Domiciliary account charges are fees incurred on every customer’s domiciliary account. Wondering what a first bank domiciliary account entails? Well, the first bank of Nigeria’s domiciliary account is of two classes:
- The FirstDom Plus
- The Primary Domiciliary Account
The FirstDom Plus is a type of domiciliary account specifically designed for maximum benefits. The FirstDom Plus gives its users highly reduced transfer charges and good interest rates.
The FirstDom Plus is a currency deposit account that deals with only foreign transactions. The FirstDom Plus is aimed at domiciliary customers, basically customers with a minimum bank balance of about $5,000. The FirstDom Plus also offers good interest rates and good transfer charges.
What Are the Characteristics of FirstDom Plus Domiciliary Account?
- The FirstDom Plus domiciliary account is machined with a non-clearing chequebook
- Foreign draft issuance is readily available on this type of domiciliary account
- Zero charges on cash withdrawals done over the counter from this type of domiciliary account
- Transfer charges is as low as 0.25%
Who Can Open a FirstDom Plus Domiciliary Account?
Individuals and business entities can open a FirstDom Plus domiciliary account. Some of the things needed for application include:
- The account opening form containing about fourteen sections
- Completed signature card
- A pair of recent passport photographs
- Valid means of identification e.g, NIMC, Passport, Card, Driver’s License
- Utility Bills
Some other things about the FirstDom domiciliary account that you need to get familiar with include;
- The FirstDom Plus is quite different from the normal Domiciliary account. There are two different account types with several features and benefits.
- FirstDom Minimum Operating Balance. This is basically in 3 major currencies: £3,000.00; €5,000.00; $5,000
FirstDom Plus Account charges/ interest rates. Interest rates are biased on cash deposits made within the ranges shown below:
- $5,000 — $9,999, interest at 0.50% per year
- $10,000 — $49,999, interest at 0.75% per year
- $50,000 — $99,999, interest at 1.00% per year
- $100,000 — interest will be above 2.00% per year
FirstDom account holders with a cash balance of about $30,000 and above tend to pay transfer charges lower than 0.25%.
The Primary Domiciliary Account permits savings in US dollars, Pounds, or Euro. Your cash will be valued at a good exchange rate. It speeds up your global transactions and grants you the ease of carrying out global transactions.
What Are the Characteristics of Primary Domiciliary Account?
Firstbank’s primary domiciliary account has the following characteristics:
- Having a minimum balance of £300, €500, or $500
- There’s no limit to the number of withdrawals you can make in a month
- Cash withdrawal from a primary domiciliary account is about 0.5% per transaction
- Only account owners can carry out inter-sol transactions
- FCY deposit is heavily guaranteed
Just like the FirstDom Plus domiciliary account, the primary domiciliary account can also be operated by corporate, individuals, SMEs. As long as the documents needed which include:
- Account opening form with all sections
- Two passport photographs
- Specimen signature
- A valid means of identification
- Utility bill
Other things you should know about the FirstDom Plus domiciliary account include:
- Currencies available for this account include US Dollars, Euro, and Pounds Sterling
- This domiciliary account charges is as follows:
- $10,000 — $49,999, interest at 0.75% per year
- $50,000 — $99,999, interest at 1.00% per year
- $100,000 — interest will be above 2.00% per year
