The rent of a bank locker depends on the size and location of the locker, apart from the policies of the banks. For example, in rural areas, you may have to pay less rent for the locker. There is a difference in the fee structure of private and public banks. Some banks also charge a penalty for registration, maintenance, or late payment.

People use the bank's locker facility to keep their precious jewelry, important documents, and other valuables safe. It is a very reliable and popular option. Are you also thinking of getting a locker in the year 2025? The question is, which locker will be the most economical? Which bank is charging the least locker rent?

Bank locker rent depends on these things

The rent of a bank locker depends on the size and location of the locker apart from the policies of the banks. For example, in rural areas, you may have to pay less rent for the locker. Private and public sector banks have different fee structures. Some banks also charge penalties for registration, maintenance, or late payments.

How much is locker rent in public sector banks

Banks like State Bank of India, Punjab National Bank, Bank of Baroda charge less rent for locker facility than private banks. Due to the strong presence of these banks in rural and semi-urban areas, they provide lockers at low rent.

1. Locker rent in State Bank of India

In metro and urban areas

- Rs 2,000 / year for small locker,

- Rs 4,000 / year for medium locker,

- Rs 8,000 / year for large locker,

- Rs 12,000 / year for extra large locker.

In semi-urban/rural areas -
- Small locker rent Rs 1,500/year,
- Medium locker rent Rs 3,000/year,
- Large locker rent Rs 6,000/year,
- Extra large locker rent Rs 9,000/year.

2. Locker Rent in Punjab National Bank

In Metro/Urban area
- Small locker rent Rs 2,000/year,
- Medium locker rent Rs 3,500/year,
- Large locker rent Rs 5,500/year,
- Extra large locker rent Rs 10,000/year. Rent in semi-urban/rural area is usually 20-30% less.

3. Locker rent in Bank of Baroda

The rent in this bank is similar to SBI and PNB, but in some branches the rent for a small locker can start from Rs 1,500 / year

How much are the locker charges of private sector banks

The locker rents of private banks like ICICI, Axis Bank, HDFC are usually higher than public banks.

1. Locker rent in HDFC Bank

In urban areas -
- Small locker rent Rs 1,350 / year,
- Medium locker rent Rs 5,000 / year,
- Large locker Rs 9,000-20,000 / year,

In rural areas -
- Small locker rent Rs 550 / year (in some cases)

HDFC can be the cheapest option for small lockers, especially in rural areas.

2. Locker rent in ICICI Bank

In metro or urban areas

- Small locker rent Rs 3,000/year,

- Medium locker rent Rs 5,000/year,

- Large locker Rs 10,000-22,000/year.

In ICICI Bank, five people can take one locker, so the rent is split. However, large lockers are expensive in metro cities.

3. Locker rent in Axis Bank

In metro/urban areas

- Small locker rent Rs 2,700/year,

- Large locker Rs 10,800/year,

Axis Bank's fees are competitive for medium-sized lockers.

Things to consider before buying a locker

1. Apart from rent, find out about registration, maintenance, and late payment penalties.

2. There may be a waiting list due to the high demand for lockers in metro cities.

3. In most banks, it is mandatory to have an account to get a locker.

4. Understand the security features and rules of the locker, such as how many free visits you will get.