium lockers, Rs 7,000 for large lockers, and Rs 15,000 for extra-large lockers.

ICICI Bank

ICICI Bank charges between Rs 1,200 and Rs 5,000 for small-sized lockers. For medium-sized lockers, the bank charges between Rs 2,500 – 9,000, and for large-sized lockers, the fees vary from Rs 4,000 to Rs 15,000. Extra-large lockers come with a fee between Rs 10,000 and Rs 22,000.

Canara Bank

Canara Bank levies a one-time locker registration charge of Rs 400 plus GST. There's also a service charge for locker operations beyond the free limit of 12 operations per year, at Rs 100 per operation plus GST. Rental price ranges between Rs 1000 - 2000 for small lockers and goes up to Rs 6,000 -10,000 for extra large lockers. 

Axis Bank 

Axis Bank's locker registration is set at Rs 1,000 + GST, with rentals starting from Rs 1,500 - 3,150 for small lockers and between Rs 10,000 - 14,256 for extra large lockers. Customers get upto 3 free locker visits a month with additional visits costing Rs.100 + GST per visit. 

Kotak Mahindra Bank 

Kotak Mahindra Bank’s locker tariff ranges from Rs 750 to Rs 12,500 depending on the size and location of the bank locker.