Are you thinking of opening a student account or do you have one? If yes, you need to know about your account; The maximum amount for student account. This article will teach you about the highest amount you can get if you open the account of a student today and also what is required to upgrade your student account.
Table of Contents
What is a student account?
As the name suggests, student accounts are an account for savings that is available to students aged between 16 to 28. Although certain banks in Nigeria have a limit of 13, the age varies from bank to bank.
Student accounts were created within the Nigerian banking system in order to aid students in Nigeria make savings for education as well as for their personal needs.
This kind of account is different from the Tier two or three bank account as you are able to make use of your school ID to open a bank account for students in Nigeria.
To establish an account for a student in Nigeria it is necessary to have your school ID. Account opening is completely at no cost. But you’ll be charged the cost of debit cards if you decide to use the card. It is mandatory for students to possess a debit card in Nigeria.
Each student’s accounts have limitations because they are banks with tier one accounts. There’s a maximum amount of funds that can be stored or deposited into an account for students in Nigeria and this limit can’t be exceeded.
We will now focus on the maximum amount for student account.
The maximum amount that can be credited to a student accounts in Nigeria
The Nigerian student has a bank account of tier one and it implies that there’s a limit to this account. The limit I’m referring to is the deposit limit as well as that of the maximum operating balance. This is what we meant by the maximum amount for student account
This post will discuss the maximum amount allowed for a student’s accounts in Nigeria and it includes the amount of money that is deposited in a day, as well as the maximum amount the student account can hold.
Is there a maximum balance to be deposited in a student bank account within Nigeria?
Yes, the amount is N300k (three hundred thousand in naira) and it cannot be overridden unless you upgrade your student account into tier 2 or tier three bank accounts. Zenith bank has a maximum limit of N200k (three hundred thousand dollars) however, you have to upgrade your account to the second tier.
The general rule is that the question regarding the maximum amount for student account is N300k. I’m confident in First Bank Access Bank, Zenith Bank, and the United Bank of Africa (UBA). It is important to know that banks are able to raise or lower their limits.
The GTCreat8 student account, also known as GTCreat8 had a maximum limit of N200k but GTCreat8 has been increased by the Bank to this limit of N300k.
Talking of the zenith bank student account. It is known as the aspiring account was initially restricted to an operating balance of N300k however, it has increased that value by N1M (one million naira).
What I’m trying to say is that banks may raise the maximum limit for student accounts. Therefore, if you wish to open a student account with any bank you like First, ask for the maximum that you can use or the operating balance, and find out if it is in line with your requirements or needs.
How can I create a student account in Nigeria?
Opening an account as a student in Nigeria is simple, it only requires the school ID card, or admissions letter as well as an identity card. If you do not have an ID card for your school and you don’t have your admission letter.
With an admissions letter or the school ID card as well as an image of your passport, you’ll create a student accounts in Nigeria. Remember, you can open your account with no balance.
You don’t have to make a deposit or make use of any funds to establish a student account within this nation. You must follow the rules and you’ll be good to go.
To open a student bank account in Nigeria, go to any bank you prefer in addition to the necessary requirements. Be aware that you have to present an ID proof otherwise the bank will not be able to assist you.
The bank will also register you with a verification number. The form will be filled out, and with the required conditions, your account will be set.
If the bank charges for their naira debit cards I suggest that you pay for and obtain your debit card from Nigeria.
It is important to note that there’s no way you can get an account as a student without a Naira debit card. It’s either free or affordable. The maximum charge for the student debit card is N500 – N1000 and also comes with limitations.
Since we’re focusing on the maximum amount that can be used on a student account, it’s applicable to the student’s naira debit card.
The most exciting thing is that the student debit card is free, which may mean that there is no charge whatsoever when making use of the debit card, or banks account in order to transfer funds. There is a limit and you’re not able to transfer more than $100k every day to your bank account as a student.
The limit on debit cards in Nigeria can also be applied to this issue regarding the maximum amount for student account in Nigeria.
The Best Alternative for a Student Account
In truth, I’m one of the people who don’t like the student account due to the limitations associated with the bank accounts. Instead of opening a bank account for a student, I suggest you open an account with a Tier 3 bank which requires just two passport photos, a utility bill, and an acceptable form of identification such as an ID card issued by the National Identity Card, Nigeria permanently enrolled voters’ card, a driver’s license or international passport.
There is no limit on the amount that can be put into the tier three bank account as opposed to the maximum limit for a student account in Nigeria.
It is possible to have billions of naira on the tier three bank account but only N300k for the student account, which is a tier 1 account.
The tier three bank account is subject to the transfer cost of N25 as well as SMS costs each month and so on. However, it’s the best savings account one could get in Nigeria.
As of now, you know the maximum amount that can be deposited into student accounts in Nigeria The limit is N300k.
Frequently Ask Question on Maximum Amount For Student Account
What is required to Upgrade your Student Account
To increase the maximum amount for student accounts visit a branch of the bank to do the following:
- A valid ID is required.
- Utility bill
- Request for the upgrade of account form available customer support
- Fill in the information for the customer upgrade form
- Valid ID cards are the National ID card (NIMC) Voter’s card driver’s license International passport
What is the maximum amount for student account?
It is possible to open a FirstBank student account that has the capacity to hold a maximum balance of N300,000.00.
What is the maximum amount for the GTbank student account?
There is a maximum one-time amount of N50,000 for each transaction, with a maximum cumulative balance of N300,000.
What is the maximum amount a Zenith student account will be able to hold?
Zenith bank student account will be able to hold a limit of N100,000 and a limit of N100,000.
Conclusion
This is the place where I have come to the conclusion of this article about the maximum amount for student account in Nigeria. I suggest you open an account with a Tier 3 bank which requires just two passport photos, a utility bill, and an acceptable form of identification such as an ID card issued by the National Identity Card, Nigeria permanently enrolled voters’ card, a driver’s license or international passport.