|Frequently Asked Questions (FAQs) DSIA|
|Monday, 27 February 2017 09:07|
Frequency Asked Questions (FAQs)
1. What is the Databank Student Investment Account?
Databank Student Investment Account (DSIA) is an investment package tailor-made for tertiary students. DSIA assists students in investing toward the future and helps to develop the culture of investing.
2. What’s the minimum investment amount I can start with?
The minimum initial investment you can start with is GHC 25. To grow your money significantly, it is best to follow a consistent investment plan. The required minimum monthly contribution into your account is GHC 20.00.
3. Are there any other fees I have to pay when I open the account?
Yes. Once you sign up for the account, you must pay a one-time membership fee of GHC 10. In addition to the benefits outlined above, you will receive a membership card and Databank branded souvenirs. Your membership must be renewed annually by completing a DSIA update form. There is no charge.
4. Can I access the funds in my investment anytime I need money?
Yes. While you can access your funds at any time, it is recommended that each deposit remains invested for at least 12 months before withdrawing. This is because, the longer you leave your investment, the more likely it is to grow.
5. How is the money going to be invested?
All funds deposited under DSIA will automatically be invested in EdIFund Tier 1, unless you indicate otherwise. To learn more about EdIFund Tier 1, please read the Fund’s Scheme Particulars, which is available at www.databankgroup.com
6. What is the minimum recommended holding period for investing in the fund?
The minimum recommended holding period for your DSIA investment is 12 months.
7. What requirements do I need to open a Databank Student Investment Account?
To open a Databank Student Investment account, you will be required to provide the following:
- Completed DSIA form & Databank application form
- Valid national ID card
- Valid student ID card
- 2 passport sized pictures
- Proof of address
8. Can I sign up for DSIA even if I am not a student?
No. You MUST be a student to sign up for and enjoy the benefits of DSIA. However, you can invest directly in any of Databank’s mutual funds (i.e., MFund, BFund, ArkFund, Epack and EdIFund) at any time.
9. Can I make deposits into my account through other banks?
Yes. You can top up your account at any of our partner banks (i.e., GTBank, UBA, Zenith and Access Bank). You can also deposit money through our mobile money and online services. Please select EdIFund Tier 1 on the deposit slip.
10. Will my membership card expire?
Yes. Your membership card expires after a period of one year. However, the card must be renewed if you want to enjoy discounts at the selected shops.