Synopsis– The article examines the various ways Indian banks provide free or discounted locker space for premium and high-value clients. It provides qualification requirements, lists major banks, and reminds readers to verify the provisions locally. In other words, if sufficient thought goes into one’s banking strategy, it can secure cost-effective, and secure storage for no charge on the locker rent!
A bank locker is a secure storage unit provided by banks to protect your jewellery, documents, heirlooms, and other valuable items. Many assume that locker facilities always carry a charge, though some Indian banks will offer certain bank locker services free of charge, provided you meet certain stipulations. With annual rental rates for lockers typically ranging between ₹1,500 and ₹15,000, depending on location and size, any waivers can mean significant savings. This article will explain how a locker might be provided free and will indicate which banks are offering such products.
Are Bank Lockers Ever Free?
Bank lockers are not free for everyone, but some banks will offer free lockers on the condition of rentals or discounts on rentals. Free lockers are often available to premium or high-net-worth individuals. Free lockers are generally given with either elite savings accounts, wealth management, or options linked to fixed deposits. Eligibility is often based on having a high Total Relationship Value (TRV), which includes balances, investments, and deposits in other accounts. Simply put, free lockers are a means of keeping or generating strong financial relationships with your bank.
Major Indian Banks Offering Free Locker Facilities
1. HDFC Bank – Imperia / Preferred Banking
- Eligibility: Maintain a Total Relationship Value (TRV) of ₹15 lakh or more in savings, investments, and deposits.
- Benefit: Locker rent for Imperia customers is waived, particularly for smaller-sized lockers.
- Note: TRV includes all linked savings, current, FD, and investment accounts. Locker allocation will be subject to availability.
2. ICICI Bank – Wealth Management / Privilege Banking
- Eligibility: Maintain a minimum TRV of ₹10-15 lakh+ between multiple forms of investment (savings account, FDs, mutual funds, etc.).
- Benefit: Available free locker service for Wealth Management clients and Privilege Banking clients.
- Note: There may be minor variations with locker benefits between the Wealth and Privilege tiers, as Wealth clients will enjoy wider benefits.
3. Axis Bank – Burgundy Private
- Eligibility: Maintain a Total Relationship Value of ₹30 lakh or more made up of deposits, investments, and Demat holdings.
- Benefit: Free or heavily discounted locker rent under the Burgundy Private program.
- Note: Burgundy Private is one of the most elite offerings and is associated with a number of other premium banking benefits.
4. Kotak Mahindra Bank – Privy League / Kotak Private
- Eligibility: Customers should also be assessed individually based on significant balances and investments held with TRV.
- Benefit: The locker rent waiver is for eligible Privy League and Kotak Private customers.
- Note: Benefit eligibility is based on the customer’s relationship depth across savings, Demat, and mutual fund products.
5. YES Bank – YES First / YES Private
- Eligibility: Maintain account balance or investment portfolio above minimum requirements (in savings, FDs and wealth products).
- Benefit: Waived or discounted locker charges, depending on tier (YES First or YES Private).
6. IndusInd Bank – Exclusive / Pioneer Accounts
- Eligibility: Maintain the applicable Account Category qualifying average monthly balance (AMB) as per your account type.
- Benefit: For qualifying Exclusive and Pioneer Accounts, the rent for the locker is fully waived.
- Note: The waiver typically only applies to the rent of one small or medium locker; it varies by account tier and city.
7. State Bank of India (SBI) – Locker-Linked FD
- Eligibility: Open an FD for at least an amount equal to locker rent for 3 years.
- Benefit: SBI offers locker rent waiver against the collateral of an FD.
- Note: No premium account bar for entry, accessible to general customers. This will be available across SBI branches where lockers are available.
8. Bank of Baroda – Masterstroke Savings Account
- Eligibility: Maintain ₹10 lakh Monthly Average Balance (MAB) or ₹5 lakh in CASA and ₹10 lakh in term deposits.
- Benefit: Annual discount on locker rent (generally small locker rent) under the Bob Masterstroke program, can be up to 100%.
- Note: Eligibility terms may vary slightly by branch. An important note is that it is bundled with premium services.
9. IDFC FIRST Bank – Wealth Program
- Eligibility: Must be enrolled as part of the Wealth program and have avoided strong relationship value.
- Benefit: Free locker facility in selected branches, for cards included under wealth management.
- Note: Note, it is confined to selected branches and may also include varying sizes of lockers; it is best to confirm.
10. IDBI Bank – Royale Account
- Eligibility: Monthly deposits must meet the minimum opening Royale account limits for ongoing dates and payment requirements.
- Benefit: Royale customers may likely have some or all of their locker rent waived off or discounted.
- Note: Benefits will vary depending on the size of your locker and your customer profile. Confirm specific terms at the branch level.
11. Punjab National Bank – Elite Savings Accounts
- Eligibility: You have Elite, Royal or Grand savings accounts maintained at the required balances.
- Benefit: The rent for the locker is waived based on the type of account, and the minimum monthly balance could be waived.
- Note: The benefit structure will vary based on any account plan. Sometimes, there will be rental discounts rather than a completely waived rent.
12. AU Small Finance Bank – IVY Account
- Eligibility: Open up an IVY Savings Account and meet a relationship-based value or transaction-based threshold.
- Benefit: Locker rent is part of premium bundled packages.
- Note: Locker benefits are limited to certain sizes, and you need to confirm if you are eligible via the branch.
Eligibility Criteria and How to Qualify
- Open either a premium savings account or an HNI tier savings or investment account.
- Be prepared to maintain high Average Monthly Balances (AMB) or Total Relationship Value (TRV), meaning eligibility is roughly ₹10-30 lakh or more.
- Invest in financial products such as fixed deposits, mutual funds or insurance products with the bank.
- For banks like SBI, they open a locker-linked fixed-deposit account for the equivalent of three years’ rent.
- Consider lockers that are smaller in size, since they are more likely to be available with free offers.
- Apply early since there is a high demand for lockers, and even premium customers could have issues with availability.
Points to Keep in Mind
- “Free lockers” often mean rent is waived; however, there may still be charges associated with the locker, such as registration fees or fixed deposits linked to the locker.
- Offers are often conditional and not universally applicable.
- The conditions for eligibility and availability can differ significantly by bank, city, branch and customer profile.
- Locker schemes are often in flux, and terms can change without notice.
- Before you apply, always confirm with your bank or relationship manager the current policies, availability and terms.
- Do not take any offers for granted—even in the case of premium clients, confirm details at your local branch so that you are not surprised.
Conclusion
While free locker services are hard to come by, they can be made available through informed and careful banking practices. If you have a premium account, a high balance, or you maintain investments with the same banking institution, you can usually have the rent waived. Always remember to gauge what those expenses might be and confirm all terms prior to agreeing to them. For those more concerned with secure, low-cost storage and organising their banking this way, you can achieve real security and convenience.
Written by N G Sai Rohith
