Local Demand Deposit Accounts
What is it?
Local demand deposit accounts are locally held current accounts. They are available in both local (TTD) currency and foreign (USD) currency denominations. These accounts are interest bearing. (Special conditions apply).
How does it work?
- You are able to deposit to and draw cheques on your locally held account. Deposits can take the form of cash, cheques or wire transfers.
- Cheques drawn on your locally held U.S. dollar accounts are treated as collection items if presented outside of Trinidad.
- At the end of each month you will receive an account statement detailing your transactions for the month.
- All local currency deposits at Citibank® (Trinidad & Tobago) Limited are insured by the Deposit Insurance Corporation (DIC) up to an aggregate of TTD 125,000 or foreign currency equivalent in accordance with the rules and regulations established by the DIC. Unless otherwise stated the DIC does not protect against foreign currency losses.
What are the benefits?
- Guaranteed support: You have the guarantee that your cheques have the support and prestige that have distinguished Citibank throughout the world.
- Wide acceptance: Most businesses and institutions accept your corporate cheques.
What are the requirements?
In addition to completing our account opening documentation, the following are required for opening any of our chequing or savings accounts:
- Must be a corporate entity.
- A letter requesting the establishment of accounts, TTD and/ or USD, at Citibank Trinidad and Tobago Limited.
- Certificate of Incorporation/Registration.
- Articles of Incorporation.
- By Laws.
- Notice of Directors.
- Proof of identification and address for all officers, directors and account signers
- 3 yrs. audited financials (or projected financials if new entity).
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