Leadership (Abuja)
Teddy Nwanunobi
21 March 2008
Abuja — First City Monument Bank (FCMB) has taken a step aimed at cornering the wealthy Nigerians with the introduction of a new banking product.
The newly introduced product, 'All-in-One', Account is expected to meet the needs of discerning, rich customers in the country.
The 'All-in-One' Account would attract Nigerians with surplus funds who desire to earn competitive interest payments and require flexibility for withdrawal which a fixed deposit does not give.
The Account, which combines the benefits of a Savings Account with the flexibility and convenience of a Current Account and high interest rate of Fixed Deposit Account, would provide flexibility for consumers who already have a fixed deposit account with the bank, but require an account they can flexibly withdraw from.
One of the innovative consumer banking products available in Nigeria banks, the product offers high interest rate of 6 per cent per annum, personalised check book for over the counter transactions in FCMB's branches, four free bank drafts that allows for third party withdrawal and lodgment of clearing instrument and dividend warrants.
Other benefits include: access to optional overdraft line via linked current account, free Debit/ATM Gold card, free SMS and e-mail transaction and free internet banking service.
"'All - in - One' is the only savings account that offers 6 per cent interest per annum, issuance of four free bank overdraft monthly, an optional overdraft line up to 80 per cent of the minimum balance and an FCMB Gold card that enables customers to withdraw 200,000 daily as against 60,000 and lots more," said Anurag Saxena, FCMB's chief operating officer.
With this step the management of FCMB has resolved to make a laudable mark in the consumer and investment banking in other to expand the bank's operation beyond the shores of Nigeria.
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