Safe Deposit Box: Answers to Frequently Asked Questions

Have you decided to rent a safe deposit box? But before you take the action, you need answers to all the questions popping up in your mind. Right? Keep reading, this article is for you. All your queries regarding safe deposit lockers will be answered here.

What is a safe deposit box?

A safe deposit box is an individual storage container kept within a highly secure vault that only the renter and co-renters can access. A safety deposit box, also sometimes called a jewellery locker, is used to store precious items that a person would not want to keep at their house for safety reasons.

The renter has to pay an affordable fee to utilise the box. The safety box can only be opened using two keys, one the renter has and the other one remains with the safety deposit centre. Depending on the vault you opt for, the personal identification number (PIN) or a biometric security system too could be the ways to access the box.

Can I allow others to use my safety deposit locker?

Access to the vault area and your box will only be available to those who have signed up to use it. Yes, you can have co-renters, such as your spouse, parents, or children. The co-renters can use the safe deposit box.

What are the things that I can keep in safe deposit lockers in London?

People can keep their diamond and gold jewellery, property deeds, birth certificates, crucial data backup discs, passport copies, copies of wills, precious metals bullion investment (gold and silver bars or coins) and marriage certificates in safe deposit lockers in London.

Apart from this, heirloom items, home inventory lists or videos, rare coins or stamp collections, art pieces, certificates of bonds or shares or any other precious items and important documents too can be stored.

Are there any objects that are forbidden to be kept in a safe deposit locker?

Yes, some unlawful or hazardous goods are not allowed to be kept in safety lockers. No explosives, gas canisters, consumables, liquids or weapons of any type are allowed.

For a complete list of prohibited products, you should always check the terms and conditions of the vault where you are renting a box.

Is a safe deposit box necessary?

Consider renting a safe deposit box if you are worried about the safety of your valuable assets at home. According to Crime data, burglaries from homes are on the rise. Vaults can provide real protection and peacefulness.

Remember that with home safes, the owner being physically compelled into opening the safe is possible, so it is not considered a safe way to protect your valuables. Utilizing a safe deposit box could also lower your home contents insurance expenses.

What is the dual lock system?

You are given a key when you rent a safe deposit box and there is one more key that is kept with the safe deposit centre. A dual lock system is used to unlock each box. There are only two keys made specifically for your box. To open the box both keys are required.

What happens if the renter dies?

If there is no authorised person or a co-renter of the account, full access is only possible if the estate has been granted probate in the event of the account holder's death. Officials will need to see the necessary papers before they can allow any access.

How much does a safe deposit box cost?

It will depend on the safe deposit centre that you will select. It's a very nominal annual fee that one can afford to secure their valuables. Neelkanth Safe Deposit is a trustworthy centre where you can rent a safe deposit box. They offer 18 different sizes of boxes to choose from and the cost starts at £75 per annum. If you are looking for a safe deposit box in Southall or Croydon, then connect with them.

Neelkanth Safe Deposit is one of the largest and the most trusted safe deposit locker providers in the UK. Established in Southall, West London in 2014,