It is good to know exactly the type of bank account we are opening now to avoid any unforeseen circumstances in the future after we may have been enjoying the benefits of having an account with the bank rather than saving our money under our pillows.
It's not a good thing to have a bank account with the bank without knowing the major purpose for opening such a particular account.
Only a very few know how their account is operated while some do not bother to know.
In spite of this, I wrote this post to enlighten bank customers and other potential customers who may want to know how different bank accounts work in order to select the one that really suits their purpose.
- To start with is, the Normal Savings Account
Do you want to save now and withdraw it any time you feel like without informing your bank? If that is what you want then, this type of account works for you.
This is the most popular account as you can open it without having any amount of money as initial deposit.
-All you need are an account opening form with a valid means of Identification such as Voter Card, Driver's license, International passport, National Identity card.
-You also need a utility bill like water bill or electricity bill.
-Also, you need 3 passport photograph that has either white or coloured background.
It is mostly zero account for different banks.
- Another Type of Account You can Open is Current Account/Demand Deposit Account
Traditionally, this account used to operate mainly through the use of cheques but with the advent of ATM card, you can make withdrawal without going to the banking hall.
If you are in need of an account that allows you to perform a 3rd party or business transactions, this type of account is for you.
It requires an initial deposit of at least #5,000 for individual and #10, 000 for corporate bodies but this deposit may vary from different banks.
Requirements
-Cuurrent account application form
-3 passport photograph
- Utility bill such as NEPA bill
-2 referees.
Note 1: two or more signatures may be taken if its a joint account with a mandate to run the account.
Note 2: if the account is for an incorporated body such as company, private, club or association and partnership, the constitution, articles of association, memorandum of association will be attached as well as the letter nominating the bank as its banker.
- Another One is Fixed Deposit Account/Time Deposit Account
If you have any idle money that you can live in your account for some months to years, you're on the right track, the bank will just open a fixed deposit account which is also known as time deposit account for you on which there will be agreement as regards its tenor, interest and other benefits.
Some banks take 30 days as minimum maturity date while 1 year as maximum.
You can decide to terminate your contract with your bank before maturity but have it in mind that you may forfeit all the accrued interests on it.
-All you need are a fixed Account application form
-Your investment advice
-And one passport photograph.
- We Also Have Loan Account
This account is created for you in a situation whereby you want to take loan from your bank.
Your bank will assess your creditworthiness, the purpose of your loan and if you meet the requirements for such loan, then you'll be given the loan at an agreed interest rate with the stipulated repayment date.
what you need are:
-Loan application form
-Passport Potograph
-Valid means of I.D
-Guarantee and collateral in case you default in the process
- Minor Savings Account
This particular account helps you safeguard your children's future by opening a minor savings account for them.
They will be the owner of the account but you will be operating the account on their behalf till they are fully mature under the law meaning 18 years.
All you need are:
-Minor account opening form
-Your kid's passport photograph
-Your own passport photograph
-Valid means of I.D
I hope you found those information helpful..
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