What is an Indue FMD Account?
An Indue FMD Account is an investment product offered by Indue which is on sold by non-ADI co-operative organisations, under an innovative agency arrangement.
Indue, using its ADI licence holds the deposit, but our non-ADI partners provide the front office servicing and brand presence to give a consistent customer experience. In simple terms, it is an agency arrangement, with a difference.
What is the Farm Management Deposit (FMD) Scheme?
The scheme was established by the Australian Federal Government as an income smoothing tool. The scheme allows primary producers to defer pre-tax primary production income into an FMD account to help smooth income between good and bad times, thereby providing a fairer balance in relation to income tax payable over time. Special legislative requirements apply to the operation of FMD accounts. Details can be found at www.ato.gov.au
Unique Advantages
Indue’s solution empowers non-ADI co-operative organisations to provide their customers with integrated and self branded FMD accounts.
By ‘integrated’ we mean you can manage the customer account within your own banking system, so it sits side-by-side with your other financial products. No need for separate web logins or statements and it’s your staff, not ours, that serves the customer, leaving you in total control of the customer service experience. By ‘branded’ we mean this product is all about your brand, not ours, and therefore this tailored solution can support your brand reinforcement strategy.
Unique Advantages continued...
A further benefit of establishing an Indue FMD account is to eliminate the need for your customers to maintain an external banking relationship, establishing you as their one stop shop for all their financial needs.
The final benefit of the Indue product is that flexible partnership pricing means you share in the financial success of the product, because of its generous income sharing arrangements.