​Locker rent and mode of payment​

The annual rent of a bank locker depends on its size and the location of the branch in which it is located. This rent has to be deposited in advance for the entire financial year. After taking the locker, the bank also gives you a signed agreement copy, in which your rights and responsibilities are clearly written.

​Keep an eye on additional charges too

Not just rent, there may be several other charges levied on a locker. Registration Fee: A one-time charge at the time of getting the locker, which includes paperwork and administrative expenses. Additional Visit Fee: A separate charge is levied if the locker is opened more than the prescribed number of times in a year. Late Payment Fee: The bank levies a penalty if the rent is not paid on time.

When the locker has to be broken

If the rent is not paid for a long period, the keys are lost, or the locker has to be opened at the customer’s request, the bank charges a ‘break-open’ fee. This includes charges for changing the lock and other procedures.

What happens if you lose your keys?

If you have lost the locker keys, the bank will charge you for changing the lock. This work is done only in the presence of an authorized dealer, and both the locker holder and the bank official are present.

Who is responsible for the loss?

If an incident like fire, theft, burglary, robbery or building collapse occurs in the bank premises due to the negligence of the bank, then the bank is responsible for it. In such a case, if the items in your locker are damaged or stolen, the bank will compensate you. For example, according to SBI rules, the bank will pay up to 100 times the annual rent as compensation.

​Terms of Fixed Deposit​

Some banks also take a fixed deposit while giving a locker. This deposit is to cover the rent for three years and the cost of breaking the locker, so that the bank does not incur a loss in case of non-payment.

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In today’s time, everyone keeps their deposits in the bank only. Not only for depositing deposits, but we also like to keep our expensive jewelry, house-shop and all the important documents in the bank itself. People keep things safely in the bank locker, but do not break it for a long time. If you have also kept your belongings in the bank locker, but have not broken it, then this is news of your work.

Even in this situation your locker can be inactive.

If the bank locker has not been opened for a long time, then you must check once whether the locker has been de-activated. Recently, in the new guidelines issued by RBI regarding bank locker, some amendments have been made in the old locker rules. It has been said in this that if the locker is not broken for a long time, then it gets closed automatically, even if you are paying the rent regularly. In this, guidelines have also been given regarding the deactivated bank locker.

Locker will be closed in this time

According to RBI, if someone has not opened the bank locker within 7 years, then such locker will be deactivated. In such a situation, the bank will first wait for the claim of that customer. If he does not claim but pays the regular rent, then the locker will be dismantled by the bank itself.

The rule of breaking the deactivated locker

will be first transferred by the bank to the nominee or legal heir of the locker as per RBI guidelines. In case the nominee is not traceable, the bank will first inform the bank locker-hirer. Along with this, an alert message will be sent to the email and mobile number. If the letter sent by the bank is returned or the person is not traceable, then the bank has to inform in the daily newspaper.

Bank issues information

This information article is given in English and another in the local language. Any person who is interested in the same has to respond to the bank. If even then no one claims, then the locker is broken by the bank.

Locker breaking process Video recording of the whole process is done in the presence of two witnesses after

the bank official breaks the locker and takes out the goods. If there is a smart vault, then the vault administrator uses the password to break the locker. After opening the locker, it is handed over to the senior officer.

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Account holders can keep property documents, savings bonds, insurance policies and other things safe in the Bank Locker. However, banks will charge some rent in return, depending on the locker type and area.

When the locker keys are given to the account holders, the rent for the entire financial year is collected at the same time. Along with this, the documents of the locker are also given to the account holder. Here is the information about locker charges of HDFC Bank, SBI, ICICI Bank, PNB, Axis and Canara Bank. Let us know who will charge how much from the people.

SBI Bank Locker Charges

According to the bank’s website, bank locker charges range from Rs 500 to Rs 3000, depending on the locker size and area. In metro and metropolitan areas, this charge is levied for 2000, 4000, 8000 and 12000 rupees, for small, large and extra large locker sizes. For semi-urban and rural areas, this charge will be Rs 1,500, Rs 3,000, 6,000 and Rs 9,000 for small, medium, big and extra large locker sizes.

HDFC Bank Locker Charges

: This bank charges between Rs 3,000 and Rs 20,000 per annum for lockers. For metro and urban cities, Rs 3000 for small locker, Rs 5 thousand for medium size locker, Rs 10 thousand for large size locker and Rs 20 thousand for extra large size locker will have to be paid annually.

ICICI Bank Locker Charges

This bank charges an annual charge of Rs 1200 to Rs 5000 for small size lockers, while it charges Rs 10,000 to Rs 22,000 for extra large lockers. GST is not included in this.

PNB Bank Locker

This bank charges from 1250 to 10 thousand rupees for rural areas, whereas for urban and metro cities this charge will be from 2 thousand rupees to 10 thousand rupees.

Axis Bank Locker

This bank charges from 1500 to 10 thousand for rural area, from 1700 to 11000 for semi urban and from 3104 to 14256 rupees for urban or metro city. The registration fee for the locker is Rs 1000 plus GST Rs 100.

Canara Bank Locker Charges

The one time registration charge in this bank is Rs.400 plus GST. After this, a charge of 1 thousand to 10 thousand is taken from the customers for the locker – for small, medium, large and very large locker.

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