How much Can a Student Account Hold in Ecobank: On this page, you will discover the limitations and answers to how much can a student account hold on Ecobank.
The need for having a bank account is crucial as it helps us in building a powerful saving goal. Gone are the days where people save money in their homes and women in the end section of their wrappers.
Technology is evolving likewise the banking and financial sector of the country. Students also are not left behind as they are one set of Nigeria’s population saving a lot at recent times. They tend to receive credit alerts from most family members since they are far from home for educational purposes.
However, not all students own a bank account which result in them, using a third party to receive money from home. However, all these are in the past now since the introduction of student bank account in most Nigerian commercial banks.
Ecobank Nigeria, is one of the leading banks in Nigeria with the best service when it comes to student account opening and set ups. For a better understanding on the topic under review (how much can a student account hold in ecobank). I will like to get started with an introduction to what a student account really is.
What is a Student Account?
A student bank account in Nigeria is that account type which is usually opened by most Nigerian banks for students who do not have any government issued identity card. This bank account type is also known as quick account and is not only limited to be opened by Nigerian students alone.
Individuals and small business owners can as well open this account type if they have no possession of government issued identity card (Voters card, Driver’s license, National Identity card or Passport). A student account serves same functions with the normal savings account however; there is more to it which will be discussed shortly.
Does Ecobank Student Account have Limit?
Yes, Ecobank student account just like any other account types in Nigeria has its own limitations. For instance, there is a maximum amount which the account can hold in general and there is a maximum amount which can be deposited into the account at a time.
Failure to comply to these terms will result to temporary lockage of the account which means you’ll have to option for an upgrade.
How much money can be deposited at a time in Ecobank Student Account?
The highest amount of money which can be deposited at a time in an Eco bank student account is ₦50,000. However, the bank account can contain beyond ₦50,000 in a sum.
The solution to receiving more than ₦50,000 in an Eco Bank student account is to follow this tip.
Let’s say you want to receive ₦150,000 from a friend/family. As the person to divide and sent the payment into three places. This simply means that, the ₦150,000 will be sent in this order;
- First Payment – ₦50,000
- Second Payment – ₦50,000
- Third Payment – ₦50,000
All can be totaled at ₦150,000 when done. However, there are other limitations on the total amount which a student account can hold in EcoBank. See below for more guideline.
How much Can a Student Account Hold in Ecobank
The total amount which a student account with ecobank can hold is ₦300,000 and nothing beyond. Having beyond ₦300k will lead to temporary locking of your bank account.
However, you can still visit the bank to unlock the account. But, it is important to know that they will ask you for a means of identification before they can help you out.
Can a Ecobank Student Account Limit be Increased?
Yes. The savings limit of an ecobank student account can be increased by visiting the bank with a valid document for an account upgrade.
Opening a student account is the best way to get a bank account without having to worry about not having any ID card at all. See below for things which will be required of you to get a free bank account from Eco Bank PLC.
Requirements for Opening a Student Account with Ecobank in Nigeria
The basic requirements for opening a student account with eco bank can be found below;
- 2 recent passport photographs
- Utility bill (electricity or water bill) of not older than 3 months
- Bank Verification Number (BVN)
These are the three things you need in getting a student bank account which cost zero Naira to open from Eco Bank. See below for guideline on how to open a student account with ecobank for saving money.
How to Open a Student Account with Ecobank
To open a student savings account with Eco Bank, all which is required of you is follow below guidelines;
- Visit any eco bank near you with your 2 passport photographs and utility bill
- Collect an account opening form from the marketing department and fill accordingly
- Attach your passport photograph and a photo copy of your utility bill
- Submit to the marketing officer (you will be redirected for data capture)
- Complete the biometric capture
- Your account number will be sent to your mobile number immediately at no cost
- Now deposit at least ₦1,000 into your new student savings account
- Go back to the customer service representative to order for a new ATM card which is charged at ₦1,000 and will be deducted from the ₦1,000 you deposited to your bank account earlier.
This is all you need to know about how to open a student savings account as well as how much can a student account hold in Ecobank. Goodbye and cheers.