You’ve seen the headline, the maximum amount for student account in Nigeria. This is what this post will educate you on, the maximum amount of money you’ll have if you open a student bank account today.
What is a student account
As the name implies, a student account is a type of savings account which is applicable for students between the ages of 16 and 28. Though some banks in Nigeria age limit is 13, so the age differs from bank to bank.
The student account was introduced in the Nigerian banking system to help the Nigeria students to save money for their schooling and also for their personal affairs.
This type of bank account is quite different from the tier two or tier three bank account cause you can use your school ID to open the student account in Nigeria.
To open a student account in Nigeria, you must have your school ID and account opening is for free. However, you’ll be charged with a debit card fee if you choose to though it is compulsory for a student to have a naira debit card.
Right now you must have understood what a student account is, now is the maximum amount for student account.
All student account have limits as they are tier one bank account. There’s a maximum amount of money that can be stored or saved in a student account in Nigeria, and the amount can’t be exceeded.
Now let’s move on to the maximum amount for student account.
The maximum amount for student account in Nigeria
Let me repeat this again, the Nigeria student is a tier one bank account and which implies that there’s a limit attached to the account. The limits I’m talking about is the deposit limit and the operating balance limit.
This post is about the maximum amount for student account in Nigeria and this includes both the deposit amount in a day, and the maximum amount of money the student account will contain.
Now back to the question;
What is the maximum amount for student account in Nigeria?
The answer is N300k (three hundred thousand naira) and it can’t be exceeded unless you upgrade your student account to tier two or tier three bank account. The likes of zenith bank has a maximum limit N200k (three hundred thousand naira) but after you must have upgraded your account to the tier two.
Generally, the answer to the question on the maximum amount for student account is N300k. I’m sure of first bank, access bank, zenith bank and united bank for Africa. Again, I want you to know that bank can increase or decrease their limits.
Previously, gtbank student account known as the GTCreat8 maximum amount limit was N200k, now the bank has increased the amount to N300k.
Look at the zenith bank student account which is known as the aspire student account was once limited to a maximum operating balance of N300k, but now the bank has increased the amount to N1M (one million naira).
What I’m trying to say is that banks can increase the maximum amount limit on their student account. So if you want to open a student with any bank of your choice, first ask for the maximum amount limit or operating balance and know if it suits your need or demand.
What is the maximum amount for student account?
N300k except for zenith bank which has a maximum limit of one million naira for their tier two student account.
How to open a student account in Nigeria
To open a student account in Nigeria is so easy, it only requires your school ID card or admission letter and a passport. If you don’t have a school ID card, then you must have an admission letter.
With the admission letter or a school ID card and a passport photograph, you’ll open a student account in Nigeria. Mind you, you can open the account with zero account balance.
That is you don’t have to fund your account or use any money to open a student account in this country. You have to go with the requirements and you’re good to go.
To open a student account in Nigeria, go to any bank of your choice along with the requirements and bear in mind that you must go with a means of identification else the bank won’t attend to you.
Right there, the bank will also enroll you for a bank verification number. You’ll fill a form, and along with the needed requirements you’re account will be ready.
If the bank do charge for their naira debit card, I recommend that you pay and get your naira debit card.
Kindly note that there’s no way you can have a student account without a naira debit card and it is free or very cheap. The maximum charges for a student naira debit card is N500 and it also has limits.
As we’re focused on the maximum amount for student account, it is also applicable to the student naira debit card.
The best news is that the student naira debit card money transfer is free that is to say that there’s no charges at all while using the debit card or the bank account to transfer money. However, there’s a limit and that I’d you can’t transfer more than N100k in a day from your student account.
The naira debit card limit is also applied to this question on the maximum amount for student account in Nigeria.
Best alternative to student account
Honestly, I’m not a fan of the student account cause of the limitations attached to bank account. Instead of opening a student account I recommend you to open a Tier three bank account which only requires two passport photograph, an utility bill, a means of identification like the national ID card, Nigeria permanent voters card, a drivers license or an international passport.
There’s no maximum amount in a tier three bank account unlike the maximum amount for student account in Nigeria.
You can have billions of naira in a tier three bank account but limited to only N300k in a student account which is a tier one account.
However, the tier three bank account attracts a transfer fee of N25, sms charges per month, etc. But still it is the best savings account anyone can open in Nigeria.
Right now net you have know the maximum amount for student account in Nigeria, and the limit is N300k.
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This is where i come to the conclusion of this post on the maximum amount for student account in Nigeria. I’m open to your questions and also your recommendations based on this article.