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Maximum Amount A Savings Account Can Hold In Nigeria

Maximum Amount a Savings Account can Hold in Nigeria

Maximum Amount a Savings Account can Hold in Nigeria

Maximum Amount a Savings Account Can Hold in Nigeria, A savings account is an interest-bearing deposit account held at a bank or other financial institution.

Though these accounts typically pay a modest interest rate, their safety and reliability make them a great option for parking cash you want available for short-term needs.

Savings Account

A savings account is a bank account at a retail bank whose features include the requirements that only a limited number of withdrawals can take place, it does not have cheque facilities, and usually does not have a linked debit card facility, it has limited transfer facilities and cannot be overdrawn.

However, Savings account at a bank or credit union and deposit money into it. While it’s stored in the account, your money earns interest, paid by the bank.

You can continue to add funds to the account to work toward a savings goal, such as paying for a vacation or building up an emergency fund. You can also withdraw money from a savings account, though there may be some restrictions on how frequently.

Features Of Savings Account

A savings account is designed to assist clients in saving their money in the bank and apart from the interest associated with a savings account here are some other features you should look out for:

Maximum Amount A Savings Account Can Hold In Nigeria

Maximum Amount a Savings Account Can Hold in Nigeria, According to a banker in one of the banks explained to me, ‘said banks have different packages ranging from:

In his statement, the banker also said Maximum Amount a Savings Account can Hold in Nigeria “the onion here is to open an account with complete documentation, for saving account standard you will need a valid ID and utility bills.

Unlike solo accounts which are for students, tier & tier two no need for a valid ID and there will be a limit to the amount of money you can pay into such accounts.

He continued to say that if you open a tier 2 or tier 1 respectively, you are expected to do transactions less than a million because any attempt you drop cash more than a million PND (post no deposit) will be placed on the account and then you will be asked to produce some documents to migrate the account.

Also, why would you deposit 10 million in an account that all year when the account’s largest deposit ever made was N20,000 are you funding insurgence?

With all this information on the Maximum Amount, a Savings Account can Hold in Nigeria, let’s now proceed to the focus of this article here in Glass Suite, Note in Nigeria there are limits on the amount of money you can deposit in a savings account.

This made banks in the country put some level of restriction on their customers using such savings accounts.

Maximum Amount a Savings Account Can Hold in Nigeria, Now note the only limits imposed on savings accounts are actually imposed by a particular bank itself and it’s not all banks that prioritize this as it is few banks are involved in these imposed limits.

Some Nigeria bank limits are actually: N3,000,000 as the Maximum Amount a Savings Account can Hold in Nigeria though this depends on the bank you are using.

Popular Banks In Nigeria And Their Savings Account Limit

BankMaximum Amount
Access BankN5, 000, 000
First Bank of NigeriaN5, 000, 000
First City Monument Bank (FCMB)N5, 000, 000
Guarantee Trust Bank (GTB)N5, 000, 000
United Bank of Africa (UBA)N5, 000, 000
Zenith Bank N5, 000, 000
Fidelity BankN4, 000, 000
Stanbic IBTC BankN2, 000, 000
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