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Safe Deposit Box - The Edge | Vault@268 Launches Private Safe Deposit Box Service with 24 Hour Convenient Access

The Edge | Vault@268 Launches Private Safe Deposit Box Service with 24 Hour Convenient Access

April 27, 2023 V268

In a market where consumers are requiring services and products to be provided on-demand round the clock, certain services like safe deposit box services provided by the banks have failed to keep up with the pace. Now, the newly launched Vault@268 is filling that gap.

Vault@268 is the first of its kind in Singapore to provide a private safe deposit box service that is accessible 24 hours a day. Located at the first basement of 268 Orchard Road, Vault@268 provides absolute privacy, confidentiality and discretion to its customers.

Unlike the typical safe deposit box storage services provided at the banks, Vault@268 does not require its customers to maintain a bank account or any minimum investment. It also does not require any attendant to co-access the box. In fact, beyond requiring certain personal information to ensure you have the right to access your safe deposit box, Vault@268 does not request for any private data.

However, that does not mean the standalone safe deposit box service provider is no less than a bank vault. To be sure, the vault holding the safe deposit boxes is completely secured within 8-inch thick reinforced concrete walls, and has received the Security, Fire & Life Safety (ECB-S) certification by the European Security System Association (ESSA). The vault, safe deposit box dispensing system, and the door security are all provided by Stockholm-listed Gunnebo AB, the security and cash handling specialist.

In fact, the 1,400 sqft facility was purpose-built in joint partnership with Ngee Ann Development Pte Ltd - the developer of 268 Orchard Road - with security features integrated into the building infrastructure. The facility is monitored round the clock by SECOM, CISCO, FM200 and VESDA.

Vault@268 requires four levels of identity check. To access to the safe deposit box, a biometric authentication is required at the entrance to the facility on top of a RFID card access. The customer would then use their issued RFID card to enter the private room where the safe deposit box dispenser is located. By utilising the RFID card and keying a PIN into the dispenser, it would then retrieve the safe deposit box associated with that card for the customer. Finally, the customer would need to open their box with a key. When the customer is done with their box, the dispenser would then return it back into the vault.

The items that can be kept in the safe deposit boxes range from hard to replace memorabilia, jewellery, to real estate deeds, citizenship papers and even original wills and power of attorney. There is also no limit to the number of safe deposit boxes that a customer may rent. However, due to the automation required of the system, there is a 30kg weight limit for each box, and a built-in digital weighing scale will alert customers if the items exceed the weight limit.

Annual rental fees for the boxes start from S$888.


[ by Gwyneth Yeo, The Edge ] 

Information in the article is accurate at the time of publishing.