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Money Market Deposit Account
This account has some features not found in regular savings accounts. Interest rates for Money Market Deposit Account are attractive.
Money Market Deposits - Product Description
- –Â Â Cash transactions made with deposit money banks are either secure or non secure.
- –Â Â Overnight Deposits.
- –Â Â Call Deposits (ordinary call or 7 day call).
- –Â Â Certificate of Deposits.
- –Â Â Fixed/Time/Tenured Deposits (Usually 30,60,90,180 days, occasionally 1 year).
Money Market Features
- –Â Â Transaction depends on limit for counter parties.
- –Â Â Can be secured or unsecured.
- –Â Â Can be Open Buy Back or Fixed Buy Back.
- –Â Â Simultaneous transfer of funds and securities by both counter parties.
- –Â Â Face value of underlying security same as nominal value of loan amount.
Benefits of Money Market
- –Â Â Opportunity to earn increased yield on short term investment.
- –Â Â Creates liquidity to meet short term obligations.
- –Â Â Safer as an investment when secured since investor receives collateral.
Requirements
- –Â Â Letter expressing desire to invest in MMD and authority to debit account thereafter.
- –Â Â Filled KYC form.
- –Â Duly signed investment contract confirmation letter showing issuers name.
- –Â Â New Clients.
- –Â Â Account opening form with passport attached and means of identification.
- –Â Â Cheque or lodgment slip.
- –Â Â Filled KYC form.
- –Â Duly signed investment contract confirmation letter showing issuers name.
- –Â Â You initiate request and comply with requirements above.
- –Â Â Account officer verifies documents and forwards to treasury.
- –Â Â Treasury raises deal slip and forwards to Trops.
- –Â Â Customers account is debited in line with deal slip instructions.
- –Â Â Contract certificates are generated.
Frequently Asked Questions
You can buy or sell shares through UBA Securities Limited. Please see their contact details below:
UBA Securities Limited
Customer Services
UBA House | 12th Floor
57, Marina
P. O. Box 2406,
Lagos, Nigeria
Email: ubastockbrokers@ubagroup.com
Telephone: +234-1-2808919
www.ubacapitalgroup.com
- UBA’s financial year-end was originally March of each year. After the merger of UBA and STB, with effect from 1 August 2005, the bank’s financial year-end was changed to September. However, with the CBN policy on uniform year end, the reporting period is now December. In addition, UBA reports interim results of the group every three months to the Nigerian Stock Exchange and to shareholders in the Nigerian Press within 15 days after the expiration of the reporting period.
Yes you can. Kindly contact our registrars, Africa Prudential Registrars Limited to set this up. Please see their contact details below:
Business Development and Relationship
Management Unit
Africa Prudential Registrars Limited
220B, Ikorodu Road, Palmgrove
Lagos, Nigeria
Email: info@africaprudentialregistrars.com
Telephone: +234-1-4606460
www.africaprudentialregistrars.com
The merger between United Bank For Africa Plc and Standard Trust Bank Plc came into effect on 1 August 2005.
The current tax legislation requires that a withholding tax of 10% be deducted at source from all dividend payments.
