Target Savings Account

This is a savings product for micro clients for accumulation of savings over a period of time. This is designed to help buffer expected or unexpected spikes in household expenses due to childbirth, school fees, home repairs, life-cycle celebrations, etc.

Features / Benefits

• Minimum opening and operating balance of N200
• Interest rate of 6% p.a. on accounts with average monthly balance of N10,000 & above.
• Default interest rate of 2% p.a. on accounts with average monthly balances below N10,000.
• Maximum of 3 withdrawals monthly; Interest forfeiture if withdrawal exceeds three (3) times in a month
• Debit card issuance
• Lodgement of cheques/dividend warrants of up to N2million; For cheques above N2million, references will be provided
• Access to e-channel platforms
• Account can be opened online

Account Opening Documentation

• Account opening form
• Signature mandate card
• 1 passport photograph
• Resident permit (for expatriates)
• Premises visitation report
• Bank Verification Number (BVN) of Applicant
• Valid means of identification (Int'l passport, Driver’s license, National ID, Voter’s card)
• Proof of address (PHCN, Water bill, Waste disposal bill, tenement, etc.)
• Two References (for cheques above N2million)