Requirements for opening various classes of bank accounts
Posted: April 26th, 2023, 4:35 pm
In opening a bank account, it is important to have basic knowledge about the needed information to complete account registration. It is also worthy of note to find the right account option for you and your needs. It could be for savings or everyday expenditure.
There are different types of accounts;
Savings account;
This is a basic type of financial product that allows you to deposit money and also earn a reasonable percentage of interest.
It could be personal savings or joint savings account.
It is also possible to open accounts for your child, which greatly impacts the management of their finances from a tender age.
Current account;
This is a type of bank account that is designed for daily transactions, due to its higher transactional limits, mostly interest free and requires a higher amount of minimum balance at the time of opening the account.
Corporate account;
This is a type of bank account that is specifically designed for business owners. It is used to keep business funds safe for a longer period of time, to manage daily transactions and to also invest dividends and extra revenue.
Domiciliary account;
This is an account that allows you to receive, send and transfer foreign currency payments from your local domain.
It also allows issuing of cheques to third parties, save in foreign currency and hedge against local currency devaluation.
What documents do i need to open a savings account?
1. A recent passport photograph
2. A valid national identity card. i.e international passport, driver licence, voters card or national identity card [NIN]
3. Utility bill issued within three months.
For current account;
1. A recent passport photograph
2. A valid national identity card.
3. Utility bill
4. A referral appraisal from a holder of current account in any other commercial bank. [Reference forms duly completed]
For corporate account;
1. A recent passport photograph
2. A valid national identity card.
3. Utility bill within three months.
4. A referral appraisal from a holder of a corporate account in any other commercial bank. [reference forms duly completed].
For domiciliary account;
1. A recent passport photograph
2. A valid national identity card
3. Utility bill.
4. A referral appraisal from a holder of a domiciliary account in any other commercial bank. [reference forms duly completed].
Thank you.
Savings account;
This is a basic type of financial product that allows you to deposit money and also earn a reasonable percentage of interest.
It could be personal savings or joint savings account.
It is also possible to open accounts for your child, which greatly impacts the management of their finances from a tender age.
Current account;
This is a type of bank account that is designed for daily transactions, due to its higher transactional limits, mostly interest free and requires a higher amount of minimum balance at the time of opening the account.
Corporate account;
This is a type of bank account that is specifically designed for business owners. It is used to keep business funds safe for a longer period of time, to manage daily transactions and to also invest dividends and extra revenue.
Domiciliary account;
This is an account that allows you to receive, send and transfer foreign currency payments from your local domain.
It also allows issuing of cheques to third parties, save in foreign currency and hedge against local currency devaluation.
What documents do i need to open a savings account?
1. A recent passport photograph
2. A valid national identity card. i.e international passport, driver licence, voters card or national identity card [NIN]
3. Utility bill issued within three months.
For current account;
1. A recent passport photograph
2. A valid national identity card.
3. Utility bill
4. A referral appraisal from a holder of current account in any other commercial bank. [Reference forms duly completed]
For corporate account;
1. A recent passport photograph
2. A valid national identity card.
3. Utility bill within three months.
4. A referral appraisal from a holder of a corporate account in any other commercial bank. [reference forms duly completed].
For domiciliary account;
1. A recent passport photograph
2. A valid national identity card
3. Utility bill.
4. A referral appraisal from a holder of a domiciliary account in any other commercial bank. [reference forms duly completed].
Thank you.
