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Types Of Bank Accounts in Nigeria

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There are various types of bank accounts used to store money in Nigeria for safe-keeping and investment by different individuals, organizations, government agencies and so on. These financial institutions ensure that your cash and valuables are safe from theft. Aside form saving your monies in these kinds of different accounts, they enable you to spend wisely.

bank account

When you enter a registered bank and inquire on how to open a Nigerian bank account, the customer service agent will inquire from you the type of account you will love to open whether as an individual, company or organization or if its a joint venture. The most common and easiest account used in Nigeria is the Savings account, this is because it is easy to set-up.

This article will list the various types of accounts you can open in Nigeria and explain what they stand for.

1. Savings Account

It is virtually opened by individuals and the most common account type in Nigeria. Little interest rate is accrued on your deposit. This is an interest bearing deposit account set up easily at the bank, although it is restricted to certain transactions.

2. Current Account

This kind of Nigerian bank account is also referred to as a Checking account. This is because you would be given a check book where you can carry unlimited transactions unlike the savings account that is limited.

3. Domiciliary Account

This account enables you to make transactions in an to foreign currencies from Nigeria. You can receive foreign denominations like Dollars, Pounds with this kind of account to facilitate international transaction. There are many tutorials to teach you how to open a domiciliary account in Nigeria.

4. Fixed Deposit Account

This type of Nigerian account is fixed for a particular duration with a high return of interest after investment with a minimum duration of 30 days and a maximum duration of 180 days.

5. Non Resident Nigerian Account (NRN)

A special accounting service that is set up to meet the needs of non resident Nigerians living overseas or in diaspora.

6. Corporate Account

This is an account designed for large corporations and multinational organizations with high turnover or profit.

7. Joint Account

This is type of account is setup with the name of two or more individuals who are jointly signatory to the account. Joint account holders are regarded according to law as together making up the ‘owner’. Any action made on the account is made jointly not individually. Joint accounts in Nigeria are of two types:

  • Joint-tenancy (normally owned by married couples)
  • Tenants-in-common (normally owned by business partners or directors)

You can visit any of the registered banks in Nigeria and inquire from them any type of these accounts and their interest rates if you are interested in opening an account here in Nigeria.

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