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Nairaland Forum / Nairaland / General / Business / What Is The Maximum Deposit And Balance For A Savings Account? (191266 Views)
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Re: What Is The Maximum Deposit And Balance For A Savings Account? by Coldfeets: 1:09pm On Nov 28, 2016 |
baridamhoney: This nairaland people sef. Madam OP, I thot you said it was your friend? Ha ha ha 8 Likes |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by tropaz(m): 1:09pm On Nov 28, 2016 |
I think its all a function of ur source of wealth...my gt savings account has accommodated 6m and I was not even scared..but make sure its a valid ID DAT u used in opening the act. And stay out of fraud/scam.. #peace 2 Likes |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by Emassive(m): 1:10pm On Nov 28, 2016 |
Those who didn't realize that all the Banking laws that was passed is done to curb new Billionaires and Only those the Govt approves to be a Billionaire will be One. 3 Likes |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by andersonbaba(f): 1:10pm On Nov 28, 2016 |
Doctorfitz:na my Padi now... what do u expect |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by andersonbaba(f): 1:10pm On Nov 28, 2016 |
Doctorfitz:na my Padi now... what do u expect |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by Doctorfitz: 1:16pm On Nov 28, 2016 |
2 Likes
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Re: What Is The Maximum Deposit And Balance For A Savings Account? by hedonistic: 1:18pm On Nov 28, 2016 |
Ordinary N10m? So all the dubious people we see everyday who drive cars that cost far more than N10m, how do they go about their transactions? A savings account can take even N1b... The law only requires the banks to routinely lodge reports with the relevant authorities for every lodgement into an individual's account that exceeds N5m.. I'm sure banks make millions such routine reports everyday. How many can the EFCC or NDLEA and the others process? The reports only come in handy when there is an existing or future investigation of your participation in certain illegal activities. 25 Likes 3 Shares |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by Nobody: 1:42pm On Nov 28, 2016 |
okenwa:There is no limit to the account if it's a standard savings account I.e account opened with NEPA bill, valid ID such as int passport, national ID etc 1 Like |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by samuel19222(m): 1:54pm On Nov 28, 2016 |
ironMind: wetin this one dey talk? 6 Likes |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by aikfrank(m): 2:15pm On Nov 28, 2016 |
... |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by evjblizee: 2:27pm On Nov 28, 2016 |
Pls I will advice you to see your bank manager for better details,if the source of the money is genue thank you |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by andersonbaba(f): 2:33pm On Nov 28, 2016 |
akinbabson: he has Gt bank and Diamond |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by bogolobango(m): 2:33pm On Nov 28, 2016 |
Make you go déposit yr Money so far its genuine |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by andersonbaba(f): 2:38pm On Nov 28, 2016 |
bayulll011: no sir. 100k has been deposited into the account before. furthermore, the owner only want to use his personal account for a sale of land transaction 1 Like 1 Share |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by bukodeen(m): 2:51pm On Nov 28, 2016 |
Abi na true wire? |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by latogng: 3:03pm On Nov 28, 2016 |
ironMind: I can only say Chaii,diaris God oo 1 Like |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by mosezky: 3:13pm On Nov 28, 2016 |
andersonbaba:no need to panic, just upgrade your account..even if you deposit 1million your bank will call you to upgrade ur act..but if you open your saving act as a student then when upgrading your act change your occupation from student e.g to business man etc. 2 Likes 1 Share |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by toyboy1(m): 3:15pm On Nov 28, 2016 |
If account is a regular savings account opened with all necessary documentation abi initio, hundreds of hillions can go in as much as you can verify the source of the funds. But if account is a special savings account, some in the category are; NYSC account ie corpers account, student account, kiddies account, 2nd and 3rd tier accounts ie accounts with no id cards etc. Such accounts have limitations as to maximum single deposit amount and cummulative deposit amount. If your account is in category described above, all you need do is get any one of the primary IDs, which are; drivers licence, voters card, national ID or international passport plus recent Utility bill to regularize and upgrade your account. You account will attain the status of a regular savings account and can accommodate Naija 2017 budget so far you can provide clear evidence of inflow. 7 Likes |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by firstclassmumu: 3:28pm On Nov 28, 2016 |
ironMind:weldone 1 Like |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by crown08(m): 3:37pm On Nov 28, 2016 |
ironMind:your grammar na war oo 1 Like |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by Drdreluv: 3:57pm On Nov 28, 2016 |
andersonbaba:hey that is Student account there is a limit u can receive and withdraw |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by Nobody: 4:26pm On Nov 28, 2016 |
andersonbaba:You don't need to be afraid of anything. All individual accounts, whether current or savings, have a maximum one time deposit limit. Once that limit is exceeded, the bank will notify appropriate authorities in compliance with the money laundering act. It is standard procedure. EFCC won't arrest you. They can only invite you to explain how you got the money. Once you explain legitimately, no one is gonna trouble you no more. Besides, if the money is to be transfered using a mobile app, there's a provision for "remark" where the purpose of the transaction is stated. |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by advanceDNA: 4:30pm On Nov 28, 2016 |
Keneking: Ur number 1 answer is wrong....enter into any banking hall..theres a frame placed in every bank called STR / CTR... suspicious/ currency transaction reporting....all deposit in excess of 5M for individual nd 10M for company accounts is reported to CBN nd NFIU(Nigeria financing intelligence unit).... so he needs to break it into more than 2 units... No2... he can withdraw..but they will give him some stress...but if he can show some evidence of the land sale like receipt and agreement just to make them comfortable...that will do just fine...so far he's not trying to withdraw the whole 10M at once... No3..his account could be frozen depending on the kind of account he opened...there are 3 levels of saving account..if it's level 1 or 2 he opened which cumulative balance . 100k nd 400k respectively then it will be frozen once 10M hits the account...so he will need to submit extra document to convert the account to standard level 3 savings account. KYC would be carried out..b4 he can then withdraw.. No 4...there are 3 levels of savings account.. Level 1..u open with just a passport photograph highest single deposit is 50k cumulative balance is 100k Level 2..opened with a photograph and any kind of bloody ID card...highest single deposit is 100k maximum balance is 400k... Levek3...the standard Savings account..opened with valid ID..pasport, nd phcn bill...pay a u like..withdraw as u like.. But all kinds of accounts weda Sav or current is still subject to the CT and STR policy... So OP should know his level b4 he will go and credit 10milla inside one yeye account.....bankers are not nice when it comes to suspicious entry..they will tell u straight up..we know it's ur money but u can't just withdraw at the moment... 9 Likes |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by PastorAji(m): 4:46pm On Nov 28, 2016 |
or open individual current account anonymuz: |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by darqly(m): 4:53pm On Nov 28, 2016 |
okenwa: Bad idea. Account will be flagged for suspicious transactions, and will be monitored for no plausible reason. |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by darqly(m): 5:10pm On Nov 28, 2016 |
Just ensure the savings account was opened with CBN authorized identification i.e- International passport, National ID, Permanent Voters card or National driving license. If it wasn't opened with any of the above, account may require an update once such sum is paid in. Customer should also have documents relating to the transaction as evidence of source of funds, in case the bank needs to verify during due diligence. It is normal for it to be reported to regulatory bodies as a qualifying transaction but account won't be frozen or access hindered once the above are complete. 1 Like |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by kabrud: 6:05pm On Nov 28, 2016 |
darqly: As far as I'm concerned, this is the most informed and convincing contribution. @op, I don't think u need further clarification. |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by oludonymay: 6:29pm On Nov 28, 2016 |
Guy, it depends on the account scheme type and the bank in question. there are several savings account types with different features. Why not walk to your bank and request for the product features of the particular savings account you operate. Also, banks have duty to report any irregular inflow into customer's account to NFIU and so far it's legit, you have nothing to worry about. |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by psalmbell: 7:37pm On Nov 28, 2016 |
All commercial banks want more deposits both at branch level and as a bank at large..there are some types of savings that the system has been configured to have an amount less than one million at every point in time and it was due to the type of identity card used while opening the account e.g student ID, so for such account to accommodate millions of naira, you have to bring a valid ID card, since you are becoming a big boy, they might also need you to update your current address for KYC( know your customers) purpose. No bank will return your money, what they just need do is to ensure all documents are updated in case there issues, bankers are expected to send reports to CBN on some accounts that have irregular deposits, this report will exonerate the bank in case there is an issue arising from the account, not to witch hunt anyone. If your hands are clean, your heart should be at rest. Those who become rich grow with time. Lodge it once and let them tell you that the transaction can't fly with reasons. 1 Like |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by Donpizzle(m): 8:18pm On Nov 28, 2016 |
andersonbaba: Go to bank and ask their customer care representative. They are paid to answer you 1 Like |
Re: What Is The Maximum Deposit And Balance For A Savings Account? by Nobody: 9:50pm On Nov 28, 2016 |
2 millions but anytihing close to 5millions hmmm that particular bank most alert efcc especially if u are civil sevant/student 1 Like 1 Share |
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