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What is safe deposit box?

Updated: Apr 12

A safe deposit box, provided by banks, safe deposit box management companies, hotels, and similar entities, offers customers a secure space to store valuable items. These cabinets or boxes are required to meet the same security standards as treasury warehouses, ensuring that valuables are protected from loss, theft, or damage by maintaining a constant temperature and humidity environment.

Typically, safe deposit boxes are equipped with a double-key lock system, with one key held by the customer and the other by the management unit. Both keys are needed simultaneously to open the lock, enhancing security. Additionally, customers may opt to install their padlock on the box to further safeguard their stored items against internal theft by the management unit.

The safe deposit box business operates as a service, with the management unit accepting the client's request to rent a safe deposit box, collecting the rental fee, and providing assistance in storing valuables. This service aims to alleviate customers' concerns about the safety of their valuable possessions.

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