Question

Define safe deposit vault.

Answer 1

Safe deposit vaults are the lockers provided by banks for us to keep our valuables in.

Explanation:

• This is a facility offered by many banks but not all the banks. The sanctioning of a safe deposit vault also depends on its availability and certain terms of conditions which are preset by the bank.
• Safe deposit vaults are divided into these two types, single and joint. Single safe deposit vault is owned individually whereas a joint deposit vault is owned by jointly by more than one certain individual.
• In a joint locker, there is a clause that allows the individual to give access to the vault to the other individual owning the vault in case of his/her death.

Answer 2

Explanation:

A safe deposit vault, also known as a security deposit box, is a container that is independently locked, usually held in a larger safe or bank vault. In particular, safe deposit boxes are found in stores, post offices or other institutions. Safety deposit boxes provide a safe place to store the most precious items.

Banks and their heavily protected vaults were designed to prevent theft or natural disasters from destroying their contents. Customers typically receive a key and have to check in with a bank employee who uses a second "guard" key in conjunction with the key of the customer to unlock the box.