But if account is a special savings account, some in the category are; NYSC account ie corpers account, student account, kiddies account, 2nd and 3rd tier accounts ie accounts with no id cards etc. If your hands are clean, your heart should be at rest. Those who become rich grow with time. Lodge it once and let them tell you that the transaction can't fly with reasons. Your email address will not be published. Maximum cumulative balance-N300,000. Most banks in Nigeria have a limit of N3,000,000 as the maximum amount a savings account can hold. All AA savings accounts opened after 6 October 2015 share their £85,000 FSCS protection with Bank of Ireland and Post Office Money, so if you've savings with either of these, check the total saving isn't more than £85,000. Achieve your saving goals using any of our range of savings accounts today. Minimum withdrawal is 1000 naira with a NEFT Withdrawal charges fee of ₦52.50. Just ensure the savings account was opened with CBN authorized identification i.e- International passport, National ID, Permanent Voters card or National driving license. Join the Veelage Earn income advancing through our village of agents with a sustained number of account holders signed up using your unique ID and maintaining an average balance. 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As an account holder, you enjoy exclusive banking privileges, including: Why not walk to your bank and request for the product features of the particular savings account you operate. The interest amount will accrue based on your average daily balance. Issuance of Verve cards (only) Issuance of Verve cards (only) Interest rate of 1.15% p.a. And about loan opportunity, Kudabank savings and spending account users are qualified tо enjoy low-interest loans. This account is strictly a savings account. Below is the list of popular banks in Nigeria and their respective limits for savings account: / Best Bank To Open A Savings Account In Nigeria? Maximum single deposit-N100,000. The Zenith Teens account is a next level account for teenagers between the age of 13 and 17 years. The Kids account encourages healthy savings habits at an early age and money management. A form of ID like the National identity card, voter’s card or driver’s license would also be required, as the bank would have to verify the information given in the National database – National Identity Management Commission (NIMC), Independent National Electoral Commission (INEC), Voters registry, Federal Road Safety Commission (FRSC) etc. Having discovered that about 64.1% of Nigerians (53.6 million) do not have access to financial services, The CBN issued these new requirements to ensure that financially disadvantaged persons are not precluded from opening accounts or obtaining other financial services in the country. The world is a global market, and money is the legal tender acceptable for transactions, as such having a bank account is a necessity in today’s world. To facilitate business and monetary transactions within or outside Nigeria, a bank account, whether savings or current, is necessary. The Money Laundering Control Act of 1986 enabled banks to begin completing Large Currency Transaction Reports (LCTR) on individuals who conduct transactions involving more than $10,000 in cash. Banks give us the flexibility and freedom of conducting monetary business over long distances – without having to make strenuous long-distance trips – pay our bills, transfer funds, and also keep our hearts at rest by safeguarding our money. Re: What Is The Maximum Deposit And Balance For A Savings Account? google_ad_height = 600; Cash Deposit Limit In Savings And Current Accounts In Nigeria, List of 25 Banks In Nigeria and their Functions, Quick Loan In Nigeria – 10 Places To Get Loans Right Now, How To Transfer Airtime To Bank Account In Nigeria. The Central Bank of Nigeria on Tuesday released four new guidelines for the banking industry, top of which was an approval for bank customers to make cheque deposits into their savings accounts. Also, banks have duty to report any irregular inflow into customer's account to NFIU and so far it's legit, you have nothing to worry about. Pls I will advice you to see your bank manager for better details,if the source of the money is genue thank you, Make you go déposit yr Money so far its genuine. Here in this post, we are going to enlighten you on cash deposit limit In savings and current accounts In Nigeria. we respect your privacy and take protecting it seriously. This is account is for Salary earners, professionals, students, entrepreneurs and all other individuals. What Is The Difference Between A Current Account And A Savings Account? Save my name, email, and website in this browser for the next time I comment. Read Also: 6 Problems Affecting Digital Banking In Nigeria. Also u can't withdraw more than 500k over the counter,but if u insist additional charge will be deducted from ur … The account is a naira denominated account. Spread the loveWe had bring you information about The Maximum Amount A Savings Account Can Hold in Nigeria and all you need to know about Savings account in Nigeria. The Central Bank of Nigeria does impose a limit on outgoing transfers of $2,000. Such accounts have limitations as to maximum single deposit amount and cummulative deposit amount. A savings account differs from the current account because a savings account usually has a specific limit each day, such as 500,000 naira as the maximum transactions’ limit.. Also, when you open a current account, a cheque book is issued to the account owner. Nairaland Forum / Nairaland / General / Business / What Is The Maximum Deposit And Balance For A Savings Account? Difference Between Savings Account and Current Account in Nigeria 1. Our aim is to provide daily living guide for Nigerians and her friends. Subscribe to our mailing list and get interesting stuff and updates to your email inbox. / What Is The Difference Between A Current Account And A Savings Account? So just in case you want to open a savings or current account in Nigeria and you are not sure the maximum single deposit and cumulative balance limit that is allowed in savings and current accounts in banks across the country, Or if there’s a monetary transaction you want to process that involves a huge sum of money, and you do not know if your savings or current account limit allows such a huge sum to be transferred or deposited, this article is for you. The account supports level two mobile banking products, may be linked to a mobile phone, and can only be used for funds transfer within Nigeria only. The Central Bank of Nigeria (CBN) yesterday set new deposit limits for all categories of account holders and introduced three-tier Know Your Customer (KYC) requirements for banks. The 1986 act, which was aimed at preventing money laundering, ruled that banks had to share information with federal agencies … This account has no limit placed on single deposits and cumulative balance. The CBN set the maximum single deposit into this account at N20,000, while the maximum cumulative balance was set at N200,000 at any given time. Interest earned on your Fixed Deposit, will be paid to your Current Or Savings Account with the Bank depending on the interest payment option you have selected in the application form. there are several savings account types with different features. Nonetheless, this amount is dependent upon the bank you are using. As you can see, most banks offer the maximum amount in a savings account in Nigeria of 2-6 percent. Which Bank Is The Best For Savings Account In Nigeria? Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. Mike Adenuga's House In BANANA ISLAND, Lagos (Photo), List Of Lucrative Businesses One Can Start In Nigeria Today. google_ad_width = 300; No bank will return your money, what they just need do is to ensure all documents are updated in case there issues, bankers are expected to send reports to CBN on some accounts that have irregular deposits, this report will exonerate the bank in case there is an issue arising from the account, not to witch hunt anyone. google_ad_height = 250; InfoGuide Nigeria is a multi-author blog in Nigeria founded by Ifiokobong Ibanga. I think its all a function of ur source of wealth...my gt savings account has accommodated 6m and I was not even scared..but make sure its a valid ID DAT u used in opening the act. Your email address will not be published. google_ad_slot = "8444795376"; All commercial banks want more deposits both at branch level and as a bank at large..there are some types of savings that the system has been configured to have an amount less than one million at every point in time and it was due to the type of identity card used while opening the account e.g student ID, so for such account to accommodate millions of naira, you have to bring a valid ID card, since you are becoming a big boy, they might also need you to update your current address for KYC( know your customers) purpose. With the CBN’s new financial inclusion strategy, opening one is no longer strenuous, and armed with the information in this article on the single deposit and cumulative balance limit for both savings and current accounts in banks across the country, you now know how to better conduct your transactions so as to stay within the set mark. While the interest you […] The author may or may not have a financial interest in any company or advertiser referenced. Since savings accounts don't have maximum limits, there's no need to stash extra cash in your dresser drawers (or under your bed). (per annum) Interest rate of 1.15% p.a. The online savings platform in Nigeria pays you 12.6% Interest rate. No amount is required to open this account. google_ad_slot = "9979770738"; Required fields are marked *. Here in this article, we’re going to provide you with information on the maximum single deposit limit and maximum cumulative balance you can have in a savings/current account in Nigeria. 7 types of bank account operated in Nigeria 04/16 ... Savings account. Account details can be uploaded via our contact center, branch or website. Accounts were also separated into low and medium value accounts – which are strictly savings accounts, and high-value accounts – which could be either savings or current accounts. Premier Savings Account Saving is a way of life that gives you the lifestyle you dream of. would be required. You can have a CD, savings account, checking account, and money market account at a bank. google_ad_width = 300; The Premier Savings Account is the account that does just that, helping you save towards financial security and peace-of-mind. Its main difference from current account balance cannot be withdrawn up to zero. Zeca Teens account holders enjoy all the benefits of the Zenith Children’s Account and a Naira MasterCard (a prepaid card issued upon Parent’s request) so he/she can start learning to manage money responsibly. Any action taken as a result of information, analysis, or advertisement on this site is ultimately the responsibility of the reader. 6 Functions Of Commercial Banks In Nigeria, 6 Problems Affecting Digital Banking In Nigeria. Recently in Nigeria, in 2013 to be precise, The Central bank of Nigeria (CBN), as part of strategies to promote financial inclusion and also to reduce money laundering and financial terrorism, set a new maximum limit for single deposits, cumulative balance, maximum transaction limit and maximum daily transaction limit for both savings and current bank accounts in Nigeria. Ordinary N10m? google_ad_client = "ca-pub-9755093768544960"; The charge is capped at a maximum of ₦1,500 Read more… Terms of Use. The 1970 Bank Secrecy Act included a provision requiring such reports but at the time privacy laws prevented banks from sharing information with the Internal Revenue Service. But maximum single deposits for a savings account is 5 MILLION (i.e if a lodgement is made that exceeds that amout ur account will be flagged for SUSPICIOUS TRANSACTION REPORT). That is, for a low-value savings account, your single deposit will not exceed N20,000, while the total amount of money you’re allowed to have in the account is N200,000. Read Also: Steps To Start Up A Bank In Nigeria. Read Also: Top Ten Banks in Nigeria You Can Trust. That isn’t to say you’ll be able to send as much as you like all at once. Savings Account: A savings bank account is the most widely recognized sort of deposit account in Nigeria that requires little or no capital to open. You’ll, however, be required to present a passport photograph, and other basic information like your name, gender, date of birth, telephone number, Address, etc. Level three mobile banking products are allowed with this account, and the account could be both savings and current. The content on the InfoGuide Nigeria is provided as general information only. First Bank of Nigeria Limited has increased transfer transaction limits on its FirstMobile Lifestyle app from N500,000 to a maximum daily limit of … A maximum transaction limit of N10,000 was also set, as well as a maximum daily transaction limit of N100,000. Money transfer businesses, which often solely send money between countries, sometimes have reporting thresholds as low as $1,000. An account that rewards you with exciting prizes for saving a minimum of N5,000. However, like every other corporate financial institution, Banks come with their own rules, one of which is the maximum single deposit limit for a financial transaction and the maximum cumulative balance one can have in a bank account. (per annum) Maximum single deposit-N50,000. No amount is also required for the opening of this account, although the usual customer information details are required, while banks are asked to obtain, verify and maintain copies of all documents required for the opening of this account. While there aren’t legal limits, most transfer service providers set their own. Also, the CBN set the maximum transaction limit for this account at N3,000, while the maximum daily transaction limit was set at N30,000. In addition, a bank may report any transaction of any amount that alerts its suspicions. Best Bank To Open A Savings Account In Nigeria? / Mike Adenuga's House In BANANA ISLAND, Lagos (Photo) / List Of Lucrative Businesses One Can Start In Nigeria Today, Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10). (159138 Views), Which Bank Is The Best For Savings Account In Nigeria? From the name, the purpose of creating such an account in any commercial bank in Nigeria is to save. The invention of ATM’s, as well as the introduction of mobile money apps, have only made this process even easier. History. However, you can transfer any amount on the FT/NIBBS … Let us know. (2) (3) (4), (1) (2) (3) (4) (5) (Reply) (Go Down), Say No To Aliexpress And Alibaba Importation (But Other Great Chinese Sites). No amount is required for the opening of this account, although basic customer information (such as name, date of birth, gender, address, telephone number, etc.) If account is a regular savings account opened with all necessary documentation abi initio, hundreds of hillions can go in as much as you can verify the source of the funds. Here we publish several helpful articles in various categories, such as how-to articles, where to find things, resources, business, interviews and reviews. History. Corporate account accepts N3m deposit daily. Platforms supported: Android, Web. Open a UBA Account with Zero Naira and start enjoying amazing benefits.The Zero Account is a savings account which can be opened without immediate funding. Difference between current and savings account. The account can be used to transfer money to another country or receive foreign currency from other countries. Maximum Account Balance The maximum account balance limit permitted is ₦500,000. Money … Savings Accounts We offer you a variety of savings accounts that suit every stage of your life, with unique benefits designed to match your personal banking needs as you grow. The CBN set the maximum single deposit for the Medium value account at N50,000, while the cumulative balance was set at N400,000, although some banks, like First bank and Zenith bank, have theirs set at N300,000. Chase, for example, offers $150 to customers who open a savings account and deposit at least $10,000 in money that's new to Chase within 20 days of opening the account, maintain a … What are the consequences of copyright infringement? 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