Bank Of India Locker Charges 2026

Bank of India charges locker rent annually, and the amount depends on your branch's location and the locker size you pick. Pay 2 years or more upfront, and you get a 10% discount.

Key Takeaways

• RBI's circular from August 18, 2021 stops banks from asking for a term deposit worth more than 3 years of locker rent plus breaking charges.
• Pay your Bank of India locker rent 2 years or more in advance, and you save 10%, per LoansJagat's coverage of Bank of India's locker policy.

If you're renting a Bank of India locker for jewellery, property papers, or anything else worth locking away, it helps to know the costs before you sign anything. This is for anyone with a Bank of India account, or thinking of opening one, who wants a clear picture of locker fees, the security deposit rule, and what RBI actually permits banks to charge. We'll cover the rent slabs, the deposit requirement, who qualifies, and the paperwork you'll need at the branch.

What Is a Bank of India Locker?

It's a safe deposit vault you rent from the bank to keep valuables like jewellery, documents, and papers secure, opened only with 2 keys, one yours, one the bank's.

Neither you nor the bank can open it alone, since both keys are needed. You pay rent annually, and how much depends on the locker's size and where your branch sits, city or small town. Bank of India, like every other bank, follows RBI's revised safe deposit locker rules.

Who Can Rent a Bank of India Locker?

Individuals, joint account holders, firms, companies, and trusts can all apply, as long as they clear the bank's KYC checks.

You can hold a locker:

• On your own, as an individual
• Jointly with someone else, under instructions like “either or survivor” or “former or survivor”
• Through a firm, company, or trust

You'll generally need a savings or current account with Bank of India already running, since that's where the rent gets deducted from each year.

What Documents Does a Bank of India Locker Require?

Basic ID and address proof, plus KYC paperwork, and a nomination form if you want someone else to have access later.

• A valid ID like Aadhaar, passport, voter ID, or driving licence
• Address proof, say a recent utility bill or rental agreement
• A couple of passport-size photos
• Whatever KYC documents the regulator requires
• A nomination form, if you'd like to name someone for future access

What's the Security Deposit Rule for a Bank of India Locker?

The bank can ask new customers for a term deposit, but it can't go beyond 3 years' rent plus what it'd cost to break the locker open.

This limit comes straight from RBI's August 18, 2021 circular, and it binds the Bank of India the same way it binds every other bank in the country. Say your annual rent comes to ₹5,000. The bank simply cannot ask for a term deposit above ₹15,000 plus breaking charges. If you're an existing customer with a decent track record on your account, you'll likely skip this deposit requirement entirely.

What Does a Bank of India Locker Actually Cost?

Rent gets charged yearly, changes based on size and branch location, and drops if you pay ahead of time.

What Do General Public Locker Rates Look Like at the Bank of India?

Regular customers, not staff, pay a different rent scale, and it's noticeably higher than staff rates.

Metropolitan & Urban

6500

H

6500

H1

3500

L

9500