Is your bank locker becoming a burden? A recent survey reveals that 66% of holders are either shutting down or downsizing their lockers in response to rising costs and stringent KYC requirements. Find out what this means for your banking choices!

A recent survey indicates that a notable 66% of bank locker holders have either closed their lockers or are contemplating doing so, primarily due to escalating rental fees and stringent Know Your Customer (KYC) regulations.

The findings reveal that over one-third of participants have already surrendered their lockers, with 36% reporting closures in the past three years. Meanwhile, 16% of respondents are currently paying the increased fees while considering a transition to smaller lockers. The survey, which garnered more than 23,000 responses from individuals across 218 districts, highlights a growing trend of dissatisfaction among customers regarding the management of locker rentals.

In addition to the financial implications, the survey uncovered that 8% of respondents experienced direct debits for locker rent from the secondary account holder authorized to access the locker, while a significant 88% reported that the charges were deducted from the primary account holder’s account. Only 4% utilized cheques for payment.

This situation has contributed to a sense of frustration among customers, as they navigate the complexities of compliance with KYC requirements and the rising costs associated with maintaining their bank lockers.

What major banks are charging for lockers?

The State Bank of India (SBI) offers a diverse selection of bank lockers, classified into four sizes: Small, Medium, Large, and Extra Large.

The annual rental fees for these lockers range from Rs 1,500 to Rs 9,000, with the specific cost determined by the size and classification of the locker chosen.

HDFC Bank presents a tiered pricing structure for its lockers, with rental fees beginning at Rs 1,350 for extra-small lockers and reaching as high as Rs 20,000 for extra-large lockers.

Meanwhile, Bank of Baroda sets its locker rental prices starting at Rs 1,500 for Class A lockers, extending up to Rs 10,000 for Class L lockers.

IDBI Bank also offers a range of locker options, with annual rental fees starting at Rs 700 and going up to Rs 19,000, based on the size and category of the lockers available.

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