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Opening a safe deposit box in Dubai, the UAE

Article image: Opening a safe deposit box in Dubai, the UAE

A safe deposit box is the best alternative for keeping currency, documents, jewellery, family relics, and gold bars "under the mattress". Besides, this service is especially significant while receiving or paying a large sum in cash. Before all the necessary paperwork is done, it is better to keep money in a safe place.

One of the advantages of opening a safe deposit box in Dubai, the UAE is the confidentiality of its contents. The bank employees have no right know what you are going to store. However, there is a list of items prohibited to be placed in a safe deposit box not only in the UAE but also around the world. It includes weapons, living objects of fauna and flora, drugs, explosives, chemicals, and other substances that may harm the bank or the health of its customers and employees.

The second important advantage of a safe deposit box is that its content is protected from bankruptcy of the bank. Actually, the bank owns only safes as such, so you should not worry that you will not be able to take your things back.

How to open a safe deposit box in the UAE

If you need a safe deposit box in the UAE, you have to find out which banks offer this service and what conditions of the storing are. Some banks, for example, Emirates NBD, offer the rent of safe deposit boxes only to its reliable and trustworthy customers, who have a bank deposit account with some certain amount on it.

The lack of free lockers is another challenge you may face in Dubai deciding to open a safe deposit box in the UAE. Therefore, not to waste time you shall clarify this point beforehand.

On specifying all the details and having arrived at the bank, you will enter into a rental contract with bank. If it is necessary, the contract can specify the conditions of access to the safe deposit box of third parties: a partner, a director of the company, a notary, close relatives, etc. The maximum number of your visits to the box is also given. If you are going to rent it for a long term, pay attention to this point.

To open a safe deposit box in the UAE you should have the passport (some banks may require some additional documents). You will also have to make a security deposit; its amount depends on a particular bank. To gain access to the safe deposit box you will have to produce your passport, the key, the original agreement, and key word.

IMPORTANT A safe deposit box in Dubai can be rented for a certain term. On its expiry you have to take out all its contents or extend the contract. If you "forget" to do it, the bank has the right to open the box and send its contents to the vault of the central bank. Then you will have to reimburse the storage costs to the bank.

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