Everything You Should Know About Safety Deposit Boxes In Singapore

Ever thought about getting your own safety deposit box to keep valuable items, just like the one in Harry Potter's Gringotts Wizarding Bank? 

Well, you can. While it might not be on the same scale or have a fire-breathing dragon as an alarm system, you can actually get your own “vault” by signing up for a safety deposit box service in Singapore. Here we cover everything that you’ve wanted to know about this slightly elusive service that banks and security companies in Singapore offer. 

What is a Safe Deposit Box? 

So, first and foremost, what is a safety deposit box? Like its name suggests, it is a box that is placed in a secure location. This secure location is usually a reinforced room, guarded by security personnel and heavily fitted with CCTV cameras to provide round-the-clock surveillance of all movement that takes place in the secured facility. 

What can I put in a Safe Deposit Box?

You can put ANYTHING you want, as long as it fits into your safety deposit box (and isn’t alive). Generally, it is used to store valuables such as cash, old notes, jewellery, gold or anything that holds a high monetary value in your safety deposit box. That said, people also store important documents such as personal wills, company letters, housing deeds, insurance policies or education certificates in their safety deposit box. 

Where can I find Safety Deposit Boxes in Singapore? How much do they cost?

In Singapore, banks and security companies offer this safety deposit box service. Here we’ve compiled a list of where you can find safety deposit boxes, their addresses and fees. 

Not as affordable as you expected? Well, here’s why the cost of renting a safety deposit box does not come cheap:

• The location has been built with reinforced material (e.g. stainless steel walls, fireproof doors, etc.) to ensure that in the vent of an accident, your valuables remain secure.
• Round the clock security personally to ensure your valuables remain secure.
• Staff are always on stand-by to allow you access to your valuables at any time of the day. In some cases, you can even request for emergency access within 24 hours.
• There’s insurance involved. Your valuables are covered by insurance in the event that it goes missing or gets stolen while under their care. 

Who will have access to your Safety Deposit Box?

In simple terms, apart from the owner (Licensee), only those whose names are on the nominated list (Mandatee) will be granted access.

Licensee

Licensee here refers to the owner of the safety deposit box. As the owner, they have full administrative rights, access to the safety deposit box and decide on who is added or removed from the nominated list. While it is common to only have 1 licensee, certain banks and security companies offer the option to have more than 1 licensee (charges apply)—both will have equal rights and access.

Mandatee

The mandatee, is an individual who has been granted access to the safety deposit box by the licensee(s). A mandatee has no administrative rights, and cannot view or make any changes to the nominated list of mandatees. Depending on the bank or security company you choose to go with, the number of mandatees per safety deposit box vary; e.g. Certis allows up to 4.

How do I get a Safety Deposit Box?

Applying for a safety deposit box is really easy. You could either do it online via their website or give them a call to schedule an appointment. Afterwhich, you would need to personally head down to the bank or security company to complete the administrative process and make payment. 

Pro-tip: Bring along your personal documents, a list of your mandatee’s full names and personal particulars along with your valuables so that you don’t have to make a second trip! 

Do I really need a Safety Deposit Box?

Personally, I find that a safety deposit box is not a must but a “good to have”. That being said, if you have items that are really important to you and worth quite a bit in terms of monetary value (e.g. heirloom dowry, certificates, gold bars), you might want to consider a safety deposit box. More than just ensuring your valuables are safe, having a dedicated security team guarding your valuables also means that you have one less thing to worry about. Food for thought, most of us are at work for 8 hours (or more) a day, which means that these valuables are technically left unattended.

However, if you prefer to keep your valuables at home, place them in a safe and be sure to get a good home insurance plan that covers you against theft and fire. Afterall, you don’t want to be left rueing your losses when accidents happen, cause that will be a really painful lesson.