Basic things needed to open a savings account in Nigeria

Posted by Chidinma on Monday July 6, 2015 at 16:19:4:

Opening a bank account has never been easier; these days, you can walk into any bank of your choice and leave in few hours with a brand new bank account and an account number; in some banks. For you to open an account, there are some basic things you will be asked to come with, and most of them are used as a means of identification. Some of the things you need to open a savings account include;

• A personal Identification Card: You need to go with an Identification card that has your picture and name on it in order to be able to open a savings account in any of the banks in Nigeria; the I.D card as the name shows, is a means to Identify that you are the person you claim to be. You can go with a Driver’s License, A voter’s Card, A Nigerian passport or in few cases your School I.D card can also serve as a means of identification if you are still a student.

• Passport Sized Photo: You will also need to go with a passport photography to the enable you open an account; the bank may ask for one or two, but to be on the safe side, you can go with 4; you can take the remaining home.

• Minimum Deposit: You are also required to come with minimum; some banks require as low as N1,000 as minimum balance for a savings account while some actually allow you to open with a zero balance

• Proof of address: You also need to come with a proof of address which in most cases will be a recent Utility bill that has your address printed on it. It could be the electricity bill, water bill, waste bill

• Application Form: You will be given an application form in the bank to fill up your details. Fill it with your correct details and append your usual signature.