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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.
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:
Read More – SBI Locker Charges – Updated Rental Fees & Other Details
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.
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:
Locker Size | Rural Branch (INR) | Urban Branch (INR) | Metro Branch (INR) |
Small | ₹1,000 |
Note: GST (18%) is applicable on all charges.
Example: How Much Does a Medium-Sized Locker Cost in an Urban Branch?
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:
3rd Quarter Delay: 40% 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:
Delay Period | Penalty | Total Amount to Pay |
Up to 3 months (1st Quarter) | 10% of ₹7,000 = ₹700 | ₹7,700 |
Key Takeaway
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.
Category | Metro (INR) | Urban/Semi-Urban (INR) | Rural (INR) |
Small Locker | ₹12,000 |
₹1,500
₹2,000 |
Medium | ₹2,000 | ₹3,000 | ₹4,000 |
Large | ₹4,000 | ₹6,000 | ₹7,000 |
Extra-Large | ₹6,000 | ₹8,000 | ₹10,000 |
Up to 6 months (2nd Quarter)
25% of ₹7,000 = ₹1,750 |
₹8,750 |
Up to 9 months (3rd Quarter) | 40% of ₹7,000 = ₹2,800 | ₹9,800 |
Up to 12 months (4th Quarter) | 50% of ₹7,000 = ₹3,500 | ₹10,500 |
More than 1 year | 100% of ₹7,000 = ₹7,000 | ₹14,000 |
*T&C Apply
₹10,000
₹8,000 |
Medium Locker | ₹15,000 | ₹14,000 | ₹10,000 |
Large Locker | ₹20,000 | ₹20,000 | ₹15,000 |
Very Large Locker | ₹25,000 | ₹25,000 | ₹20,000 |
Note: The above security deposit amount is only indicative & it may vary from branch to branch. Kindly visit/ contact the branch for more details.
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.
Also Read – Are Bank Lockers Still a Safe Bet for Your Valuables in India
Eligibility Criteria
The following entities are eligible to avail of the locker facility:
Note: Minors are not eligible to hire a locker.
Required Documents
Prospective locker hirers need to furnish:
Step-by-Step Application Process
Note: Locker allotment is subject to availability, and there may be a waiting period in some branches.
If you wish to discontinue the locker facility:
Note: Ensure all dues are cleared before initiating the surrender process.
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.
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.
Other Bank Locker Charges | ||
