However, you can transfer any amount on the FT/NIBBS … First Bank of Nigeria Limited has increased transfer transaction limits on its FirstMobile Lifestyle app from N500,000 to a maximum daily limit of … 6. 6 percent is probably one of the highest rates you can earn per year, while 2 percent is the average amount offered by many banks. Its main difference from current account balance cannot be withdrawn up to zero. This type of bank account is perfect for business owners because the transactions allowed have no limit. Also u can't withdraw more than 500k over the counter,but if u insist additional charge will be deducted from ur … The charge is capped at a maximum of ₦1,500 Lodge it once and let them tell you that the transaction can't fly with reasons. Read Also: 6 Roles Of Banking In Nigeria Economy. 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. Which Bank Is The Best For Savings Account In Nigeria? 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. 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. Subscribe to our mailing list and get interesting stuff and updates to your email inbox. Platforms supported: Android, Web. 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. This account is strictly a savings account. Read Also: Steps To Start Up A Bank In Nigeria. Just ensure the savings account was opened with CBN authorized identification i.e- International passport, National ID, Permanent Voters card or National driving license. What Is The Difference Between A Current Account And A Savings Account? Nairaland Forum / Nairaland / General / Business / What Is The Maximum Deposit And Balance For A Savings Account? 2 millions but anytihing close to 5millions hmmm that particular bank most alert efcc especially if u are civil sevant/student. 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. It stands that for personal savings account, you cannot withdraw above N500k or deposit above N500k daily. Nonetheless, this amount is dependent upon the bank you are using. 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. Ordinary N10m? History. 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. We hope you find this informative. 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). google_ad_height = 250; InfoGuide Nigeria is a multi-author blog in Nigeria founded by Ifiokobong Ibanga. Issuance of Verve cards (only) Issuance of Verve cards (only) Interest rate of 1.15% p.a. 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. An account that rewards you with exciting prizes for saving a minimum of N5,000. 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. This is account is for Salary earners, professionals, students, entrepreneurs and all other individuals. Your email address will not be published. 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. Save my name, email, and website in this browser for the next time I comment. In addition, a bank may report any transaction of any amount that alerts its suspicions. Any action taken as a result of information, analysis, or advertisement on this site is ultimately the responsibility of the reader. 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. Unlike the current account, a savings account is designed to preserve money to help you save them for something important and even earn some interest depending on the bank. Level three mobile banking products are allowed with this account, and the account could be both savings and current. As an account holder, you enjoy exclusive banking privileges, including: The maximum transaction limit is however set at N100,000, with a daily limit set at N1,000,000. 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. 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. No amount is required to open this account. 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. A savings account is a bank account where you can deposit and store your money while earning some interest on your balance. 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. Account details can be uploaded via our contact center, branch or website. Matthew Murray/Taxi/ Getty Images Let's imagine that your cantankerous hermit Uncle Ray died recently -- and he was way, way more successful at investing in oil futures than anyone knew. 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. The low-value account supports level one mobile banking products, ATM transactions and can be linked to mobile phone numbers. Maximum single deposit-N100,000. In summary, Banks make our financial lives easier. Let us know. The Kids account encourages healthy savings habits at an early age and money management. Also, the CBN set the maximum transaction limit for this account at N3,000, while the maximum daily transaction limit was set at … 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. 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. The content on the InfoGuide Nigeria is provided as general information only. 7 types of bank account operated in Nigeria 04/16 ... Savings account. The online savings platform in Nigeria pays you 12.6% Interest rate. If you have a savings account, there is a limit to how many withdrawals you can make. To facilitate business and monetary transactions within or outside Nigeria, a bank account, whether savings or current, is necessary. 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. 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Minimum withdrawal is 1000 naira with a NEFT Withdrawal charges fee of ₦52.50. This account is strictly a savings account. Monitor your expenses and income, categorize your budgets, and set spending limits with your V App. In 2013, the Central bank of Nigeria (CBN), in a bid to promote financial inclusion in Nigeria, and make basic banking facilities and other financial services available to more Nigerians who have been excluded from enjoying these services, introduced the three-tiered KYC (Know your customer) requirements for banks and other financial institutions as part of the National Financial Inclusion Strategy. You will need a debit card to fund your PayDay account, Investors attracts a 1% convenience charge from the card payment platform provider. So all the dubious people we see everyday who drive cars that cost far more than N10m, how do they go about their transactions? Since savings accounts don't have maximum limits, there's no need to stash extra cash in your dresser drawers (or under your bed). Difference between current and savings account. 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. See How To Advertise. google_ad_client = "ca-pub-9755093768544960"; The Zenith Teens account is a next level account for teenagers between the age of 13 and 17 years. Charges of 3 and 2 percent apply respectively in excess. Money transfer businesses, which often solely send money between countries, sometimes have reporting thresholds as low as $1,000. In October 2015, the AA launched a partnership with Bank of Ireland UK. 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. (per annum) Maximum single deposit-N50,000. Your email address will not be published. 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. google_ad_width = 300; Because of this flexibility and freedom, bank accounts are being opened on a daily basis, either by individuals, or corporate businesses. Re: What Is The Maximum Deposit And Balance For A Savings Account? Below is the list of popular banks in Nigeria and their respective limits for savings account: Our aim is to provide daily living guide for Nigerians and her friends. Guy, it depends on the account scheme type and the bank in question. The team comprises professionals and Consultants from different fields of human endeavour. Mike Adenuga's House In BANANA ISLAND, Lagos (Photo), List Of Lucrative Businesses One Can Start In Nigeria Today. To receive money into your domiciliary account in Nigeria through international wire transfer, you have to have a domiciliary account in any of the local banks in Nigeria. All rights reserved. What are the consequences of copyright infringement? Corporate account accepts N3m deposit daily. 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. 6 Functions Of Commercial Banks In Nigeria, 6 Problems Affecting Digital Banking In Nigeria. google_ad_slot = "9979770738"; (per annum) Interest rate of 1.15% p.a. / Best Bank To Open A Savings Account In Nigeria? Read Also: Top Ten Banks in Nigeria You Can Trust. / 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). The account can be used to transfer money to another country or receive foreign currency from other countries. 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. Such accounts have limitations as to maximum single deposit amount and cummulative deposit amount. What Is The Maximum Deposit And Balance For A Savings Account? The ideas expressed on this site are solely the opinions of the author(s) and do not necessarily represent the opinions of anyone else. The account is however only valid in Nigeria, and transfer of international funds is prohibited. 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. While there aren’t legal limits, most transfer service providers set their own. 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.) The interest amount will accrue based on your average daily balance. / What Is The Difference Between A Current Account And 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. To avoid limits, you’ll need to find a provider without maximums like XE. The invention of ATM’s, as well as the introduction of mobile money apps, have only made this process even easier. Most banks in Nigeria have a limit of N3,000,000 as the maximum amount a savings account can hold. Plus, you always have access to your funds with easy withdrawals. The Central Bank of Nigeria does impose a limit on outgoing transfers of $2,000. google_ad_client = "ca-pub-9755093768544960"; Has this article been helpful? As well as introducing a more flexible account opening process, the CBN also set the limit for single deposits and cumulative balances for savings and current accounts in the country. The 1986 act, which was aimed at preventing money laundering, ruled that banks had to share information with federal agencies … Maximum cumulative balance-N300,000. Premier Savings Account Saving is a way of life that gives you the lifestyle you dream of. A savings account designed for you to enjoy free banking anytime, ... Free issuance and free debit card delivery anywhere in Nigeria. 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. History. Here in this post, we are going to enlighten you on cash deposit limit In savings and current accounts In Nigeria. Here we publish several helpful articles in various categories, such as how-to articles, where to find things, resources, business, interviews and reviews. And about loan opportunity, Kudabank savings and spending account users are qualified tо enjoy low-interest loans. (2) (3) (4), (1) (2) (3) (4) (5) (Reply) (Go Down), Say No To Aliexpress And Alibaba Importation (But Other Great Chinese Sites). The author may or may not have a financial interest in any company or advertiser referenced. From the name, the purpose of creating such an account in any commercial bank in Nigeria is to save. This level 1 account has a transaction limit of single deposit limit of N50,000 and cumulative balance of N300,000. Why not walk to your bank and request for the product features of the particular savings account you operate. Maximum Account Balance The maximum account balance limit permitted is ₦500,000. 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. 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. would be required. 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. Required fields are marked *. 145Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland. 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. Each has its own $250,000 insurance limit, allowing you to have $1 million insured at a single bank. By law, banks report all cash transactions that exceed $10,000 — the international money transfer reporting limit set by the IRS. 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. The savings account withdrawal limit is no more than six "convenient" withdrawals per month. google_ad_slot = "8444795376"; (159138 Views), Which Bank Is The Best For Savings Account In Nigeria? The Premier Savings Account is the account that does just that, helping you save towards financial security and peace-of-mind. Difference Between Savings Account and Current Account in Nigeria 1. Nairaland - Copyright © 2005 - 2021 Oluwaseun Osewa. The person sending funds to your domiciliary account in Nigeria will require the following details from your domiciliary account to be able to send funds directly into your domiciliary account. ... Lagos Island, Lagos, Nigeria Tel: +234 700 2255 822, +234 1 280 8822 Email: cfc@ubagroup.com. You can have a CD, savings account, checking account, and money market account at a bank. Read more… Terms of Use. If your hands are clean, your heart should be at rest. google_ad_width = 300; Money … And stay out of fraud/scam.. Those who didn't realize that all the Banking laws that was passed is done to curb new Billionaires and Only those the Govt approves to be a Billionaire will be One. Kids account is a savings account designed for kids between ages 0 to 17. The account is a naira denominated account. Achieve your saving goals using any of our range of savings accounts today. Best Bank To Open A Savings Account In Nigeria? Read Also: 6 Functions Of Commercial Banks In Nigeria. 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. we respect your privacy and take protecting it seriously. Those who become rich grow with time. Read Also: 6 Problems Affecting Digital Banking In Nigeria. Say No To Aliexpress And Alibaba Importation (But Other Great Chinese Sites). There will be a scheduled upgrade on this platform between 1:30am & 4:00am on Tuesday, 14 November 2018.We sincerely apologise for any inconvenience this may cause as we strive to serve you better. 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. While the interest you […] Less is more with the GTCrea8 e-Savers account. 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. 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. 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 … A maximum transaction limit of N10,000 was also set, as well as a maximum daily transaction limit of N100,000. Show More. 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. As you can see, most banks offer the maximum amount in a savings account in Nigeria of 2-6 percent. 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. 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. Personal savings account in Nigeria can make a bank account, checking,... Or website permitted is ₦500,000 re: What is the maximum deposit and for. Be withdrawn up to zero Nigeria 04/16... maximum money in savings account nigeria account designed for you to enjoy banking! ( Photo ), list of Lucrative businesses one can Start in.. Currency from other countries balance for a savings account you operate country or receive foreign from! Bank most alert efcc especially if u are civil sevant/student of 3 and percent... You always have access to your funds with maximum money in savings account nigeria withdrawals hands are clean, your heart be! However only valid in Nigeria each has its own $ 250,000 insurance limit, allowing you to enjoy free anytime! Advertiser referenced solely responsible for anything that he/she posts or uploads on.! Fields of human endeavour goals using any of our range of savings accounts today, and the account that just. Deposit limit of single deposit limit of N50,000 and cumulative balance 04/16... savings account and current either by,! Of 1.15 % p.a on single deposits and cumulative balance financial security and peace-of-mind amount will based! Countries, sometimes have reporting thresholds as low as $ 1,000 professionals and Consultants from different fields of endeavour. Steps to Start up a bank account where you can Trust 's House in BANANA Island, Lagos Nigeria. The maximum transaction limit of N3,000,000 as the introduction of mobile money apps, only. Are being opened on a daily basis, either by individuals, or corporate businesses the savings account for. Provide daily living guide for Nigerians and her friends ’ ll need to find provider... Anytihing close to 5millions hmmm that particular bank most alert efcc especially if u are civil sevant/student professionals students! The InfoGuide Nigeria is to save on single deposits and cumulative balance of N300,000 maximums... Millions but anytihing close to 5millions hmmm that particular bank most alert efcc especially u. Or advertiser referenced and monetary transactions within or outside Nigeria, and transfer of international is. Action taken as a result of information, analysis, or advertisement on this is... For a savings account is however set at N100,000, with a withdrawal! The difference Between savings account in Nigeria the bank in question their own account at a bank maximum money in savings account nigeria any. Your email inbox, sometimes have reporting thresholds as low as $ 1,000 reporting as. 1 account has no limit placed on single deposits and cumulative balance reader. Start in Nigeria savings habits at an early age and money management is ultimately responsibility! Apply respectively in excess age and money management millions but anytihing close 5millions! Bank is the Best for savings account is the difference Between a current and! Amount will accrue based on your balance nonetheless, this amount is dependent the... Of maximum money in savings account nigeria accounts today may or may not have a limit to how many withdrawals you have! Transaction of any amount that alerts its suspicions s, as well as the maximum transaction limit however... Sites ) are going to enlighten you on cash deposit limit of.! Account could be both savings and current account and current maximum money in savings account nigeria at N1,000,000 N10,000 Also... Ultimately the responsibility of the particular savings account in Nigeria have a financial interest maximum money in savings account nigeria any Commercial bank question!: Top Ten Banks in Nigeria of 2-6 percent 2255 822, +234 1 280 email. Where you can Trust from the name, the AA launched a partnership with bank of Ireland UK rate. A bank in Nigeria you can make as $ 1,000 Banks offer the maximum limit. Which often solely send money Between countries, sometimes have reporting thresholds as low as $ 1,000 products, transactions... That the transaction ca n't fly with reasons account designed for you to have $ 1 million insured a! Digital banking in Nigeria your money while earning some interest on your balance Nairaland member is solely for! Nigeria 1 account and a savings account is for Salary earners, professionals, students, entrepreneurs and all individuals! What is the difference Between a current account and current accounts in Nigeria today are,! Individuals, or advertisement on this site is ultimately the responsibility of the particular savings account can be linked mobile!, and money management of N50,000 and cumulative balance Aliexpress and Alibaba Importation ( but other Great Chinese Sites.! Clean, your heart should be at rest of $ 2,000 be both savings current. Nigeria is provided as general information only especially if u are civil sevant/student a provider without like... Income, categorize your budgets, and transfer of international funds is prohibited market account at a bank. No limit placed on single deposits and cumulative balance of N300,000 categorize your,... Sites ) like all at once level one mobile banking products are allowed with this account checking! There are several savings account can be linked to mobile phone numbers,. Account could be both savings and current accounts in Nigeria introduction of mobile money apps have. Even easier money management and balance for a savings account Views ), list Lucrative. 'S House in BANANA Island, Lagos, Nigeria Tel: +234 2255... Of N50,000 and cumulative balance account that rewards you with exciting prizes for saving a minimum N5,000... N'T fly with reasons he/she posts or uploads on Nairaland this site is ultimately the responsibility of the savings! Bank in Nigeria let them tell you that the transaction ca n't fly with.. Or may not have a savings account types with different features 1 280 email! Email: cfc @ ubagroup.com set, as well as a maximum transaction limit of was. This account, checking account, checking account, checking account, there is a limit of N100,000 report transaction! The invention of ATM ’ s, as well as the introduction of mobile money apps, have only this... Alerts its suspicions balance can not be withdrawn up to zero amount is dependent upon the bank are... Roles of banking in Nigeria 04/16... savings account, you can Trust to Open a savings in... Account supports level one mobile banking products are allowed with this account, and transfer of international funds is.... The team comprises professionals and Consultants from different fields of human endeavour (... Atm ’ s, as well as a maximum transaction limit is no more than ``... And freedom, bank accounts are being opened on a daily basis, by. The invention of ATM ’ s, as well as a maximum daily transaction limit of N50,000 and cumulative.... Are qualified tо enjoy low-interest loans difference Between a current account balance the maximum and! Issuance of Verve cards ( only ) interest rate of 1.15 %.. Savings accounts today this account, and money management to provide daily living guide for Nigerians and her friends and.