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7 major types of bank account operated in Nigeria

Do you know they are over 8 types of banks in NIgeria , but in this article i will focus only on the major 7 types of bank accounts operated in Nigeria.

Almost everybody in Nigeria has a bank account but most people still don’t know the differences between these types of bank accounts.It mostly by commercial banks like zenith bank, polaris bank and others

There are different types of bank accounts, so before going into a banking hall looking all confused, without any clue what kind of you need to open, check out the types of accounts operated by Nigerian banks

Here are the 7 main bank accounts operated in Nigeria

  • Savings Account
  • Current Account
  • Fixed Deposit Account
  • Joint Account
  • Corporate Account
  • Domiciliary Account
  • Non-resident Nigerian Account

  1. savings account

This is the most common and basic account most people operate. Basically, an account just for deposits and withdrawals which make it restricted to some types of transactions. It is an interest bearing account though the interest rate is always low. Little or no cash is required to open a savings account.

Savings account is a type of bank account that is operated with passbook rather than cheques. Owners or holders of savings account are paid interest for keeping their money with commercial banks like zenith banks and most top banks in Nigeria .

2. Current account

A current account would be preferable for business because transactions on this account are limitless, unlike the savings account. A cheque book is also issued after opening a current account. This is also known as BUSINESSS ACCOUNT

  • Money can be withdrawn frequently
  • Holders of current account are not entitled to interest on savings.
  • Customers are entitled to the use of cheque book
  • Payment of commission is made by the customer to the bank
  • Other people can withdraw money from the account on behalf of the customer.

3. Fixed deposit account

Just as the name implies, this account is for a fixed period of time, a minimum period of 30 days and a maximum period of 180 days. During this period, the money deposited cannot be withdrawn until the duration elapses. The fixed account is opened by individuals or corporate clients looking to earn high interest on money invested.

4. Joint account

A joint account is opened with the name of two or more people who are all signatories to the account. Co-owning the account, no individual can make a decision on a joint account without informing the other signatory or signatories.

There are two types of joint accounts

A. Joint-tenancy mostly operated by married couples

B. Tenants-in-common mostly operated by business partners

5. Domiciliary account

A domiciliary account is opened for carrying out foreign transactions.  The account can be used to transfer money to another country or receive foreign currency from other countries.

6. Corporate account

An account opened by multinational companies and big corporations. The corporate account is totally different from the personal or investment banking accounts, it is majorly opened for business purposes

7. Non-resident Nigerian account

A Non-resident Nigerian account is a bank account designed for Nigerians living in the diaspora and want to operate a Nigerian bank account.

You can walk into any banking hall of your choice today to make more inquiries about the type of bank account that suits you.

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