This article will show you the transaction limit of a savings account. If you just opened an account with First Bank and wish you to know how much you can transfer or receive in a day, kindly read on.
Before we get the ball rolling, let’s look at the different types of First Bank savings accounts and know the requirements for each.
Types of First Bank Savings Accounts in Nigeria
The Normal Savings Account
As you already know, this is a normal saving account anyone can easily open without a lot of documents and yet has accumulative interest every month.
The Requirement for this type of Normal Saving account
- You need a savings account opening Application Form.
- Provide a valid ID such as a driver’s license, a National ID Card, or International Passport.
- Provide a valid proof of address of residency such as a current utility bill not exceeding 3 months
- Provide current two passport size photographs.
The FirstSavings Plus account
Once you open this type of savings account called the FirstSavings Plus account, the bank will issue a cheque to you. Note that you can also pay cheques and dividend warrants inside the account holder’s name.
The FirstInstant Account
This FirstInstant Account happens to be the type of First Bank savings account that is meant for the unbanked and underbanked individuals to allow them to enhance their financial lifestyle.
First Bank Savings Account Limits
Maximum cash deposit is N50,000 per transaction. Maximum cumulative balance on the account at any point in time is N300,000. You may upgrade the account at any time if you wish to have more than N300,000 balance in your account.
Requirements For Opening First Bank Savings Account
- All you need is a minimum opening balance of N1,000 and operating balance of N500.
- Only 2 passport photographs required.
- Maximum cash deposit is N50, 000 per transaction.
- Maximum cumulative balance on the account at any point in time is N300,000.
- You may upgrade the account at any time if you wish to have more than N300,000 balance in your account.
Why You Should Choose FirstInstant Account
- Attractive interest rates
- The account can also be operated as a Salary Account.
- There are no limits to the number of withdrawals you can make from the account in a month
- You get a debit card instantly as soon as you open the account
- This account type is for those who carry out lower transactions with the bank.
If there is any you want to ask about the First Bank Savings Account limit, kindly let us know in the comment section and we shall reply as soon as possible.
Last Updated on July 30, 2023 by Admin