Zenith Bank Plc is a Nigeria-based financial institute that was established in May 1990, and commenced operation in July of the same year as a commercial bank. Its headquarter is in Lagos and they have over 500 branches and business offices in prime commercial centers in all state of the federation and Federal Capital Territory. They provide services in private, consumer, and investment banking. Zenith Bank PLC is one of Nigeria’s largest banks and Africa’s sixth-largest bank by shareholders.
For the purpose of this article, we’ll be focusing more on the zenith bank savings account, the features of Zenith Bank savings account as well as its limits.
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What Is A Savings Account?
A Savings account is a bank account opened for the sole purpose of saving money while earning a certain interest in the long run.
It’s an account that helps you store money for specific purposes or goals. This account allows individuals to deposit, secure or withdraw money when the needs arise. This account is suitable for people who are salary earners that have a monthly income and wants to save money.
Features Of A Saving Account
There is no restriction when it comes to bank deposit
- A savings account is for both individuals and cooperative bodies.
- There are minimum and maximum amounts a saving account can hold.
Importance Of A Saving Account
- Saving an account provides a means of safety for your money. It helps to prevent carrying cash around which could get lost easily.
- It helps individuals set money aside in order to achieve their financial goals since it prevents impulse spending of money thereby enabling one to stay on budget.
- Unlike a fixed deposit account where money cannot be withdrawn over a fixed period of time, a saving account has no restrictions whatsoever. This enables people to have access to their money and make withdrawals every time they want.
- A Saving account accumulates a small amount of interest usually on a monthly basis but this interest rate is based on the state of the economy.
Short History Of Zenith Bank
Zenith Bank Plc is a large financial service provider in Nigeria and Anglophone West Africa. It is licensed as a commercial bank by the Central Bank of Nigeria, the national banking regulator. As of 31 December 2019, it holds about $16.1bn in total assets, with shareholders’ equity of $854 million. The company is listed on the Nigeria Stock Exchange and the London Stock Exchange.
The Establishment.
Here’s an update about zenith Bank’s establishment according to Wikipedia.
Zenith Bank was established in May 1990 and commenced banking operations in July of the same year. At inception, it had a capital base of $4 million. It began operations during a period of government liberalization of the banking sector when the central bank granted up to twenty banking licenses a year to investors. The bank’s first office was originally a residential house in Victoria Island which was modified into a banking hall. In its early years, the bank witnessed a period of rapid growth. In 1997, following a directive for banking institutions to shore up their capital base, Zenith increased its capitalization to 500 million Naira.
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Roles The Zenith Banking Sector Perform
- They provide banking and other financial services to corporate and individual customers.
- They provide loads and advances, corporate finance, and money market activities.
- They provide brokerage services, financial services, and financial planning services.
Types Of Zenith Bank Savings Account
There are different types of Zenith Bank savings accounts and they include:
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Individual Savings Account
The Zenith individual savings account is for those who have a specific savings goal in mind and the account offers interest on your funds
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EazySave Classic and Premium Account
EasySave Classic Account is designed to facilitate financial inclusion for those individuals with minimum forms of identification.
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Aspire Account
The Aspire Account by Zenith is a unique savings account designed for Nigerian undergraduates with a distinctive sense of identity.
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Save4me
Save4me is a high-yielding account designed for customers to save towards a specific target.
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Timeless savings account
This account type is specifically for senior citizens for retirement.
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The Zenith Eazy Account
This is a non-BVN enabled instant savings account that can be created by simply dialing the shortcode *966*77#
Having highlighted the various account types now let’s talk about the savings account limits as well as the requirements for opening any of these accounts.
Individual Savings Account Limits
This account type is suitable for individuals who have a saving goal to meet. Below is the limit for this Zenith bank Savings Account
- For the Zenith Bank Individual Savings Account, the limit mandated by the institution is NGN5,000,000
Requirements for Opening an Individual Savings Account.
- Account opening form duly completed
- One recent clear passport photograph of the signatory
- Identification of signatories (Driver’s License, International Passport, National Identity Card, or Voter’s Card)
- Residence permit (where applicable)
- Public Utility Receipt dated within the last three months (PHCN bill, water rate bill, tenement rate, rent receipt, telephone bill)
- Two independent and satisfactory references should you want to deposit cheques over N2,000,000.00
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EasySave Classic and Premium Account Limits
For EasySave classic
- Zero account opening balance
- Maximum single deposit N50, 000.00
- Maximum cumulative account balance N300, 000.00
For EasySave Premium
- Zero account opening balance
- Maximum single deposit N100, 000.00
- Maximum cumulative account balance N500, 000.00
Requirements For Opening An EasySave Classic And Premium Account
- Account opening form duly completed
- One recent clear passport photograph of the signatory
- Identification of signatory (Driver’s License, International Passport, National Identity Card, or Voter’s Card)
Aspire Savings Account Limits
The aspire savings account is still the same thing as a student account. It’s designed to help students and undergraduates reach their potential.
Below are some key features and limits as well as the requirements for opening the aspire savings account.
Requirements For Opening An Aspire Savings Account
- Account opening form duly completed
- One recent clear passport photograph of the signatory
- A valid School Identity Card or School Admission Letter
- Details of Parents/Guardian (for 16-25 years).
Save4me Savings Account Limits
- The virtual account to the main account must be linked or migrated
- No withdrawal is allowed within the first 3 months.
- Minimum of 3 months and maximum of 12 months
- Minimum deposit of N10,000
Requirements For Opening A Save4me Account
- You must have an Individual Savings or Current Account
Timeless Savings Account Limits
- The limit for the account for the aged, also known as the Tireless account, is NGN300,000
Requirements For Opening A Timeless Savings Account.
- Account opening form duly completed
- One recent clear passport photograph of the signatory
- Identification of signatories (Driver’s License, International Passport, National Identity Card, or Voter’s Card)
- Residence permit (where applicable)
- Public Utility Receipt dated within the last three months (PHCN bill, water rate bill, tenement rate, rent receipt, telephone bill)
- Two independent and satisfactory references should you want to deposit cheques over N2,000,000.00
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Zenith Eazy Account Limits
Maximum daily account balance limit of N300,000 and withdrawals in multiples of N20,000.
CONCLUSION
This article presents you with a clear detailed information about the Zenith bank savings account as well as the various savings account limits. I hope you found the content informative and helpful.
