Canara Bank Locker Charges 2025 – Rental Fees & Security Deposit

Imagine you are Ravi, a business owner who frequently travels for work and keeps valuable documents, jewellery, and cash at home. Concerned about security, he decided to rent a medium-sized locker at a metro branch of CANARA Bank.

With an annual rental fee of ₹4,000, Ravi enjoys 12 free visits per year to access his belongings conveniently. Additionally, since he pays his rent on time, he avoids any late payment penalties, ensuring hassle-free storage of his valuables.

Now, what if Ravi had delayed his payment by six months? He would have incurred a 40% penalty (₹1,600 extra) on his rental fees. By staying informed and proactive, Ravi secures his valuables and saves money on penalties.

The above example highlights the benefits of timely payments and free visits under CANARA Bank’s locker facility. If you want a safe and affordable way to protect your assets, this guide will help you navigate locker charges, eligibility, and application procedures. 

Types of Lockers Available at CANARA Bank

CANARA Bank offers a variety of locker sizes to cater to the diverse needs of its customers. The lockers are primarily categorized based on their dimensions:

• Small Lockers: Ideal for storing essential documents, small jewellery items, and other compact valuables.
• Medium Lockers: Suitable for a combination of documents and moderate-sized valuables.
• Large Lockers: Designed for bulkier items, including larger jewellery pieces and important documents.
• Extra-Large Lockers: Best suited for substantial valuables and significant document storage needs.

The availability of these locker sizes may vary depending on the branch location. It is advisable to check with your local CANARA Bank branch for specific details.

CANARA Bank Locker Charges 2025 (Updated Fees)

The annual rental fees for CANARA Bank lockers are influenced by both the size of the locker and the branch's location (rural, urban, or metro areas). Below is a detailed breakdown of the charges:

Annual Rental Charges

Note: GST (18%) is applicable on all charges.

Example: How Much Does a Medium-Sized Locker Cost in an Urban Branch?

• Base Rent: ₹3,000 per year
  GST (18%): ₹3,000 × 18% = ₹540
  Total Cost: ₹3,000 + ₹540 = ₹3,540 per year

So, if Mr Sharma rents a medium-sized locker in an urban branch, he will pay ₹3,540 per year, including GST.

One-Time Registration Charges

At the time of locker allotment, a one-time registration fee of ₹400 is levied.

Free Locker Operations

Customers are entitled to 12 free locker visits per year. Beyond this limit, a fee of ₹100 per additional visit is charged.

Penalty for Late Payment

Delays in annual rental payments attract penalties as follows:

• 1st Quarter Delay: 10% of the annual rent
• 2nd Quarter Delay: 25% of the annual rent

• 3rd Quarter Delay: 40% of the annual rent

• 4th Quarter Delay: 50% of the annual rent
• Beyond One Year: 100% of the annual rent

Example: Late Payment Penalty for a Large Locker in a Metro Branch

Ms. Mehta rents a large locker at a metro branch. The annual rent is ₹7,000. If she does not pay on time, she will have to pay a penalty:

Key Takeaway

• If Ms Mehta pays within 3 months, she only pays ₹7,700.
• If she delays for more than a year, she must pay ₹14,000, double the original amount!

Security Deposit & Locker Key Policy

Security Deposit

At the time of allotment, a Term deposit would cover 3 years of rent and the charges for breaking open the locker in case of an eventuality. The deposit shall be for a minimum period of three years with an option to renew till the continuance of the locker facility. 

Security Deposit (Term Deposit covering 3 years' rent & break-open charges)

Note: The above security deposit amount is only indicative & it may vary from branch to branch. Kindly visit/ contact the branch for more details.   

Locker Key Policy

Upon allotment, customers are provided with one key to their locker. It is imperative to keep this key secure. In the event of a lost key, the bank should be notified immediately. Charges for opening the locker, replacing the lost key, and changing the lock are borne by the customer.

Loss of Locker Key: ₹1000/- + GST in addition to the actual cost of breaking open and replacing the lock & keys.

Eligibility Criteria & Required Documents for CANARA Bank Locker

Eligibility Criteria

The following entities are eligible to avail of the locker facility:

• Individuals: Single or joint account holders.
• Firms, Companies, Associations, or Clubs: Must have an existing relationship with the bank.
• Trustees: As per the bank's discretion.

Note: Minors are not eligible to hire a locker.

Required Documents

Prospective locker hirers need to furnish:

• Filled Locker Application Form: Available at the branch or on the bank's official website. To access click here.
• KYC Documents: Proof of identity (e.g., Aadhaar card, passport) and proof of address (e.g., utility bills, rental agreement).
• Passport-Sized Photographs: Recent photographs of the applicant(s).

How do you apply for a CANARA Bank Locker?

Step-by-Step Application Process

1. Check Locker Availability: Visit or contact your nearest CANARA Bank branch to inquire about locker availability.
2. Obtain and Fill Application Form: If lockers are available, collect the application form from the branch or download it from the bank's website.
3. Submit Required Documents: Along with the filled application form, submit the necessary KYC documents and photographs.
4. Pay Security Deposit and Registration Fee: Complete the payment for the security deposit (Term Deposit) and the one-time registration fee.
5. Locker Allotment and Agreement: Upon verification, the bank will allot the locker and execute a locker agreement. A copy of this agreement is provided to the hirer.
6. Key Handover: The locker key is handed over to the customer after completing the formalities.

Note: Locker allotment is subject to availability, and there may be a waiting period in some branches.

How to Surrender a CANARA Bank Locker?

If you wish to discontinue the locker facility:

1. Empty the Locker: Remove all contents from the locker.
2. Return the Key: Submit the locker key to the branch.
3. Complete Surrender Form: Fill out the locker surrender form provided by the bank.
4. Refund of Security Deposit: Upon successful surrender and verification, the bank will process the refund of the security deposit, if applicable.

Note: Ensure all dues are cleared before initiating the surrender process.

Conclusion

CANARA Bank's safe deposit locker facility offers a secure and reliable solution for safeguarding your valuables. With a range of locker sizes, transparent fee structures, and a straightforward application process, customers can choose options that best suit their needs. It's essential to stay informed about the associated charges, policies, and procedures to make the most of this service.

FAQs on CANARA Bank Locker Charges
 

How can I apply for a locker at Canara Bank?
You need to visit the nearest Canara Bank branch with locker facilities, complete the application form, provide KYC documents, and sign the hire contract.

Can I authorize someone else to operate my locker?

Yes, you can grant authorization to another individual by providing a written mandate to the bank. Click here to learn more.

Who is eligible to apply for a Canara Bank locker?
Individuals (single or joint hirers), firms, and companies can apply for a locker at branches where the facility is available. Customers must complete the required KYC formalities before allocation.

What happens if I fail to pay the locker rent on time?
If rent is not paid by April 1st, penal charges are applied based on the delay duration, ranging from 10% to 100% of the annual rental.

Can I nominate someone to access my locker in case of my demise?
Yes, a nomination facility is available. The nominee can access the locker after submitting a request along with a death certificate.

What happens if the locker remains unoperated for a long time?
If a locker is not operated for a long period and rent is unpaid, the bank has the right to break open the locker following due process.

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