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 |
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
There are some private companies who also provide locker facilities in some cities. Some companies in this field are
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
Let us know your experience in getting bank lockers and their overall service.
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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.
I agree... there is huge demand but low supply and so banks turn to black mailing :)