Safe deposit locker - What is it and why is it important?

Storing your valuables and important belongings at home can be risky but essential in many cases. However, now you don’t need to take the risk of keeping your important belongings in the hidden closet at your home or under the broken tiles. Instead, you can choose a safe deposit locker at your nearest bank branch and keep your valuables and documents away from loss or theft.

Safe deposit lockers are usually composed of indestructible material with several physical and digital lock combinations to keep your belongings secure. Let’s find out more about safe deposit lockers in the article below. 

What is a safe deposit locker?

A safe deposit box is a personal vault offered to the banks’ customers to keep their valuables and belonging safe. Usually, the bank rents these vaults on a yearly basis. However, it depends on the terms and conditions of the bank.

As a safe deposit box owner, you can keep your valuables such as jewellery, important documents, valuable items etc. and secure them from any threat. The safe deposit lockers are insured and provide immense security from various vulnerabilities. 

The lockers are placed in the safest sections of the bank (usually a larger vault) or a reinforced room with secured locks. Made of almost unbreakable materials, these lockers can endure calamities and perils like floods, fire, cyclones, and earthquakes.

Once you rent a safe deposit bank locker, you receive a key to access it at your convenience. However, note that you can only access them during banking hours. Depending on your requirements, you can choose the size of the safe deposit locker. IDFC FIRST Bank offers a wide variety of safe deposit lockers as per your requirements at nominal and competitive bank locker charges. Moreover, you get the quick nomination facility as an added advantage.  

Why is a safe deposit locker important?
 

Safe deposit lockers provide security to your valuables. The owners of the locker rely on the safety of the building and advanced vaults to secure their content. A bank is a highly secured building usually in a protected area. Moreover, they are adequately guarded with security cameras and theft alarms.

The materials used for manufacturing the vaults and lockers are usually fire and impact-resistant and can withstand calamities like earthquakes, fire, cyclone floods, etc. making them a reliable safe for your belongings rather than keeping them at home. 

How to get maximum use from safe deposit lockers?
 

You need to be cautious about which items to keep in the safe deposit lockers because you can access your locker only during banking hours. You would not want to keep content that you may need urgently such as hospital documents, living wills, medical directives, uninsured items etc.

A wise move would be to keep a co-owner for the safe deposit locker. In case of a mishap, the co-owner can access the content when required. You can also nominate your heirs and trusted people as nominees.  

Should you opt for a safe deposit locker?
 

Anyone can own a safe deposit locker with a bank. However, in most cases, they need to have a bank account with the respective bank. If you have important belongings, documents, and antiques that you wish to keep secure and away from various vulnerabilities, you can opt for a safe deposit locker. Also, make sure to be aware of the bank locker rules before applying for the locker.

The charges for using a safe deposit locker are nominal and depend on the locker size.  When looking for a locker facility offered by banks, you should research and find one that offers competitive rental charges and a variety of locker size options as per your requirements. 
 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.