Banking Exam Question - What is Safe Deposit Locker in Banks? How does it Works? Explain

Introduction - Safe Deposit Locker

A safe deposit locker, otherwise called a safe deposit box, is an exclusively secured container, normally held inside a bigger safe or bank vault. Safe store encloses are by and large found banks, post workplaces or different foundations. Safe store boxes are utilized to store significant belonging, for example, gemstones, valuable metals, cash, attractive securities, vital archives (e.g. wills, property deeds, or birth declarations), or PC information, that need insurance from robbery, fire, surge, altering, or different risks. In the United States, neither banks nor the FDIC safeguard the substance. An individual can buy protection for the sheltered store confine request to cover e.g. robbery, fire, flooding or fear based oppressor assaults. 

• Safe deposit boxes are generally located in banks, post offices or other institutions.
• Banks and financial institutions have built and built the voluntary treasures such as diamond, pearls, golden silver, ornaments, cash, and various types of property and goods, to make the most valuable assets.
• Customers gather a fixed bank account or a fixed deposit card for the purpose of keeping their customers at their own risk.
• For rent, the customer should pay the bucket at a fixed rate.
• The main advantage of this is to protect valuables from theft, robbery and robbery.
• In Nepal, the backward banks and development agencies of the BANK and B class have been providing facilities for this service.

Numerous inns, resorts and voyage delivers likewise offer safe store boxes or little safes to their supporters, for impermanent use amid their remain. These offices might be situated behind the front counter, or safely moored inside private visitor spaces for protection. The substance of safe store boxes might be seized under the lawful hypothesis of deserted property.