Peanut (Arachis hypogaea L.) germplasm accessions in ICRISAT genebank are conserved as pods under medium-term conditions (4 C and 30% RH). Pod storage requires far greater space than seed storage and is more likely to be expensive, especially in a controlled environment. With the objective to evolve cost effective strategies for conservation, the survival of in-shell and shelled seeds of two peanut cultivars, ICGS 76 (virginia bunch) and JL24 (spanish), was studied under three different storage conditions— ambient (20-40 C and 30-80% RH), short term (23-25 C and 40-50% RH), and medium term (4 C and 30% RH). In-shell seeds had marginally greater longevity than shelled seed in all storage conditions. The differences in time for regeneration of in-shell and shelled seeds stored under medium term conditions were estimated to be less than 4 mo for both the cultivars. Because of the much reduced volume required for storage and the insignificant differences in regeneration interval, conservation of shelled seeds would be highly cost-effective under the controlled environmental conditions, as compared to in-shell seeds. Since storage at very low moisture contents was suggested as a simple and low cost option for conservation of seed lots required for short-term use, the longevity of peanut seeds (cv. ICGS 76) hermetically sealed with 3.6% moisture content was studied in comparison with seeds held at 5.8% moisture. The studies showed that peanut seeds hermetically stored at room temperature (23-25 C) with low moisture content (below 4%) could retain high germination (> 85%) for up to 8 yr.