Bank lockers in the UAE: What you need to know before storing your valuables

Dubai: Do you have precious family heirlooms or have recently invested in gold bars? If so, storing them in a bank's safe deposit box might be the ideal solution.

This option offers several security benefits, including 24/7 monitoring through CCTV cameras, alarm systems, and dual key access. Plus, if you are travelling, you can rest easy knowing that your valuables are protected from theft, damage, or loss.

But, before you apply for a bank locker in the UAE, there are a few key factors to consider, such as which bank branches provide locker facilities, how much it will cost, and whether lockers are even available. Here is what you need to know:

1. Cost: A significant factor

First and foremost, you must consider the cost of the bank locker. Prices vary depending on factors such as the lease duration, locker size, and security deposit.

Locker sizes can range from extra small, starting at around Dh630 per year, to extra-large, which may cost up to Dh6,300 per year. Most banks offer small, medium, large, and extra-large lockers.

When you first apply, you will also need to pay a one-time, refundable security deposit, which can range from Dh1,000 to Dh10,000, depending on the bank and locker size. This deposit is refunded once you surrender the locker to the bank.

2. Location matters

Not all bank branches offer locker facilities. It is essential to choose a location that is convenient for you. You may prefer a branch close to your home or office, especially if you anticipate needing quick access to your valuables.

3. Availability: Limited supply

Location is not the only consideration - availability is equally important.

According to local banks in the UAE, lockers are only offered if there are any available at your chosen branch, and in some cases, you may be placed on a waiting list.

Additionally, certain sizes might only be available at specific branches, so if you need an extra-large locker, you might only find it at select locations.

4. Accessibility and timing

Accessing your bank locker is generally limited to the bank’s operating hours, which are typically from 8am to 2pm, Monday to Saturday, and 8am to 12pm on Fridays. This can be a challenge if you need to retrieve an important item during an emergency.

Although the hours are limited, the locker facilities are protected by round-the-clock security.

One exception is Emirates NBD’s (National Bank of Dubai), ‘Smart Locker’, a self-service facility accessible 24/7. It is only available at their Jumeirah branch on Al Wasl Road.

Requirements:

- Be an existing customer with a current or savings account with the bank
- Valid Emirates ID
- Valid residence visa for expatriates
- Security deposit
- A safety deposit locker rental agreement signed in front of a bank representative.

Note: Some banks require customers to meet a minimum salary threshold to apply for a safety deposit box, so it is essential to check with your bank for specific requirements and costs, as these can change.

How do I access the bank locker?

Once you have rented a locker, you will be provided with a master key or access card. You may also need to provide biometric information, such as fingerprints, and create a PIN for added security.

Alternatives: Beyond banks

If your preferred bank does not have an available locker that meets your needs, consider alternatives. The UAE has several companies offering private security vaults and safe lockers, often with extended hours, some even providing 24/7 access and flexible lease terms.