Global Fixed Deposit Account
Are you a Nigerian citizen or a foreign citizen resident abroad? If so, then you can enjoy the added advantage of attractive investment opportunities in Nigeria without being physically present. The Global Fixed Deposit Account (GFDA) is the simple way for Nigerians and Non Nigerians in diaspora to take advantage of the attractive Fixed Deposit opportunities in First City Monument Bank Plc, Nigeria.
Frequently Asked Questions
In What Currencies Can I Invest My Funds?
The FCMB GFD account offers the flexibility to invest your funds in any of the
three (3) key foreign denominated currencies, namely; the United States Dollars
($), the Great Britain Pounds Sterling (£) and the European Euro(€).
I
understand the GFDA is available
to anyone non resident in Nigeria?
The FCMB GFD account is primarily targeted at Nigerians in Diaspora. An interested foreigner can also buy into this product and its offerings. A Nigerian in Diaspora is a Nigerian citizen or a foreign citizen of Nigerian origin who lives or is employed outside Nigeria / carrying on business / or vocation / or under circumstances indicating an intention for an uncertain duration of stay abroad. (Those who stay abroad on business visits, vacations, medical treatment, study or such other purposes which do not indicate an intention to stay there for an indefinite period are not considered as Nigerians in Diaspora).
For What Duration Can I Invest?
Funds
remitted into your FCMB GFD account can be invested for 30 days, 60 days, 90
days, 180, days, 365 days, 2 years or up to 5 years, and interest is paid at the
maturity of the investment in the same currency of the investment.
Can I Break My Investment and Repatriate My Funds?
Yes, account holders are at liberty to prematurely terminate their investment(s) in the FCMB GFD account at any time of their convenience, and their funds will be repatriated in the same currency along with all the accrued interest earnings.
What is the Minimum Amount you can Invest?
The initial deposit and minimum amount you can invest in the FCMB GFDA is $5,000.00 or £2,500.00 or €3,500.00, and there is no limit to the amount of funds that can be invested in the FCMB GFDA scheme.
How Can I Inflow Funds Into My GFD Account?
Funds inflow into your GFD account is via Account to Account Telegraphic SWIFT transfers. After your application has been received, you will get an e-mail confirmation within 48 hours stating your FCMB GFD account details for your use in transferring funds to your GFD account.
Are there any penal charges for the premature liquidation of Investments?
No, there are no penal charges. Investments will earn the applicable rates for the tenor of the investment. However, the minimum tenor allowed for investments in the FCMB GFDA is thirty (30) days, therefore, any investments prematurely terminated before thirty (30) days will not earn any interest payment. In the event of a premature liquidation, interest is calculated against the tenor with which the funds have stayed with the bank provided the funds have stayed in the bank for up to thirty (30) days.
The only charge to this account would be withholding tax
on interest earned however the amount would be deducted at maturity of the
investment.
Do I need to fill these forms every time I have funds to Invest?
No. Once you sign-up for an FCMB GFD account, you will not be required to fill any other forms whenever you need to invest funds. You are only required to transfer funds directly into your GFD account and send us an instruction through our FCMB office in the UK, or scanned to GFDbanking@firstcitygroup.com.
Can I have access to my GFD account online?
Yes, First City Monument Bank offers an array of Internet banking facilities
that enables you to check your account 24/7 online real time.
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Benefits
- Can be operated in three foreign currencies (USD, Euro and GBP).
- No charges for remittances into the account (Zero remittance commission on inflows)
- Up to 8.25% per annum interest on your Global foreign currency fixed deposits.
- Ease in funds repatriation at the maturity of the investment or at any time of your convenience.
- Highly secure and convenient Internet Banking online access to account(s).
- Ease in documentation required to operate account.
- Personalized Service to account holders
- Free stock broking advisory service.
- No penal charge for premature termination of investments.
More Features of the FCMB GFD Account:
- Outbound transfer is allowed subject to the existing bank's policy and CBN guidelines.
- Accounts are for Individual and Joint Account Holders only.
- The account provides for SWIFT Telegraphic Transfers into the account for investment booking.
- The product offers you the opportunity to access high returns investments in Nigeria.
- Fixed deposits are automatically rolled-over or renewed at maturity for the same tenor if no other instruction is received three (3) working days before the maturity of the investment.
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How Can I Open the FCMB GFD Account?
From this page click on FCMB GFD account link and print out the FCMB GFD account opening form to be completed and forwarded to the FCMB office in the UK along with the documentation requirements stated below after your Banker has attested all the documents. In the alternative, you may choose to personally submit the documents to our office in the UK (stated below), and therefore, you will not require your Banker’s attestation.
For a quicker response from the FCMB GFD’s account management team in Nigeria, kindly fill the online account opening form specifying your personal details and submit the online form.
On receipt of your documents, a confirmatory mail will be sent to you within
48 hours stating your GFD account number, and help lines for any further
information you may require. You will then be required to transfer funds to your
advised GFD account. You may choose to forward a copy of the evidence of
remittance to our FCMB (UK) Office for support in tracking funds transferred.
Upon confirmation of funds transferred, your FCMB Global fixed deposit investment will be booked and an Investment Notification Certificate will be mailed to you.
For customers who do not provide us with a proof of source of funds, the principal and accrued interest outflow will only be to the account from which funds were transferred to us for the investment. In this case, outbound transfers from Nigeria to other 3rd party accounts will not be allowed.
In line with regulatory requirements, we are duty bound to carry out an elementary background check on you, in order to ascertain your eligibility to operate the FCMB GFD account.
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Account Opening Documentation Requirements:
The documents required to open the FCMB GFD account are as listed below;
- A duly filled and signed Indemnity Form ( click here )
- A duly filled and signed application form (click https://www.firstcitygrouponline.com/FNRFDAAF/default.aspx)
- Two (2) recent passport photographs.
- Valid proof of identification (International passport (bio-data page) or a Residence or Work Permit or a Driver’s License)
- Proof of address (A recent utility bill or bank statement or letter from Bank (within three months).
- Proof of Source of Funds – Optional (An option of a Work ID, Employer’s letter, Recent Pay Slips, Business Registration, Bank Statements or Banker’s Reference will suffice)
The above documents should either be taken to our FCMB (UK) Office in the address below for submission, or should be attested by your Banker or Notary Public and mailed to the address below:
FCMB (UK) Office:
Broadbent House
65 Grosvenor Street
London
United Kingdom
W1K 3JH
+44-20-7290 6845
Interest Rates, Fees and Charges
- Earn attractive interest rates of up to 8.25% per annum on your foreign currency Fixed Deposits – (Rates are dependent on the volume of funds and the tenor of the investment. Kindly note that interest rates are as advised by Treasury)
- No Fees or Commission will be charged for inbound transfers.
- Withholding tax advised by the CBN will be charged on interest earned.
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Terms & Conditions of the Account
- The FCMB GFD accounts are for Individuals Only.
- Joint accounts are also allowed.
- You must not open an account if less than eighteen years of age.
- The FCMB GFD account shall be operated in strict compliance with existing foreign exchange regulations in Nigeria, as may be set by the CBN from time to time.
- Transactions exceeding specified amounts as directed by the CBN and other regulatory agencies will be reported to the agencies.
- Proceeds into the account must come only through the channels permitted by the CBN and/or any other regulatory agency.
- The deposit of foreign currency cash or travelers cheques is not allowed into the GFD account.
- Only foreign currency is allowed into the GFD account.
For further details, please send a mail to gfdbanking@firstcitygroup.com/repoffice@fcmbuk.com