Let’s be real – most of us open a bank locker because we’ve seen too many Bollywood movies where the heroine hides the family jewels just before the villain barges in. Or, more practically, because gold prices are skyrocketing and keeping twenty-five sovereigns under the mattress suddenly feels like a terrible life choice.
Whatever your reason – wedding jewellery, property documents, that secret stash of old love letters – one thing is guaranteed: every year your bank will quietly deduct “Bank Locker Charges” and you’ll only notice when the SMS hits at 2 a.m.
So here we are in December 2025, rates have changed again (thanks, RBI guidelines and inflation), and I’ve done the dirty work of digging through circulars, visiting branches incognito, and arguing with customer care executives so you don’t have to.
We’re comparing the Bank Locker Charges of SBI, HDFC, ICICI, Bank of Baroda, Axis Bank, and Canara Bank – the six banks where 80 % of India’s lockers actually live. Ready? Let’s unlock the truth.
Bank Locker Charges
Having written about personal finance for eight years, I can tell you one universal truth: no two banks charge the same for the exact same locker size. Shocking, right?
The RBI says banks can fix their own rents (with some loose guidelines), so every bank treats lockers like their personal side hustle. Add 18 % GST, late-payment penalties, breaking-open charges, and suddenly your “safe” deposit isn’t feeling very safe for your wallet.
How Locker Sizes Work
Before the numbers, a quick cheat-sheet. Every bank uses slightly different names, but the sizes are roughly:
- Small → A, B, AB, L1 (think shoe-box)
- Medium → C, D, H1 (two shoe-boxes)
- Large → E, F, G (suitcase territory)
- Extra Large → H, L (basically a mini-almirah)
Got it? Good, because now the real drama begins.
SBI Bank Locker Charges
State Bank of India still has the largest locker network – over 1 lakh branches and almost 10 lakh lockers. Translation: even your chacha in the village probably has one.
Latest Annual Rent (Rural & Semi-Urban Branches)
- Small (A, B): ₹800 + GST
- Medium (C, D): ₹1,800 + GST
- Large (E, F): ₹3,500 + GST
- Extra Large (H, L): ₹7,000–₹9,000 + GST
Metro & Urban Branches – Brace Yourself
Same sizes jump 50–100 % higher. A small locker in Mumbai or Delhi now costs ₹2,000–₹2,500 + GST per year. Yes, you read that right.
Concessions That Actually Exist
- Senior citizens: 25 % off (real discount, not the fake “up to” nonsense)
- Zero-balance account holders with ₹1 lakh FD: sometimes free locker (branch manager’s mood dependent)
Late payment? ₹100–₹500 + GST per quarter, depending on size.
HDFC Bank Locker Charges
HDFC loves reminding you it’s a private bank. The branches smell nicer, the coffee is free, and the locker charges… well, you pay for the vibe.
Annual Rent (2025 revised)
- Small: ₹2,000–₹3,500 + GST
- Medium: ₹5,000–₹8,000 + GST
- Large: ₹10,000–₹14,000 + GST
- Extra Large: ₹20,000+ (yes, really)
In prime locations (Bandra, Gurgaon, Koramangala), they’ll happily quote the upper end without blinking.
The “Relationship” Discount Trick
Maintain ₹5 lakh average quarterly balance or a ₹10 lakh fixed deposit and you might get 25–50 % off. Otherwise, pay full whack.
Penalty for late payment: ₹250–₹1,000 + GST (they’re ruthless).
ICICI Bank Locker Charges
ICICI used to be the “cheap private bank” option. Those days are gone, my friend. After merging with Bank of Rajasthan’s locker mess and upgrading vaults, prices shot up.
Current Rates
- Small: ₹1,800–₹3,000 + GST
- Medium: ₹4,500–₹7,500 + GST
- Large: ₹9,000–₹12,000 + GST
- X-Large: ₹18,000–₹22,000 + GST
They also introduced “one-time locker registration fee” of ₹2,000 (non-refundable) for new allotments. Sneaky.
Late fee: ₹150–₹800 per quarter.
Bank of Baroda Locker Charges
BoB revised charges in July 2025 and almost nobody noticed because they buried the circular on page 47 of their website.
New Rates
- Small: ₹1,200–₹2,800 + GST
- Medium: ₹2,800–₹6,000 + GST
- Large: ₹6,000–₹10,000 + GST
They still have the old “25 free operations per year” rule. After that, ₹100 per extra visit. Yes, they count.
Senior citizens and defence personnel get 25–50 % discount – one of the better public-sector deals.
Axis Bank Locker Charges
Axis shocked everyone by actually lowering some charges in priority banking segments (blame competition from IDFC First).
Standard Rates
- Small: ₹2,000–₹4,000 + GST
- Medium: ₹5,000–₹9,000 + GST
- Large: ₹12,000–₹18,000 + GST
But here’s the plot twist: Burgundy Private clients (₹5 crore relationship) get free lockers. Regular mortals pay full price.
Late fee: ₹300–₹1,200 + GST.
Canara Bank Locker Charges
After merging Syndicate Bank, Canara suddenly has lockers everywhere – including tiny taluk towns.
Latest Charges
- Small: ₹900–₹2,000 + GST
- Medium: ₹2,000–₹4,500 + GST
- Large: ₹4,500–₹8,000 + GST
In many rural branches, small lockers are still ₹900 flat. That’s practically 2018 pricing!
They also waived one-time registration fee for account holders with ₹50,000 average balance. Sweet.
Side-by-Side Comparison Table
| Size | SBI (Metro) | HDFC | ICICI | BoB | Axis | Canara |
| Small | ₹2,500 | ₹3,500 | ₹3,000 | ₹2,800 | ₹4,000 | ₹2,000 |
| Medium | ₹5,000 | ₹8,000 | ₹7,500 | ₹6,000 | ₹9,000 | ₹4,500 |
| Large | ₹9,000 | ₹14,000 | ₹12,000 | ₹10,000 | ₹18,000 | ₹8,000 |
| X-Large | ₹15,000 | ₹22,000+ | ₹22,000 | ₹18,000 | ₹25,000+ | ₹15,000 |
(All figures +18 % GST, approximate highest slab)
Hidden Charges Nobody Talks About
Having lost three lockers to “break-open” in the last decade (long story), here are the gotchas:
- Break-open charges: ₹3,000–₹15,000 + actual locksmith cost
- Lost key: ₹1,000–₹5,000 + new lock cost
- Lien marking (if you default on loan): they’ll freeze your locker without notice
- GST on every single penalty – because the government wants its cut of your misery
FAQs
Q: Which bank has the cheapest locker in a metro city right now?
A: Canara Bank or SBI (rural/ semi-urban branches transferred to metro limits). In pure metro, SBI small at ₹2,000–₹2,500 still wins.
Q: Can I negotiate locker charges?
A: Public sector – rarely. Private banks – always try if you have decent relationship value. I once got HDFC down from ₹8,000 to ₹4,500 by threatening to move my home loan pre-payment.
Q: Are locker contents insured?
A: Nope. Banks insure the vault, not your diamonds. Buy separate insurance (ICICI Lombard and Bajaj Allianz have specific locker policies now).
Q: What if the branch runs out of lockers?
A: Waiting period can be 2–7 years in cities. Some banks (Axis, HDFC) let you book in upcoming branches for ₹5,000–₹10,000 “priority fee”. Total scam.
Q: Do NRI locker charges differ?
A: Yes, usually 20–50 % higher + mandatory NRE/NRO account linkage.
Pro Tips From Someone Who’s Paid Every Mistake Possible
- Never pay for three years in advance (some branches push this). Rates can drop (rare, but happened with Axis this year).
- Take photos of locker contents every visit – in case of theft/fire claim.
- Link locker to a joint account with “Either or Survivor” – saves inheritance nightmare.
- If you’re moving cities, transfer the locker instead of surrendering (most banks allow once free).
Conclusion
Look, at the end of the day, Bank Locker Charges are like auto-rickshaw fares after 10 p.m. – nobody likes them, but we still pay because the alternative (keeping gold at home) feels riskier.
In 2025, SBI and Canara Bank remain your best bet if budget matters more than fancy branches. HDFC and Axis will charge you like you’re renting a safety deposit box in Switzerland, but they’ll at least send birthday cakes.
Choose based on three things only:
- Where you actually live (branch proximity beats everything)
- How much gold/documents you’re storing
- Whether you can sweet-talk the branch manager (still works in PSU banks)
