A safe deposit box is a strong storage container which is kept and maintained in the vault area of a bank and is rented to bank customers for safekeeping of valuables such as important documents, gems, jewelries, family heirloom and more. The box would be a fireproof metal box. The access to individual boxes is usually through two different keys, one is given to the customer and the other would be kept in the bank.
There are different sizes of key safe boxes and are pretty much secured in the mini-vaults where they are hidden in the bank. You may contact the bank of choice if your items are large so that they can discuss with you possible options. A key deposit would be required which will be refunded at the end of your rental after returning the keys.
Different people have different ways in securing their important documents or things of great value to them. Some prefer to buy a metal cabinet in their office or at home and secure it with a lock or some will just buy their personal vaults and keep it hidden in a secret place at the house. For people who can afford, they prefer to rent a safety deposit box on a bank of their choice.
Banks have now limited the rental of boxes to existing customers only; hence new customers will have to look elsewhere. There are private institutions that focus on providing safety vaults. However, they are only found in major cities.
Some Box Sizes (height, width, depth in mm)
- AA – 100mm, 140mm, 445mm
- AB – 125, 140, 445
- A – 60, 280, 460
- B – 90, 280, 460
- C – 180, 280, 460
- D – 240, 610, 460
- E – 300, 280, 460
- F – 330, 610, 460
- G – 535, 280, 460
- H – 840, 295, 940
How to Rent a Safe Deposit Box:
- You will first decide on who will have access to your safe deposit box. You can rent a box jointly with a spouse or a family member.
- Determine what items you are going to store because you will be required to choose a box size. Safe deposit boxes are available in several sizes and take note that rental fees vary.
- The last step would be completing the rental agreement. You must provide proof of identity of all who will be on the account and have the fees ready on hand at the time you will sign the agreement.
