Can I use the custody account to receive third-party transfers or make payments?
No.
Asset Custody
How does custody account relate to my normal (operational) bank account?
Your custody account and your operational bank account are separate:
Does the custody account have a minimum balance requirement?
No. The custody account, as a “cost to the account” / asset-holding account, does not require any minimum balance. It is
Is the EUR 25,000 a minimum balance for Custody Account?
No. The EUR 25,000 is not a minimum balance.
What is the cost of the custody account?
The custody account carries a non-refundable fee of EUR 25,000.
What is a custody account?
A custody account is an account designated to hold and safeguard assets, not to hold liquid funds for day-to-day banking.
SKR Transfer and Asset Custody
Please note that Prominence Bank does not accept SKRs issued by external storage facilities. To proceed with any transaction, the
Can I apply for a loan with a Safe Keeping Receipt (SKR)?
Prominence Bank – Loan Application with Safe Keeping Receipt (SKR) Yes, you may apply for a loan using a Safe