HDFC Bank increases locker rents by up to 184%, tightens access rules
Bank will overhaul vault security with mandatory Aadhaar biometrics alongside a steep restructuring of locker rental tiers from April 1
 "HDFC Bank increases locker rents by up to 184%, tightens access rules")
HDFC Bank, India’s largest private bank, will increase safe deposit locker rentals from April 1 while it tightens access rules such as making Aadhaar-linked biometric authentication mandatory.
Renting an “extra medium” locker will cost Rs 12,500, up 184 per cent from Rs 4,400 earlier.
For customers, this translates into a significantly higher annual outlay, with 18 per cent goods and services tax (GST) applicable over and above the base rent.
What is changing
Locker rents will now depend on two variables:
Locker size (“extra small” and “extra large”)
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Branch location category — Metro Plus, Metro, Urban, Semi-Urban and Rural
Metro Plus, a new category, covers select high-demand branches in major cities and carries the steepest rates.
For instance, in Metro locations:
An extra small locker will cost Rs 3,300 annually, up from Rs 1,350 — a 144 per cent increase.
A medium locker will rise to Rs 10,000 from Rs 4,000 — a 150 per cent jump.
An extra medium locker will cost Rs 12,500, compared to Rs 4,400 earlier — an increase of 184 per cent.
In Urban branches, hikes range between 43 per cent and 150 per cent depending on size. Some categories, such as extra large lockers in Metro and Urban centres, see no change.
Metro Plus rates are higher still. For example, an extra medium locker will cost Rs 15,000 per year (excluding GST), while an extra large locker will be priced at Rs 40,000.
GST and advance payment
The revised rentals are exclusive of GST. After adding 18 per cent GST, the effective annual cost rises further. Rentals are collected annually in advance and may vary slightly between branches even within the same city.
Why the sharp increase
The revision follows tighter regulatory oversight on locker management and security. Banks have strengthened compliance and monitoring systems after incidents of thefts across the sector. Mandatory biometric authentication linked to Aadhaar is now required before granting locker access, adding another layer of control.
What should customers do?
Review your locker size and rent a smaller one could reduce costs.
Factor in GST: Calculate the post-tax impact before renewal.
Compare alternatives: Evaluate whether home safes or insurance-backed storage options suit your needs.
A safe deposit locker is used to store jewellery, property papers and other valuables in reinforced vault areas within bank premises.