Local demand deposit accounts are locally held current accounts. They are available in both local currency and foreign (USD) currency denominations. These accounts are interest bearing. (Special conditions apply).
In addition to completing our account opening documentation, the following are required for opening any of our chequing or savings accounts:
New York Demand Deposit Accounts
What is it?
A U.S. dollar checking account opened at Citibank, N.A. 111 Wall Street, New York, where funds are concentrated and managed by clients. You can receive credits or withdraw U.S. dollar funds on demand without restriction or penalty.
How does it work?
- A New York DDA also allows you to issue cheques drawn on Citibank New York. These cheques may be customised to bear your name.
- There is also the option of having the cheques customised to meet your specific requirements.
What are the benefits?
- Insurance: Your deposits are FDIC insured up to US$250,000
- Protection: United States Sovereign Risk
- Interest potential: Interest from Sweep Investments is credited daily based on predetermined minimum investment requirements.
Requirements
- Incorporation documentation for your company and the Company Board of Directors' resolution authorizing the opening of the account and those persons authorized to sign. These must be original documents signed by the president and secretary of the company.
- Account opening documentation