Current Account and the Benefit| The relationship between bank and customer begins when the bank opens an account in the name of the customer. It is through the working of the account that the routine elements of the relationship take their course.
Current Account breaks down all your banking needs into simple and readily accessible products and services, giving you a convenient and value-adding banking experience.
Bank Operating System in Nigeria Click Here
The requirement for Current Account Opening:
- Minimum age is 18 years
- Account opening balance of 5,000, some other Bank like GTBank is Zero balance
- Two (2) satisfactory references for new customers
- Proof of identification such as International Passport, Driver’s License, National ID Card or Voters Card
- A copy of a receipt from any public utilities or private telephone operator dated no later than three (3) months
- One (1) passport photograph of each authorized signatory
- For non-Nigerian applicants, a copy of Resident or Work Permit.
Current Account and the Benefit:
- Any time withdrawal facility to meet the cash needs of the business.
- A current account holder can deposit cash or cheques at different bank branches which makes it extremely convenient to collect payments from small customers.
- Availing an overdraft facility against a current account is easy. Having an overdraft helps meet the working capital needs of the business at any point in
- Customized Current account variants are available basis type of entity/ business/ account holder. For example, HDFC Bank has a distinct type of current account for trusts, societies, associations, clubs, etc. which offers free cash deposit of up to Rs. 50 lakh per month. This is very beneficial when associations have to collect fees from their members or students and have several deposits at a few select times during the year.
- Current account holders get a separate cheque balance that can be used every month. In a savings account, the cheques are issued for an entire year, and the account holder has to pay charges for a new chequebook. However, that is not the case with current account holders as they get a monthly allowance of cheques at no charge. This helps make payments to vendors hassle-free.
- With phone and SMS banking, it is possible to get SMS updates about transactions and balances. There is no need to visit the bank branch to find out details.
List of Bank that open current Account:
- Zenith Bank – Location Click
- Guaranty Trust Bank (GTBank) – Location Click
- First Bank of Nigeria – Location Click
- Ecobank Nigeria – Location Click
- Access Bank – Location Click
- United Bank for Africa – Location Click
- Fidelity Bank – Location Click
- Union Bank – Location Click
Documentation: standard application forms usually containing the following details should be completed bt the customer:
(a) Full names and address of the customer
(b) Occupation /designation
(c) the name and address of employer if any
(d) Specimen signature of the customer
(e) References (names and addresses of referees)
(f) Details of all previous and existing bankers.
(g) Details of any facilities extended at other branches of the bank
(h) In the case of married women, the name and address of their husband’s employers
(f) Two recent passport photography
NOTE: All the information received is kept in a separate mandate file. If it is a joint account, the bank will require a specimen signature of all account holders.
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