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How to Open Domiciliary Account with First Bank

How to Open Domiciliary Account with First Bank

First Bank of Nigeria Ltd has two classes of domiciliary accounts: the FirstDom Plus and the Primary Domiciliary Account.

The FirstDom Plus is a domiciliary account designed for maximum benefits. It offers highly reduced transfer charges and attractive interest rates.

FirstDom Plus is a foreign currency deposit account targeted at potential domiciliary customers and existing customers with a minimum balances of $5,000 and above. This foreign currency deposit account offers attractive interest rates and highly reduced transfer charges.

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Features of FirstDom Plus Domiciliary Account

  • FirstDom Plus domiciliary account is operated with a specialized non-clearing Cheque book
  • On the FirstDom Plus domiciliary account, Foreign draft issuance is allowed.
  • No charges on over-the-counter cash withdrawals from FirstDom domiciliary Account.
  • Transfer charges on FirstDom Plus domiciliary account as low as 0.25% flat

 

Who Can Apply to Open FirstDom Plus Domiciliary Account

Individuals and corporates entities can apply for the FirstDom Plus domiciliary account. All you need are:

  • Individual Account Opening Form. This form contains about fourteen sections (APPLICATION TO OPEN AN INDIVIDUAL ACCOUNT, PERSONAL DETAILS, CONTACT DETAILS, VALID MEANS OF IDENTIFICATION, EMPLOYMENT DETAILS, DETAILS OF NEXT OF KIN, etc) that should be duly completed before the account can be opened.
  • Completed Specimen Signature card
  • Two recent passport photographs with a clear background.
  • Valid means of identification e.g. Passport, Driver’s License, or National I.D (NIMC). Card (Original to be sighted)
  • Utility Bill, e.g. PHCN, etc that is not more than three months old from your current place of residence. The original will have to be presented to the account manager.
  • Complete the form and submit it to the nearest First Bank branch

 

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Other things you need to know about FirstDom Domiciliary Account

1) First Dom Plus is different from your Domiciliary Account. They are two different accounts with different benefits and features.

2) Minimum Opening/Operating Balance

The minimum operating/opening balance for FirstDom Plus are in 3 major currencies are: $5,000.00; €5, 000.00; £3, 000.00

3) Interest rates.

Interest rates are based on deposits within the range bellows:

$5,000 – $9,999 at 0.50% per annum

$10,000 – $49,999 at 0.75% per annum

$50,000 – $99,999 at 1.00% per annum

$100,000 – Above at 2.00% per annum

4) Migrating existing domiciliary account to FirstDom Plus Account

You can migrate your existing domiciliary account to FirstDom Plus Account, as long as you can increase your existing balance to the minimum opening balance.

5) Retaining account number after migrating to FirstDom Plus Account

Unfortunately, your account number will be changed after migrating from a domiciliary account to FirstDom Plus account, because the two products are different

6) How to open a FirstDom domiciliary account

Visit any FirstBank branch closest to you to get started.

7) Other benefits available to holders of FirstDom Plus domiciliary account apart from the higher interest paid on this account

  • Any cash withdrawal on the FirstDom Plus domiciliary account is free of charge.
  • Also, withdrawals from any FirstBank branch are allowed.
  • Furthermore, Account holders with balances of $30,000 and above pay ≤ 0.25% transfer charges.

 

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Primary Domiciliary Account

This domiciliary allows you to save in US Dollars, Pounds Sterling, or Euro. Your money will be valued at the prevailing exchange rate. It facilitates your international business transactions and gives you the ease of doing international transactions.

 

The Features

The primary domiciliary account in FirstBank has the following feature:

  • It has a minimum opening balance of $500, €500, or £300
  • Minimum operating balance of $100, €100, or £50
  • There is no limit to the number of withdrawals in a month
  • Cash withdrawal from this account is at 0.5% flat per transaction
  • Inter sol transactions are allowed for account owners only.
  • Guaranteed FCY deposit
  • Attractive pool for interest on bank fund
  • There are no restrictions on the number of withdrawals
  • Inter sol withdrawal allowed for account holders only.

 

Who Can Apply to Open and Operate this Account?

Individuals, SMEs, and cooperative organizations can open and operate this account. All you need are the following documents:

  • Duly completed the Account Opening Form. The account opening form has the following sections: APPLICATION TO OPEN AN INDIVIDUAL ACCOUNT, PERSONAL DETAILS, CONTACT DETAILS, VALID MEANS OF IDENTIFICATION, EMPLOYMENT DETAILS, DETAILS OF NEXT OF KIN, etc.
  • Two (2) recent passport photographs
  • Duly completed the specimen signature card
  • Valid means of identification e.g. Passport, Driver’s license, or National ID (NIMC) card.
  • Address verification document: Utility Bill

 

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Other things you might want to know about FirstBank Primary Domiciliary Account

1) Available currencies for this account

This account support for now only Pounds Sterling, US Dollars, and Euro.

Visit any FirstBank branch closest to you to get started.

For more please visit the FirstBank website

https://www.firstbanknigeria.com/personal-banking/domiciliary-accounts/

 

Please let us know your thoughts on How to Open Domiciliary Account with First Bank in the comment box below.

 

 

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