Alert! Bank locker charges increased: Know how much you need to pay now

Many people store jewellery, jewels, and other important items in the bank locker. This is because it has a reputation for being incredibly trustworthy and safe. However, there is a fee associated with this service that you must pay to the bank in order to retain valuables in the bank’s safe. The cost is based on the locker’s size. In other words, the bigger the locker you rent, the more money you’ll need to pay.

Let’s find out which bank you will have to pay for the locker service and how much it will cost.

SBI locker charges

As per the State Bank of India (SBI) website, bank locker fees vary based on the size and location of the locker and can range between Rs 500 and Rs 3,000.

SBI charges Rs 2,000, Rs 4,000, Rs 8,000 and Rs 12,000 for SBI small, medium, large and extra large sized lockers respectively, in metro and urban areas. In contrast, the bank charges Rs. 1,500, Rs. 3,000, Rs. 6,000, and Rs. 9,000 for small, medium, big, and extra large sized lockers in semi-urban and rural locations, respectively. SBI Bank is the one who charges the registration fee.

Every customer of State Bank of India who owns a locker gets the option to open their locker 12 times for free per year. You would need to pay Rs 100 + GST for each additional opening separately.

HDFC locker charges

According to the HDFC Bank website, extra small size lockers cost Rs 1,350 in metro cities, Rs 1,100 in towns, and Rs 550 in rural areas. In addition, if you choose a small-sized locker, you will have to pay Rs 2,200 in metropolises, Rs 1,650 in cities, and Rs 850 in rural locations. On the other hand, extra-sized medium lockers cost Rs 4,400 in metropolises, Rs 3,300 in urban areas, and Rs 1,500 in rural areas. For the extremely large size lockers, you have to pay Rs 20,000 in metropolises, Rs 15,000 in towns, and Rs 9,000 in rural areas.

Please be aware that the fare may vary across the two branches of a single place. Annual fees are assessed for the locker rent, which is payable in advance.

PNB Bank locker charges

PNB Bank has also increased the locker charges along with other charges. According to the new rule, PNB locker holders can now make 12 free visits to the locker in a year, from the 13th visit each visit will be charged Rs 100. The bank charges now ranges from Rs 1,250 to Rs 10,000 in rural and semi-urban areas. For urban and metro, the bank charges range between Rs 2,000 to Rs 10,000.

Axis Bank locker fees

According to Axis Bank, complimentary visits are limited to three per month, after which each visit will cost Rs 100 + GST. The leasing fee for a smaller size locker in a metro or urban branch begins at Rs 2,700, as per the Axis Bank website. Big size lockers cost Rs 10,800 per month, super large size lockers cost Rs 12,960 per month to rent.

ICICI Bank lockers Charges:

According to ICICI Bank, a locker may only have five occupants. You will require a locker application, a letter of agreement for a safe deposit box, and two photos to apply for a locker. The annual locker rent is paid in advance to ICICI Bank. You must have an ICICI Bank account in order to rent a locker, according to ICICI Bank. For small size lockers, ICICI Bank charges between Rs 1,200 and Rs 5,000, and for extremely big lockers, between Rs 10,000 and Rs 22,000. Keep in mind that these fees do not include GST.

The RBI has altered the laws

Let us inform you that, the Reserve Bank of India has modified the rules governing the rental of bank vaults as of January 1, 2022. The bank will be solely responsible for the security of the locations where safe deposit boxes are located, in accordance with Reserve Bank policies. It indicates that the bank cannot disassociate itself from its responsibility in the event of a fire, theft, or burglary in the locker. In these situations, the bank’s liability might be up to one hundred times the locker’s yearly rent. In other words, the consumer will receive a payout from the bank that is up to 100 times the annual rent for the locker.