Hi @Somdutta Banerjee - Welcome to Microsoft Q&A Forum, thank you for posting your query here!
Microsoft Managed or Customer Managed Keys are mechanism of encryption of data at rest residing in the storage account.
By default, it is encrypted using Microsoft Managed Keys however if you to encrypt your data with own set of keys, you can go for customer manage or customer provided keys. You can review the below link that talks more around this: https://learn.microsoft.com/en-us/azure/storage/common/storage-service-encryption?toc=%2Fazure%2Fstorage%2Fblobs%2Ftoc.json&bc=%2Fazure%2Fstorage%2Fblobs%2Fbreadcrumb%2Ftoc.json#about-encryption-key-management
It totally depends on your requirement whether you want to go with Microsoft Managed Keys or Customer Managed Keys.
Let me know of any more details are required and will be glad to help!
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