Bank Locker Charges & Rules

A bank locker in India costs whatever your bank decides to charge. There is no RBI-set price. Rent is fixed by the bank, and it moves with two things: the size of the locker and the category of the branch. A locker in a metro branch costs more than the same box in a rural one. Add 18% GST on top of every rupee of rent.

The price is not the important number. The important number is the bank’s liability cap. If your locker is robbed or burnt, the bank owes you one hundred times the prevailing annual rent. Not the value of what was inside. That single rule should decide what you keep in the box.

What are the RBI rules for bank lockers?

The rules come from the RBI circular on safe deposit lockers dated 18 August 2021. It took effect on 1 January 2022. Every bank in India follows it. Here is what it fixes.

Rule	Figure or limit	Applies to	Source
Bank liability for fire, theft, burglary, robbery, building collapse or staff fraud	100 times the prevailing annual rent	All banks, all locker sizes	RBI circular DOR.LEG.REC/40/09.07.005/2021-22, 18 Aug 2021
Term deposit the bank may ask for at allotment	Three years’ rent plus break-open charges	New locker holders only	Same circular
Locker agreement	On stamped paper, duplicate copy to the customer	All holders; old agreements renewed by 1 Jan 2023	Same circular
Locker left unoperated	Seven years, holder untraceable	Bank may break open and deal with the contents	Same circular
Notice before break-open for unpaid rent	Letter, email and SMS; then two newspapers	One English, one local language daily	Same circular
GST on locker rent	18%	Every locker holder	Charged by all banks on rent

How much does a bank locker cost per year?

We are not printing a rent grid here, and you should be wary of sites that do. Most bank locker pages moved to new .bank.in domains during 2026. Several of the rent schedules that comparison sites still quote are from 2020 and earlier. A stale rent table is worse than none, because you plan around it.

What we can tell you is how the price is built. Ask your branch for the current Schedule of Charges and check each line below.

Charge	What triggers it	How the bank sets it
Annual rent	Holding the locker	By locker size and branch category. Payable in advance for the financial year.
One-time registration charge	Allotment of a new locker	A flat fee, charged once
Term deposit	Allotment, for new customers	Up to three years’ rent plus break-open cost. It is a deposit, not a fee.
Locker visit charge	Visits beyond the free ones each year	Per visit, above the bank’s free limit
Overdue rent charge	Rent not paid on the due date	A penalty on top of the arrears
Break-open charge	Lost key, or break-open for arrears	Recovered at actual cost
GST	All of the above	18%, added to the charge

SBI states on its own locker page that rent is payable in advance for the financial year, and that it levies a registration charge, visit charges beyond the prescribed number, overdue rent charges and break-open charges. That page was last updated on 30 March 2026. It points to the bank’s website for the amounts.

Why the same locker costs different amounts in two cities

Banks classify branches as metro, urban, semi-urban and rural. The classification follows population, not distance from a city. A branch on the edge of a metro can be classed urban. Rent for the same size box can differ by several times across these tiers. If you have a choice of branch, ask for the tier before you sign.

What is the bank liable for if your locker is robbed?

One hundred times the annual rent. That is the whole liability. It applies to fire, theft, burglary, robbery, building collapse and fraud by bank staff.

Do the arithmetic before you fill the box. If the annual rent is ₹2,000, the cap is ₹2,00,000. Most people keep far more than that in a locker. The gap is yours.

The bank is not liable for loss from natural calamity or an act of God. It is not liable for your own negligence either. And it never knows what is inside, because you are not required to declare the contents and the bank is not allowed to ask. That is why a locker is not insurance. If you are storing gold, price a jewellery add-on to your home insurance instead. Cover based on declared value beats a cap based on rent.

Can the bank force you to open a fixed deposit for a locker?

It can ask a new customer for a term deposit. The limit is three years’ rent plus the break-open cost. That is the ceiling in the RBI circular. Anything larger is not allowed.

It cannot demand one from an existing customer whose account conduct is satisfactory. It also cannot tie the locker to an insurance policy, a mutual fund or any other product. If a branch tells you a locker needs a policy, that is a sale, not a rule. Take it to the branch manager in writing, and then to the banking ombudsman if it does not stop.

What happens if you stop paying the rent?

The bank issues a notice. It must try letter, email and SMS. If you cannot be reached, it publishes in two daily newspapers, one English and one in the local language. Only then can it break the locker open, and only after giving you a reasonable chance to withdraw the contents.

There is a second trigger that catches families. A locker left unoperated for seven years, with the holder untraceable, can be broken open even if the rent is paid. So operate the locker occasionally and keep the address on record current. Register a nominee too. Without one, the family needs succession proof to get the contents released.

Is a bank locker worth it?

For documents, yes. Property papers and original deeds are hard to replace and worth little to a thief. A locker is a good home for them.

For serious gold, the case is weak. You pay rent plus GST every year, you get a liability cap tied to that rent, and you cannot see or use the asset. Compare that with sovereign gold bonds or the other routes covered in our guide to the best way to invest in gold. Those carry no storage cost and no break-in risk. Jewellery you actually wear is a different question. Everything else is worth rethinking.

Also read the rest of what a bank quietly charges you, in bank charges compared and minimum balance penalties.

Frequently asked questions

How much compensation will the bank pay if my locker is robbed?

One hundred times the prevailing annual rent, and no more. The RBI circular of 18 August 2021 fixes it. It covers fire, theft, burglary, robbery, building collapse and fraud by bank employees. It does not cover natural calamity or your own negligence.

Is GST charged on bank locker rent?

Yes. Locker rent is a taxable service and banks add 18% GST. A quoted rent of ₹2,000 costs ₹2,360 to pay. Registration, visit and break-open charges carry GST too.

Can I keep cash in a bank locker?

Banks bar cash and currency in the locker agreement, and most also bar arms and hazardous items. The bank cannot inspect the box, so nobody stops you. But cash in a locker earns nothing, is not covered by deposit insurance, and is hard to explain to the tax department if the locker is ever opened by an authority.

Do I need an account with the bank to get a locker?

In practice, yes. Banks allot lockers to customers and run KYC through the account. A new customer can also be asked for a term deposit of up to three years’ rent plus break-open charges. That deposit is refundable.

How do I get a locker when the branch says there is a waiting list?

Ask for the branch’s locker waiting list number in writing. RBI requires banks to maintain a branch-wise list and give an acknowledgement with a waiting list number. A branch that refuses to give one is not following the circular.

Sources

Reserve Bank of India, Safe Deposit Locker/Safe Custody Article Facility provided by banks, DOR.LEG.REC/40/09.07.005/2021-22, 18 August 2021 — rbi.org.in
State Bank of India, Safe Deposit Lockers page, last updated 30 March 2026 — sbi.bank.in