Chartered Accountant in Dubai | Hiring Guide and Checklist

Safe deposit boxes in Dubai are offered by many UAE banks to store valuables in a controlled vault. Access is recorded, lockers use dual-key control, and rentals are billed yearly. 

The need for safe deposit boxes is bigger than most people think. The UAE accounts for more than a third of Arab-world consumer gold demand, with over 55 tonnes of gold bought in 2022 alone. 

At the same time, one UAE insurer’s statistics showed that less than 1% of customers had home contents cover against theft, which means many families would bear the full loss if something went wrong.

So, how safe deposit boxes work in Dubai and what is the application process? Let’s discover it in this guide.

What is Eligibility Criteria to Get a Safe Deposit Box in Dubai?

Banks typically require a current account holder, sign a rental agreement, and visit a branch that has lockers. Lockers are operated under “dual control,” meaning you use your key while the bank uses a guard key; neither key opens the box alone. Lost keys and forced openings attract extra charges.

Most banks make locker access available only during branch hours, not 24/7. Expect identity checks, a log of each visit, and a private room for opening and closing the box. Many branches keep a waitlist when all sizes are taken.

What Is the Pricing for Safe Deposit Box Locker Services in Dubai​?

Annual rent varies by size and branch

Banks price lockers in tiers, with small boxes costing less and large boxes priced higher. Emirates NBD, for example, publishes sizes and yearly fees on its Smart Locker pages. Check branch availability, since not every location offers every size or immediate access.

Other banks follow the same tiered model

ADCB and HSBC UAE list rental ranges and spell out extra service charges. Read each bank’s “schedule of charges” for items like forced opening after a lost key, late-renewal fees, or replacement key costs. Compare the total package, not just the headline rent.

VAT is added to most fees

Locker rent and related services are generally subject to 5 percent VAT. Many price tables show figures exclusive of VAT unless stated otherwise. Confirm whether VAT is included, then budget for it on the annual rent and on incidentals such as drilling, replacement keys, or administrative letters.

Deposits and key charges are common

Agreements often include a refundable key deposit, plus specified fees for lost keys, drilling, and replacement. Ask about any charges for extra access cards, adding or removing joint holders, or changing the operating mandate. Before closing the locker, expect to return keys, clear dues, and sign a closure form.

Documents Required to Get a Safe Deposit Box in Dubai 

Banks in Dubai keep the paperwork simple, but they are strict about proof of identity and who can access the locker. Keep these documents ready before you visit the branch.

• Valid Emirates ID for the renter
• Valid passport for the renter
• For companies, a valid trade licence and authorised signatory documents
• A completed locker agreement form given by the bank
• Proof that you hold an eligible bank account with that bank or branch
• For joint lockers, Emirates ID and passport for all users
• A signed operating mandate that clearly states who can access the locker and on what terms

Which Assets Can Be Stored?

• Generally allowed: documents, jewellery, small valuables, and storage-safe items that meet the bank’s terms.
• Prohibited: hazardous materials, illegal items, and anything that breaches health or safety rules. Some banks also restrict perishable goods and cash-handling use. Read your contract closely.
• Insurance: contents are not insured by the bank; if needed, arrange cover with your insurer.

Sizes and Branch Availability

Locker sizes typically run from small to extra-large. Availability is branch-specific and can change. Many banks show the list of locker branches and publish size charts and fees online. If a precise size or a specific location is required, call ahead and ask to join the waitlist if the branch is full.

Access is always during stated hours. Bring your key and Emirates ID each visit. If the key is misplaced, the bank must arrange a controlled drill-open within your presence. However, the work and a replacement key will be charged additionally. Keep the key secure and avoid attaching any tag that reveals the bank or box number.

What are the Rules for Nominees?

Banks support joint lockers where the agreement defines who may access alone or together. For those wanting to let a trusted person operate the box, the bank may accept a specific power of attorney, but it must meet the bank’s legal format and ID checks. Always check the branch’s exact wording before relying on it.

What Happens on Death or Legal Hold?

If a renter passes away or becomes legally unresponsive, UAE banks freeze access until they receive a court order or other lawful direction. 

The Central Bank’s Consumer Protection Regulation notes that bank services, including safe deposit boxes, are handled under deceased or unresponsive customer procedures. 

Practically, families should obtain the court instruction and coordinate with the branch for a supervised opening and inventory.

Safe Deposit Box Setup Guide for a Smooth Experience

• Register the right people. Use a joint mandate or bank-accepted POA so someone you trust can act if needed.
• Keep a private index. Note what is inside, without listing sensitive numbers; store the index separately.
• Control the key. Use a secure key safe at home and avoid labelling it with bank details.
• Renew on time. Annual rent is billed in advance; late payment can trigger restricted access or eventual termination.

Quick Comparison Questions to Ask a Branch

Start with a short phone call or branch visit and confirm the basics: required account type, current locker sizes and fees, waitlist length, access hours, lost-key charges, and any special rules of that location. 

Then review the rental agreement line by line. Emirates NBD, HSBC, and ADCB publish useful overviews, but the signed contract always governs.

Final Advice

Treat a safe deposit box like any other controlled process. Choose a branch with hours that fit your schedule. Read the fee table and the prohibited-items list. Keep your ID and key together when you visit and renew on time. 

If you want help sorting options or preparing documents, Arnifi’s expert accounting and bookkeeping services can help draft a short checklist based on your situation. 

Tax on the assets or income linked to those assets must also be handled carefully, and Arnifi’s team can keep records in order and work alongside your tax adviser so the vault remains compliant and safe.