Find HS Code and trade information for safe deposit box

Safe Deposit Box

A safe deposit box is a secure, individually rented container, typically held within a bank or credit union vault. It is used for the storage of valuables.

Material

Boxes themselves are commonly constructed from steel, with varying thicknesses depending on the size and security level offered. The vault in which they are housed is built with substantial reinforced concrete and steel, employing complex locking mechanisms and alarm systems.

Purpose

The primary purpose of a safe deposit box is to provide a highly secure location for items that an individual wishes to protect from theft, loss, or damage. They are not intended for everyday access of contents.

Function

Safe deposit boxes function as a physical safeguard, offering a level of security exceeding that of most home or business locations. Access is controlled through a dual-key system; the renter possesses one key, and the financial institution maintains the other. Both keys are required to open the box, and access is typically logged and monitored.

Usage Scenarios

Common items stored in safe deposit boxes include:

• Important Documents: Wills, trusts, birth certificates, marriage licenses, deeds, stock certificates, and insurance policies.
• Jewelry: Expensive or sentimental pieces.
• Collectibles: Rare coins, stamps, or other valuable items.
• Heirlooms: Family treasures and irreplaceable objects.
• Digital Media: Backup hard drives or USB drives containing important data (though humidity can be a concern - see Considerations below).
• Small Valuable Items: Precious metals, rare books, or other objects of significant worth.

Common Types

While variations exist, safe deposit boxes are generally categorized by size:

• Small: Typically 3x5 inches, suitable for small documents or jewelry.
• Medium: Approximately 5x10 inches, accommodating larger documents or a greater volume of items.
• Large: Around 10x10 inches or larger, for substantial collections or large documents.
• Jumbo: The largest size available, often used for extensive collections or large-format items.

The rental fees for a safe deposit box vary depending on the size, location, and the financial institution.

Considerations

• Insurance: The contents of a safe deposit box are generally not covered by the financial institution’s insurance. Renters are responsible for obtaining their own insurance coverage.
• Access Restrictions: Access is limited to business hours and may require advance notice.
• Humidity: Vaults can be humid, potentially damaging sensitive items like photographs or paper documents. Consider using archival-quality containers and desiccant packs.
• Joint Access: Boxes can be rented jointly, allowing multiple individuals access.
• Estate Planning: It is important to include information about the safe deposit box in estate planning documents to ensure smooth access for heirs.
• Lost Keys: The financial institution can assist with opening the box if the renter’s key is lost, but this process may require documentation and fees.

Based on the material, use, function, and application scenarios, a safe deposit box is a strong-box or locker used for the secure storage of valuables, typically located within a strong-room or bank vault.

The following HS codes are relevant to safe deposit boxes, based on the provided reference material:

• 8303000000: This HS code covers armored or reinforced safes, strong-boxes and doors and safe deposit lockers for strong-rooms, cash or deed boxes and the like, and parts thereof, of base metal.

  • 83: Chapter 83 pertains to miscellaneous articles of base metal.
  • 03: Heading 03 specifically covers articles of base metal containing or designed to contain money or valuables.
  • 000000: This subheading indicates that the code covers all articles within the heading, without further specification.

• 7326903500: This HS code covers other articles of iron or steel, specifically containers of a kind normally carried on the person, in the pocket or in the handbag. While not a direct match, smaller safe deposit boxes could fall under this category if designed for personal portability.

  • 73: Chapter 73 pertains to articles of iron or steel.
  • 26: Heading 26 covers other articles of iron or steel.
  • 903500: This subheading specifies containers for personal carrying.

Regarding HS code 7326903500, please note the total tax rate is 87.8%, comprised of a 7.8% basic tariff and a 25.0% additional tariff, increasing to 30.0% after April 2, 2025. Additionally, a 25% additional tariff applies to steel and aluminum products.

According to the provided reference material, the HS code options related to 'safe deposit box' are limited, with only the following 2 found.