It is of utmost importance to keep your prized assets safe to avoid theft or burglary. You might ask yourself, ‘Where do I keep my important documents and jewellery safely?’ The answer is a safe deposit box. These boxes are strong containers with advanced locking system. Such boxes can be opened with a PIN, key, or any other security pass.
You can rent a safe deposit box in a bank or a non-banking institution. Safe deposit boxes come in 4-5 different sizes to meet your requirements. The boxes can be rented on a yearly basis and paid for using cash, cards, or cheques.
Now that you know about the usefulness of a safe deposit box, let’s dig deeper and find out more about these boxes.
Several banks in Singapore offer safe deposit boxes to their customers, protected by world class security.
BOC Safe Deposit Box: You can enjoy 5 different box sizes, starting from extra small to extra large. The prices of these boxes range between S$112.35 and S$722.25. You can access and check the contents in private rooms available only at selected branches.
HSBC Safe Deposit Box: You can open a safe deposit box at 3 branches - Jurong, Tanglin, and Serangoon Garden. There are 4 sizes to choose from. You can also enjoy unrestricted access to the box, but only during banking hours.
DBS Safe Deposit Box: At DBS, you do not require any key deposit/fixed deposit as collateral. You can open a safe deposit box at 10 selected branches. You must take your passport or identity card at the branch to open a box.
RHB Safe Deposit Box: You can choose from 7 types of box sizes between 300 and 3,000 cubic inches at 4 selected branches. A minimum fixed deposit is required as collateral to open a box at RHB. Call the customer care helpline to know more about the safe deposit box.
The non-banking institutions that offer safe deposit boxes are as follows:
Secom dbox Safe Deposit: You can select from 3 box types and the annual fee starts from S$160.50. Once you subscribe to Secom, you can get a discount of 20% on the box rate for the first 3 years. A deposit of S$150 is required, which will be refunded once the box keys and cards are returned.
SIF Safe Deposit Box: The safe deposit boxes are available only at the Ang Mo Kio branch. You can enjoy complete privacy and the boxes are secured by strict access control. The annual fee of the smallest box is S$128.40.
Certis CISCO Safe Deposit Box: Certis CISCO offers 5 different box sizes to suit your needs. You can access and view your contents at any time of the year and even after banking hours (with notification). All the facilities are protected by Certis CISCO’s Auxiliary Police officers.
Vault@268 Safe Deposit Box: Vault@268 is a private safe deposit vault in the country with completely automated lockers system. You can access these boxes from an ATM in a private room. You can choose from 3 box sizes and the price starts from S$888 per year. You can access your box at any time of the day.
The table below shows the price range of safe deposit boxes in banks and non-banks:
|Name of the institution||Box size||Annual price range|
|BOC||Extra small to extra large||S$112.35 to S$722.25|
|HSBC||Small to extra large||SS300 to S$800 (GST excluded)|
|DBS||Extra small to large||S$187.25 to S$492.20|
|RHB||300 to 3,000 cubic inches||S$140 to S$680|
|SIF||Small to extra large||S$128.40 to S$246.10|
|Certis CISCO||Extra small to extra large||S$129 to S$749 (via GIRO payment) S$229 to S$849 (via other modes of payment)|
|Vault@268||Small box to golden number||S$888 to S$3,888|
The reasons for using a safe deposit box are as follows:
The following items can be stored in a safe deposit box:
It is not a good idea to store the following items in a locker:
There are a wide range of safe deposit boxes available in the market today. Each box is designed differently to fulfil your diverse requirements. Hence, is it absolutely necessary to select a box wisely.
Q. What are the eligibility criteria to open a safe deposit box in a bank?
A. To open a deposit box in a bank, you must be at least 21 years old and have either a savings account or current account with the same bank.
Q. Do I need to present any documents to open a safe deposit box?
A. Yes, you must bring your passport or identity card to open a safe deposit box. All foreigners must bring their passport, an employment pass, and a proof of address.
Q. How do I pay the annual rental fee?
A. If you open a safe deposit box in a bank, then you can authorise the bank to deduct the amount from your current/savings account. In case of non-banking institutions, you can also pay via GIRO or use credit/debit cards, cash, or cheques.
Q. What will happen if I terminate the box before the renewal date?
A. In case of early termination, you will not get back the deposit fee of up to S$200 or any amount for the unutilised period.
Q. I lost my key. What should I do?
A. If you lose your key, report to the bank or the non-banking institution immediately. They will obtain a new lock and key. However, you have to bear the cost of the new lock and key.
Q. Can the co-renter access my safe deposit box if I die?
A. Yes, a co-renter can immediately access the box in case of your demise. But, if you are the sole owner of the box, then the representative has to present his/her Letters of Administration or Grant of Probate to gain access to the box.
Q. If my bank relocates, will I get a notice?
A. Yes, you will get a written notice usually 2 weeks prior to the relocation if the bank is renovating the premises or altering the rules and regulation of the deposit box.