What is Safe Deposit Box?
A safe deposit box is a secure container, typically located within a bank vault or secured facility, used for storing valuable items such as documents, jewelry, precious metals, cash, or other important possessions. Safe deposit boxes are rented by individuals or businesses from banks or other financial institutions for the purpose of safeguarding these items against theft, loss, or damage. Access to a safe deposit box is typically restricted to the owner or authorized individuals, and it usually requires two keys or a key and a code to open. One key is held by the owner, while the other is held by the bank or facility managing the box.
Geeky Takeaways:
- Safe deposit boxes provide a secure storage solution for valuable items, offering protection against theft, loss, and damage.
- Safe deposit boxes are typically located within bank vaults or secured facilities, providing an extra layer of protection.
- Access to a safe deposit box is restricted to the owner or authorized individuals, typically requiring two keys or a key and a code for opening.
Table of Content
- How Safe Deposit Boxes Work?
- Advantages of Safe Deposit Box
- Disadvantages of Safe Deposit Box
- Cost of Safe Deposit box
- What You Should Store?
- What You Should Not Store?
- Safe Deposit Box – FAQs