Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,446,775 members, 5,511,325 topics. Date: Sunday, 05 April 2020 at 03:14 PM

What Is The Maximum Deposit And Balance For A Savings Account? - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / What Is The Maximum Deposit And Balance For A Savings Account? (137754 Views)

Stamp Duty Charges Extended To Savings Account / What Is The Difference Between A Current Account And A Savings Account? / Best Bank To Open A Savings Account In Nigeria? (2) (3) (4)

(1) (2) (3) (4) (5) (Reply) (Go Down)

Re: What Is The Maximum Deposit And Balance For A Savings Account? by jbcul4ril(m): 12:22pm On Nov 28, 2016
It all depend on the savings product your are operating and also the bank. Some is =N=500 while others =N=1,000
Re: What Is The Maximum Deposit And Balance For A Savings Account? by adedehinbo(m): 12:22pm On Nov 28, 2016
u don do yahoo abi u come dey fear

3 Likes

Re: What Is The Maximum Deposit And Balance For A Savings Account? by haryomikun(m): 12:22pm On Nov 28, 2016
baridamhoney:



So are u saying that it I only my id card that will be required to upgrade my account to accommodate millions and can it be done at any branch?
I upgraded my account Last week. I needed only NEPA bill and ID card to upgrade the acct. Nothing else
Re: What Is The Maximum Deposit And Balance For A Savings Account? by thunderbabs: 12:24pm On Nov 28, 2016
The truth is if dt savings account hs never in its entire life had a balance of N1Million, your account will be frozen until you can provide some documents and i.ds as requested by the bank.

A single lodgement of 10m will definitly freeze d savings acct. Coz, cbn directive mandates d banks to inform dem of any single lodgement up to N5m on a savings, N10m on current i think.

Seek advice frm ur bank b4 d transaction. Otherwise, d wahala dey go use u do lasan especially if na banks like first bank wey geh wahala

11 Likes 2 Shares

Re: What Is The Maximum Deposit And Balance For A Savings Account? by anonymuz(m): 12:25pm On Nov 28, 2016
Better still,open a current account with a registered business name and deposit your money there.

2 Likes

Re: What Is The Maximum Deposit And Balance For A Savings Account? by pussypounder(m): 12:26pm On Nov 28, 2016
Chipappii:
Lets see what pussypounder has to say




In DJ KHALID'S VOICE "ANOTHER ONE"




TOCHI'S DILEMMA
https://www.nairaland.com/3489940/dilemma


when I am in a coup i feel like a cocoon skru skruuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu smiley

Meanwhile, win an iPhone 7 in my forum game https://www.nairaland.com/3490258/last-comment-wins-iphone-7

December Holiday Giveaway wink

5 Likes 3 Shares

Re: What Is The Maximum Deposit And Balance For A Savings Account? by NairaMaster1(m): 12:27pm On Nov 28, 2016
10M? You can deposit it in my Diamond bank acct without qierry

4 Likes

Re: What Is The Maximum Deposit And Balance For A Savings Account? by BADNEAT(m): 12:27pm On Nov 28, 2016
Go with a valid ID and nepa bill to any branch of your bank , tell them you want to know the maximum capacity of your savings account , if it's below the amount you're expecting(mostly 500K)..tell them you want to upgrade the savings account to standard savings ...simple ,takes between 1 to 3 days to effect

1 Like

Re: What Is The Maximum Deposit And Balance For A Savings Account? by Ifebazz(m): 12:28pm On Nov 28, 2016
okenwa:
Deposit the money piece by piece. Or give different depositors to lodge the money into the account
E don tay you for 419. cheesy

1 Like

Re: What Is The Maximum Deposit And Balance For A Savings Account? by wckabuoh(m): 12:29pm On Nov 28, 2016
Though there is no limit to what can go into a savings account, the fear you allay is same with a current account. Once there is a sudden boom in an account balance, whether savings or current, such account would be placed on PND and the source of the fund queried. However, I can also advise that you migrate your account to a current account by just providing two reference letter if you are not comfortable having huge balances in the savings account.
andersonbaba:
A friend of mine has a Savings account and he plans to use it for land transaction worth about 10million naira. the questions now are;
1. can 10 million naira be deposited in a savings account without query?

2. will he be able to make a withdrawal from the individual savings account without being arrested bt security operatives ?

3. will his account be frozen for some policies reason and where that happens, will he still be able to access his hard earned cash?

4. is there anything like maximum cumulative balance and if there is what is the maximum balance for a savings account

Re: What Is The Maximum Deposit And Balance For A Savings Account? by Chipappii(m): 12:29pm On Nov 28, 2016
pussypounder:



when I am in a coup i feel like a cocoon skru skruuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu smiley

Meanwhile, win an iPhone 7 in my forum game https://www.nairaland.com/3490258/last-comment-wins-iphone-7

December Holiday Giveaway wink


Hahahahaha
Re: What Is The Maximum Deposit And Balance For A Savings Account? by nairaman66(m): 12:30pm On Nov 28, 2016
andersonbaba:
A friend of mine has a Savings account and he plans to use it for land transaction worth about 10million naira. the questions now are;
1. can 10 million naira be deposited in a savings account without query?

2. will he be able to make a withdrawal from the individual savings account without being arrested bt security operatives ?

3. will his account be frozen for some policies reason and where that happens, will he still be able to access his hard earned cash?

4. is there anything like maximum cumulative balance and if there is what is the maximum balance for a savings account


Do it 5 million apiece! Usually, they do verification for every 5Million that comes in or out of your account. As long as your source of funds are legit, you dont have anything to worry about!

2 Likes

Re: What Is The Maximum Deposit And Balance For A Savings Account? by Doctorfitz: 12:31pm On Nov 28, 2016
Baridamhoney and Anderson

1 Like

Re: What Is The Maximum Deposit And Balance For A Savings Account? by thunderbabs: 12:32pm On Nov 28, 2016
D real upgrade for such kinda deposits will require ur intl passport, or natl i.d card So dt it will be easier to catch u if na dasuki do transfer to you... grin

1 Like 1 Share

Re: What Is The Maximum Deposit And Balance For A Savings Account? by nairaman66(m): 12:32pm On Nov 28, 2016
thunderbabs:
The truth is if dt savings account hs never in its entire life had a balance of N1Million, your account will be frozen until you can provide some documents and i.ds as requested by the bank.

A single lodgement of 10m will definitly freeze d savings acct. Coz, cbn directive mandates d banks to inform dem of any single lodgement up to N5m on a savings, N10m on current i think.

Seek advice frm ur bank b4 d transaction. Otherwise, d wahala dey go use u do lasan especially if na banks like first bank wey geh wahala

First bank nor get wahala stop spreading false rumors. I have done alot of transaction there dude.. I think another bank that is good still is GTB....

6 Likes

Re: What Is The Maximum Deposit And Balance For A Savings Account? by thunderbabs: 12:34pm On Nov 28, 2016
nairaman66:


First bank nor get wahala stop spreading false rumors. I have done alot of transaction there dude.. I think another bank that is good still is GTB....

That depends on d relationship u had with d bank. Meet other customers and you will hear a tale.

2 Likes

Re: What Is The Maximum Deposit And Balance For A Savings Account? by unapologetic: 12:34pm On Nov 28, 2016
andersonbaba:
A friend of mine has a Savings account and he plans to use it for land transaction worth about 10million naira. the questions now are;
1. can 10 million naira be deposited in a savings account without query?

2. will he be able to make a withdrawal from the individual savings account without being arrested bt security operatives ?

3. will his account be frozen for some policies reason and where that happens, will he still be able to access his hard earned cash?

4. is there anything like maximum cumulative balance and if there is what is the maximum balance for a savings account





I do not think that there will be any problem whatsoever .. you can either ask the person paying to send it in two instalments or notify your account officer. Those are the two sure solutions.

I've had similar encounter in the past and all I did was scream at the branch manager basically because I'm a uniform man . What worked for me might not work for you though.


jah bless

2 Likes

Re: What Is The Maximum Deposit And Balance For A Savings Account? by Adehorze(m): 12:34pm On Nov 28, 2016
It depends on the type of account, and if u use proper valid ID CARD for the account opening u can deposit more the 50 million. But u will be asked where the source of fund come from for records purpose if it's gotten tru money laundering or something related to that. But maximum single deposits for a savings account is 5 MILLION (i.e if a lodgement is made that exceeds that amout ur account will be flagged for SUSPICIOUS TRANSACTION REPORT). Also u can't withdraw more than 500k over the counter,but if u insist additional charge will be deducted from ur account. But u can do internet banking or mobile banking to third party account holder. I hope dis help.

6 Likes

Re: What Is The Maximum Deposit And Balance For A Savings Account? by Larryjay4u: 12:39pm On Nov 28, 2016
First u need to know the difference between the savings accounts available and how they operate. Then you must be sure that the money entering has a valid source and with that no cause for alarm. But note the following;
* Any amount above 1 million entering a savings account will require the bank to notify EFCC or likes according to NFIU rules. That doesn't mean EFCC will arrest you or call you, it is just the standard procedure.
* A student savings account cannot hold that amount of money without it be frozen. In that case, you need an upgrade to a standard savings account to be able to withdraw such huge amount in the account.
* Fear not if you can defend the source of the money but you will surely meet some little delays sha.
* Google the bank in question and discuss with their online customer care the concerns you have or visit any of their branches to discuss the issue before deposit is made.

Be blessed.

4 Likes

Re: What Is The Maximum Deposit And Balance For A Savings Account? by Ofuks(m): 12:40pm On Nov 28, 2016
Dear OP,

If your account was opened with a valid ID card (voters card,International Passport, Drivers License, National ID) and a valid utility bill such as PHCN bill, waste bill, etc you can lodge/withdraw/operate your account without fear.....also if the source of inflow is not from any illicit criminal activity like kidnapping, armed robbery and other related activities you have nothing to fear... However, if you do not have a valid id and utility bill uploaded on your account then the bank is expected to throw you to the wolves if your account receives any unusual and unexplained inflow!

4 Likes 1 Share

Re: What Is The Maximum Deposit And Balance For A Savings Account? by solidman59(m): 12:41pm On Nov 28, 2016
andersonbaba:
A friend of mine has a Savings account and he plans to use it for land transaction worth about 10million naira. the questions now are;
1. can 10 million naira be deposited in a savings account without query?

2. will he be able to make a withdrawal from the individual savings account without being arrested bt security operatives ?

3. will his account be frozen for some policies reason and where that happens, will he still be able to access his hard earned cash?

4. is there anything like maximum cumulative balance and if there is what is the maximum balance for a savings account

Please your friend should visit his bank and ask. Savings accounts come in different variants. Of course he will have no query if he opened his account with a valid means of identification and utility bill. 10million is too small sef lol. Such accounts can have any amount

1 Like

Re: What Is The Maximum Deposit And Balance For A Savings Account? by fsb(m): 12:43pm On Nov 28, 2016
@OP there is no issue especially if transactions on the account have been at that level. The worst is they will place a No debit order on the account but its easy to resolve at any bank branch once you answer a few questions. Had a similar issue in 2013 and it was resolved immediately. You have no reason to worry so long as the money is not from 419.

1 Like

Re: What Is The Maximum Deposit And Balance For A Savings Account? by McPerry(f): 12:45pm On Nov 28, 2016
Is Savannah bank still in existence shocked shocked shocked shocked ?
Re: What Is The Maximum Deposit And Balance For A Savings Account? by Wininno(m): 12:45pm On Nov 28, 2016
Listening

2 Likes

Re: What Is The Maximum Deposit And Balance For A Savings Account? by bigerboy200: 12:51pm On Nov 28, 2016
For this recession wey we dey face pesin problem na how to save millions of naira for bank? The op must be one of GEJ's boys..I dey suspect am... EFCC must be called upon to investigate ASAP..
Re: What Is The Maximum Deposit And Balance For A Savings Account? by akinbabson(m): 12:54pm On Nov 28, 2016
let him visit his bank for advice. can I know the name of the bank so that I can be of help
Re: What Is The Maximum Deposit And Balance For A Savings Account? by futurewise11(m): 12:54pm On Nov 28, 2016
andersonbaba:
A friend of mine has a Savings account and he plans to use it for land transaction worth about 10million naira. the questions now are;
1. can 10 million naira be deposited in a savings account without query?No....You will be asked basic question.It will flag and require authorization.meaning it can not go into your account unnotice.

2. will he be able to make a withdrawal from the individual savings account without being arrested bt security operatives ?No reason in arresting u, worst case your account will be frozen.

3. will his account be frozen for some policies reason and where that happens, will he still be able to access his hard earned cash? A frozen account can be reaccessed if the source of the cash is legit.

4. is there anything like maximum cumulative balance and if there is what is the maximum balance for a savings account.No.....


Use bank that are used to high volume of transaction..like gtb, zenith and firstbank....they dont have time for stories cos they are too busy.

11 Likes

Re: What Is The Maximum Deposit And Balance For A Savings Account? by teemy(m): 12:56pm On Nov 28, 2016
andersonbaba:

then what is the essence of our BVN then?
the query might have risen due to the account being a student account and they want to question how so. guess an upgrade can always solve this.
Re: What Is The Maximum Deposit And Balance For A Savings Account? by sweetenheskey(m): 12:59pm On Nov 28, 2016
ironMind:
I am know that you is not get minimum and maximum. Any money you is carry to bank, she is collect and deposit. Only if you is carried fake money then they is look it in their club blue light. It is show that it fake. They not collect.
ayam not understanding

4 Likes

Re: What Is The Maximum Deposit And Balance For A Savings Account? by kaz4sure: 1:05pm On Nov 28, 2016
You have nothing to fear so far you can defend the source of the fund.
Re: What Is The Maximum Deposit And Balance For A Savings Account? by Olarmelaycon(m): 1:06pm On Nov 28, 2016
Go seek advice from your account manager or officer and stop making noise here.......... Baba Olowo Ejo
Re: What Is The Maximum Deposit And Balance For A Savings Account? by bayulll011(m): 1:08pm On Nov 28, 2016
andersonbaba:



you are right dear. one of these bank officials might help us out before someone will create a thread of how he / she lost money to a bank

Let me help here banks have differents products,ranging from early savers,solo account,standard savings currents accounts individual,current accounts savings tier 1 nd tier 2 respectively,the onion here is to open an account with a complete documentations,for saving account standard u will need a valid I'd and utility bills,unlike for solo accounts which is for students,tier one and tier 2 no needs of valids I'd and there will be limit to amount of money you can pay into such accounts,if u open a tier 2 or tier 1 expects to do a transactions less than a million,anyday u drop cash more than a million a PND (post no deposit) will be placed on the account then u will be asked to produced some documents to migrates the account.also why will u deposit a 10m in an account that all the year u runs the account the largest deposit u ever made was 20k,re u funding terrorist ?

4 Likes

(1) (2) (3) (4) (5) (Reply)

Merrybet Punt For Pride III / Forex Trade Alerts: Season 18 / How To Check Your Bank Account Balance Using Your Mobile Phone

Viewing this topic: 1 guest(s)

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2020 Oluwaseun Osewa. All rights reserved. See How To Advertise. 133
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.