This is a special fixed account deposit from 5years term upwards.
In this type of account, the depositor decides on how the fund should be deposited and managed by the bank. The suspense account deposits are made with an agreement bond where the deposit instructions are stated. On the agreement document, the depositor stipulates whether or not the bank can access the funds. If indicated yes that the bank can access the funds before the agreed deposit term then, there will not be an advanced fixed management charges. in other words, the management charges will be deducted annually from the total fund deposited as agreed with the bank in time of deposit. If indicated NO that the bank should not acces the funds until the deposit term ends then, the bank will require that a fixed management charges be paid in advance which will cover the entire deposit term.
Death or other life disabilities:
In case the depositor dies before the end of the deposit term, the depositor's next of kin will inherit the fund on behalf of the original depositor. The inheritor of the fund can transfer the fund to any account he/she desires even in the period of the 10 years agreement term. Knowing well that this fund is strictly made for onward transference, it can not be transferred to a local account. The fund can only be remitted to any US$ account outside the country of deposit. Hence the fund has been transferred to the account of the beneficiary or co-beneficiary, The deposit agreement will no longer apply and withdrawal access to the funds is granted in full.
Documentation Type:
In order to inherit the fund deposited in a suspense account, the beneficiary has to provide the following documents;
• Depositor's death certificate
• Government issued Identification (National ID card or International passport)
• Proof of residence (Residential permit card or other residential documents)
• The deposit documents (official deposit receipt or statement of account)
• A power of attorney from a government certified Legal chamber
• An affidavit of claim certficate
• Change of fund's ownership certificate from the federal ministry of Justice
*NB* Transferring of funds deposited in a suspense account may require additional legal documentation according to the current federal and international regulations on outgoing funds.
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