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Different Types Of Bank Account We Have In Nigeria.
By on October 5th, 2021. CN Research

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Each and everyone one of us are familiar with bank, and most or average Nigerian citizens are bank users.

In two different wish I may not and same time I may have to explain much to everyone the types of account that we have in our various banks and what type of transactions can be done using those accounts.

Many of us are customers to different banks, yet we fail to ask or get to know what type of account we have with the bank thinking isn’t necessary.

But although it comes in two ways, this monthly happen if the type of account you have with the bank are the savings limited account, don’t worry I will explain this as we move down deeper.

Most of those account am talking about are used in funds collection from outside the country, while some are having a limit to this because or maybe is a local one and if any internationally transaction is needed with the account different it need and upgrade to meet up with the standard.

Some of those banks account also has there withdraw card, which means someone using “Savings Atie 1” can not using a master standard, you are only allowed to use verve because of your account standard.

After here, I want us all to take a look at the different types of bank account that we have in Nigeria and how those account functions and operate to serve us all better.

Different Types Of Bank Account We Have In Nigeria.

1. Savings Account:-

This type of account is mostly opened to a started or someone who don’t have all bank recommend documents, banks have ways of serving all customers better and treating them equally.

Instead of your money to be kept somewhere else where is very risky, bank recommend you into opening a savings account which your money can be save on and it has a limit to how much can be on they account. 

Still under savings account, we have two different types of account under it the “Atire 1 & Atire 2”.

The Atire 1 is a limited savings account that allowed up to 200, 000 Nigerian naira or currency, a similar character to Atire 2 with the highest savings of 300, 000 (thousand naira currency), anything above that requires the account to be upgraded to the standard savings account where you are allowed to save up to millions.

2. Domiciliary Account:-

The Domiciliary Account is mostly used in savings or transactions of foreign currency like the “Dollar” and it has it own limited part two that I will have to explain better and more to everyone understanding. The process of getting a “Domiciliary Account” in Nigeria is a little bit stressful because the transaction on the account is coming from others country to the account that’s why it requires more or additional documents compare to the savings account.

Different Types Of Bank Account We Have In Nigeria

If you want to open a “Domiciliary Account”, you will need to get a two referrers who are using same account and sometimes people who are business men as well, those people who are your referrers stands as a shorty to signed about your trustworthy and originality.

This allow direct receiving and savings of dollar, the amount you can save on it has no limit and it mostly used by business men who are into export and importation of goods.

The second one of the “Domiciliary Lite, better known as Domi Lite”.

This is the second option, incase if you are opening a Domiciliary Account and you don’t have a referrer, the bank will consider you to open this Domi Lite and the highest you can receive using this account is $2,000 USA dollar and 500,000 thousand Nigerian naira.

3. Fixed Deposit Account:-

This account is mostly used on long term saving of funds or money.

For example if you open this type of account, it not like your regular type of savings account where you can save and withdraw at anytime, the account only allowed you to save money/funds on it for a long period.

The minimum time you can save and withdrew from this account is 6 months, and it always base on bank policy and agreement with them.

If you intend to open this type of account, you are definitely telling bank that you want the money inside to be save for at least 6 months or 1 whole year before you can touch it.

4. Joint Account:-

The J.A is an account that is been or usually run by two people with the agreement between thet both of them and bank, that means any of the two person who open this account can go the bank and request for a transaction or Withdrawal any time.
The simple explanation above can tell you clearly what joint account mean and how it been operated here in Nigeria.

The married people are mostly the patronizers of joint account, because they want everything about them to be one and working accordingly, for that sake the idea of joint account cane into the types of account and been one of best too that we can recommend to any person who’s married.

5. Corporate Account:-

The C.A is not like an individual opening account unlike the savings or currently account that you know.

The account is a type of account mostly used or run by a company, because sometimes a group of people can be running one company and for them to know how are where about their funds or money, they need and account where everyone can per take in as the admin, that is where the Corporate Account comes in.

Giving it a perfect definition, it’s and account run by companies.

I think I have explained to you the “Different Types Of Bank Account We Have In Nigeria” and the are more I could add in our next article.

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