Bank Moves To Protect Depositors Against Potential Losses

In a renewed effort at deposit mobisation, increase banking culture and protect depositors against potential losses or damages, Fidelity Bank has introduced indemnity clause in the newly designed fixed deposit form, metrobusinessnews.com can authoritatively reveal.

Consequently, the use of the form will be mandatory for both individual and corporate account holders.

 Indemnity is a comprehensive form of insurance compensation for damages or loss.  It is a contractual agreement between two parties. In this arrangement, one party, and in this case, the bank agrees to pay for potential losses or damages caused by another party.

In an emailed message to its customers on Monday, the bank said, “This is to inform you that the fixed deposit form has been designed to include an indemnity clause. The use of this form will be mandatory for both Individual and Corporate account holders. Written requests for fixed deposits will be replaced by the use of this revised form.

“This simply means that accounts without email addresses will be required to sign the indemnity form before investment certificates are manually generated and printed at any Fidelity Bank branch.

In the event, a request for fixed deposit is made via the Fidelity Bank Online Banking app or with Ivy, please note that accepting the indemnity clause will also be required.” 
On inquiry, the bank responded that the action is from its management 
“With reference to your inquiry, kindly be informed indemnity form is from the bank protecting against any loss. Thank you for choosing Fidelity Bank., ‘ the bank said.