Which bank has the cheapest locker service in 2025? Full comparison of SBI, HDFC, ICICI, PNB and Axis Bank rates

Sometimes, some things in the house are so valuable that just a cupboard or locker is not enough to keep them — be it wedding jewelry, property papers, or children’s wills and birth certificates. In such a situation, a bank locker can become a solution to your biggest worry.

Bank lockers, also known as safe deposit lockers, are a safe place where you can keep your important and valuable items safe for a long time. These lockers are available in the bank at a fixed rent, and only you and the bank have access to them.

Who should take a bank locker?

If you have gold-silver jewellery, important documents, or something that you want to keep very safe and that keeping at home seems risky, then a bank locker is a great option. This service is especially suitable for those who do financial planning and want to keep their assets safe for the future.

Also read: Special FD plans with best rates: Check SBI, Indian Bank, Bank of Baroda, Canara Bank offers for regular customers, senior citizens

Which bank has the cheapest locker?

Almost all the big banks in India – whether they are government-owned like SBI and PNB, or private ones like HDFC Bank and ICICI Bank — offer locker facilities. But their rents vary, depending on the size of the locker and where the bank branch is located in a village, city, or metro.

So, let’s take a look at which bank’s locker fits best in your budget in 2025.

SBI Locker Charges

Locker charges vary depending on where the bank branches are located. So banks in rural areas charge less from customers availing locker service as compared to bank branches in urban areas. Additionally, the charges also depend on the size of the lockers. These lockers are in four sizes – small, medium, large, and extra large.

In SBI, annual locker charges start at Rs 1,500 plus GST (for small lockers) in urban areas and can go up to Rs 9,000 plus GST (for extra-large lockers). Likewise, SBI branches in rural areas charge Rs 1,000 plus GST for small lockers, and the charges go up to Rs 7,000 plus GST for extra-large lockers.

Also read: Small borrowers in TN start delaying repayments, cite draft lending Bill

Here’s a table showing charges for lockers in different sizes in urban and rural areas.

HDFC Bank Locker Charges

At HDFC Bank branches, lockers come in six sizes – extra small, small, medium, extra medium, large and extra large.

In urban areas, the charges range from Rs 1,100 to Rs 15,000 annually. In rural areas, HDFC Bank branches charge a minimum of Rs 550 and a maximum of Rs 9,000 annually. Here’s a complete table with locker rates across categories in urban and rural areas at HDFC Bank branches.

ICICI Bank Locker Charges

ICICI Bank customers availing locker facility in urban areas have to pay charges in a range of Rs 3,000 to Rs 16,000 annually depending on the size of locker. There are lockers available in four sizes at ICICI Bank branches in both rural and urban areas. In rural areas, locker facility is available for as low as Rs 1,200 (small locker) and as high as Rs 10,000 (extra large locker). Here is a table showing charges across locker sizes in rural and urban areas.

PNB Locker Charges

Punjab National Bank (PNB) lockers are available in five sizes across branches in rural and urban areas. Customers need to pay charges ranging from Rs 1,250 to Rs 10,000 for availing locker facility in urban areas. Likewise, locker charges range from Rs 2,000 to Rs 10,000 in rural areas. Take a look at the table below showing locker rentals across sizes in urban and rural areas.

Axis Bank Locker Charges

The private sector lender offers locker facility both in urban and rural areas across four sizes – small, medium, large and extra large lockers. For a small locker in urban areas, Axis Bank is charging Rs 3,105 from customers. For same size locker in rural areas, the bank charges Rs 1,500 annually. While for lockers in extra large size, the bank’s locker rental is Rs 14,256 for customers living in urban areas and Rs 10,000 for those in rural areas.

So, which bank is the most economical?

If you are looking for a cheap locker, HDFC Bank’s small locker and PNB’s medium to large lockers are quite affordable. SBI also offers a good option in the mid to high-range in terms of pricing. On the other hand, ICICI Bank and Axis Bank’s lockers can be more expensive than all other banks, especially in metro cities.