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)
CapitalMetriQ Target Savings Account