BANKING AFFAIRS

Detailed explanation-1: -Safe deposit boxes, also known as safe deposit lockers, are used to store valuable items in a secure location. These items can include gold and other precious metals, jewellery, bonds, contracts and other important documents.

Detailed explanation-2: -A safe deposit box is a secure container, usually made of metal, that’s used to store valuables at a bank or credit union. These boxes are often kept in vaults and can be rented by bank customers for a fee. Modern safe deposit boxes have been around since the mid-1800s.

Detailed explanation-3: -What to Store in a Safe Deposit Box. Safe deposit boxes are a good place to keep hard-to-replace documents such as contracts and business papers, military discharge papers, and physical stock and bond certificates, along with small collectibles and family heirlooms.

Detailed explanation-4: -You can access a box only if you’re authorized to do so, and you must typically produce identification and the key to the box before entering the vault. Banks don’t know the contents of these boxes, so you’ll be able to open and sort through yours in private.

Detailed explanation-5: -Within the industry, “safe deposit box” is the generally accepted term in the UK, whereas “safety deposit box” is more commonly used in the United States.