First City Monument Bank | DOMICILIARY SAVINGS ACCOUNT

A foreign currency account with lower operating limits, for those who want to start saving in FX and salary

The Domiciliary account is designed to help develop savings habits in foreign currency for those customers who regularly receive or need to make payments in British Pound Sterling (GBP) and the United States Dollar (USD)

Why choose the Domiciliary Saving Account?

Opening balance of 10 GBP, 10 USD
Interest bearing account but forfeited once there are more than 3 withdrawals in a month.
A serialized non-clearing cheque-type withdrawal booklet used for withdrawal by account holder only.
Allows for Foreign Currency Salary payments and cash lodgement.
Account can be operated either as an individual or a joint account
NO charge on cash withdrawal.
Offers Issuance of foreign currency denominated drafts
Free E-mail transaction notifications
Free monthly electronic statements

What do I require to open Domiciliary Savings Account?

In order to open a Domiciliary Savings Account,

Completed account opening form
A Valid BVN and NIN
1 passport photograph
Minimum of 18 years-old and provide the following:
International passport or Driver’s License or National ID card or Voters Card or Resident Permit (for immigrants)
Address verification e.g. Utility bill, recent bank statement or local authority tax bill etc.

FAQ

S/N	QUESTIONS	ANSWERS
1.	What is a Domiciliary Savings Account?	Domiciliary Savings is a foreign currency account with lower operating limits, for those who want to start saving in FCY or receive their salary in FCY. The Domiciliary account is designed to help develop savings habits in foreign currency for those customers who regularly receive or need to make payments in British Pound Sterling (GBP), the United States Dollar (USD) and European Euro.
2.	What Tier is Domiciliary Savings Account?	It is a tier 3 account
3.	What are the features and benefits of a Domiciliary Savings Account?	Minimum opening balance is 10 USD, 10 GBP or 10 EUROs (cash deposit in Euros are not allowed) Attractive Interest rate of 0.01% which will be forfeited once there are more than 3 withdrawals in a month. Outbound transfer and inward transfer into the account is allowed. Telex copy charge $25 (exclusive of VAT) Account can be operated as either an individual or a joint account Allows for Foreign Currency Salary payments and cash lodgment. Zero charge on cash withdrawal. (Cash in Cash out Transactions and salary) Free E-mail transaction notifications Free monthly electronic statements Hard copy monthly statements printed at customer’s request
4.	Can customer deposit cheque into the account?	No. Domiciliary savings account does not allow cheque clearing
5.	What alternate channels are available to transact?	Access to instant debit card Online banking from any location at your convenience Mobile banking
6.	What type of debit card is issued?	USD Mastercard Cost $13.98 (inclusive of annual maintenance fee & VAT) Card can be used abroad
7.	Who are the target audience?	Middle income professionals High income professionals Affluent traders Students
8.	What do I require to open Domiciliary Savings Account?	To open domiciliary savings account, customers must be a minimum of 18 years-old and provide the following: Completed account opening form 1 passport photograph A valid identification, such as: International passport / Driver’s License / National ID card / Voters Card. A copy of a residence or work permit for foreign applicants Proof of address, such as a recent utility bill (e.g., electricity, waste), bank statement or local authority tax bill dated within the last three months.
9.	Why should you sell a Domiciliary Savings Account?	Stable deposits. Float Income on account balances on a huge customer base (number of customer count) An avenue for cross selling and product usage opportunities Fee income generation from customer’s usage of the channels (Mobile, RIB, Card income)

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DOMICILIARY SAVINGS ACCOUNT

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