PRODUCT TYPES AND BENEFITS
Savings Account - Tier 1
This account is designed for individuals with no documentation and limited access to banking facilities.
Classic Saving Account - Tier 3
A regular savings account designed for individuals in all market segments in the society which can be opened jointly
Salary Savings Account - Tier 3
This is a savings account is designed to provide ease and convenience to working class individuals.
Youth Savings Account
This account is targeted at young adult in higher institution or in NYSC.
Minor Savings Account - Tier 3
This is targeted at individuals below 18 years old with supervision of a parent or guardian.
Classic Current Account - Tier 3
A flexible account that offers customers a wide choice in banking and enable them opening any of the following types of account:
- Individual Account
- Joint Account
Premium Current Account - Tier 3
This is a zero AMF current account that provides discerning customers with extra benefits beyond that of the regular current account and enable them to open any of the following types of account:
- Individual Account
- Joint Account
Salary Current Account - Tier 3
This a current account is designed to provide easy and convenient to working class individuals.
Diaspora Account
Are you a Nigerian living outside the country? Then this account is for you. It allows you to perform domestic and foreign transactions at your comfort, anywhere you are.
Classic Current Account – Tier 3
Features and Benefits
- Minimum Account opening balance ₦5,000.00 (Not Restrictive)
- Zero Annual Maintenance Fee
- Zero fees for intra-bank transfer via the Mobile App
- Access to consumer finance
- Mobile Banking facility i.e., online statement, SMS alert, Transfers etc.
Transfer Limit
Maximum of N25,000,000
Requirements
- Duly completed account opening form including signature mandate
- 1 passport photograph of signatory
- Valid primary means of identification
- 2 reference letters
- Proof of Residence
- Resident Permit (Non- Nigerian)
- Bank Verification Number (BVN)
Premium Current Account – Tier 3
Features and Benefits
- Minimum account opening balance ₦100,000.00
- Zero AMF
-
Interest rate of up to 5% p.a.
based on the lowest daily
closing balance as shown
below:
- Below N100,000 = 0%
- N100,000 – N499,999.99 = 1%
- N500,000 – N999,999.99 = 2%
- N1m – N4,999,999.99 = 3%
- N5m above = 5%
- Zero fees for intra-bank transfers via the mobile app
- Access to consumer finance
- Mobile Banking facility 1.e online statement, SMS alert, Transfers etc.
Transfer Limit
Maximum of N25,000,000
Requirements
- Duly completed account opening form including signature mandate
- 1 passport photograph of signatory
- Valid primary means of identification
- 2 reference letters
- Proof of Residence
- Resident Permit (Non- Nigerian)
- Bank Verification Number (BVN)
Salary Current Account – Tier 3
Features and Benefits
- Zero account opening balance
- Zero daily minimum balance
- Zero Annual Maintenance Fee
- Zero fees for intra-bank via the mobile app
- Access to consumer finance
- Mobile Banking facility 1.e online statement, SMS alert, Transfers etc.
Transfer Limit
Maximum of N25,000,000
Requirements
- Letter of introduction from employer
- Duly completed account opening form
- BVN
- 1 passport photograph
- Staff ID (or valid means of ID where staff ID is not available)
- Residence Permit (Foreigners)
Classic Saving Account - Tier 3
Features and Benefits
- Zero initial opening balance is accepted
- Zero minimum balance
- Attractive interest rate i.e., 4.2% p.a (30% of MPR)
- Zero fees for intra-bank transfers via the mobile app
- Allows lodgment of cheques and dividend with maximum value of ₦2, 000,000.00 daily
- Mobile Banking facility 1.e online statement, SMS alert, Transfers etc.
Transfer Limit
Maximum of N25,000,000
Requirements
- Duly completed account opening form including signature mandate
- 1 passport photograph
- Bank Verification Number (BVN)
- Valid Identity Card (Driver’s licence, Voter’s card, National identity Card, International passport
- Proof of Residence
- Resident Permit (Non- Nigerian)
Savings Account - Tier 1
Features and Benefits
- Zero initial opening balance is accepted
- Zero daily minimum balance
- Attractive interest rate i.e., 4.2% p.a (30% of MPR)
- ₦50,000.00 single deposit
- ₦300,000.00 cumulative balance
- Instant Account opening
- No International funds transfer
- One account signatory
Transfer Limit
Single Transfer Limit – N50,000
Daily Transfer Limit – N50, 000
Requirements
- Duly completed account opening form including signature mandate
- 1 passport photograph
- Bank Verification Number (BVN)
Minor Savings Account - Tier 3
Features and Benefits
- Minimum account opening balance of ₦1,000.00
- Zero minimum balance
- Attractive interest rate i.e., 4.2% p.a (30% of MPR)
- Allows lodgment of cheques and dividend to the tune of ₦2,000,000.00 daily
- Opportunity to attend Parallex Minors Event like international university fairs, sponsored events, children’s day event etc.
- Personalized Birthday emailer on the minor’s birthday.
- Access to tips on education, lifestyle, parenting etc.
Transfer Limit
Maximum of N25,000,000
Requirements
- Duly completed account opening form including signature mandate
- 1 passport photograph of the child
- 1 passport photograph of the Parent/Guardian
- Birth certificate of the child
- Bank Verification Number of the Parent/Guardian
- Valid Identity Card of the Parent/Guardian (Driver’s licence, Voter’s card, National identity Card, International passport
- Proof of Residence
Youth Savings Account - Tier 1
Features and Benefits
- Minimum account opening balance of zero
- Daily minimum balance of zero
- Attractive interest rate i.e 4.2% p.a (30% of MPR)
- Free banking (Zero fees for intra-Bank.
- Allows lodgment of cheques and dividend to the tune of ₦2,000,000.00 daily
- Access to exclusive events
- Access to student loans
- Internship/Campus Ambassador program
- Personal development workshops
Requirements
- Duly completed account opening form including signature mandate
- 1 passport photograph
- Bank Verification Number (BVN). Youth without BVN should provide a guardian BVN and valid ID for KYC
- Valid student or NYSC ID
Salary Savings Account - Tier 3
Features and Benefits
- Zero initial opening balance is accepted
- Daily minimum balance of ₦1,000.00
- Attractive interest rate i.e 4.2% p.a
- Zero fees for intra-bank transfers via the mobile app
- Allows lodgment of cheques and dividend with maximum value of ₦2 ,000,000.00
- Mobile Banking facility i.e online statement, SMS alert, Transfers etc.
Transfer Limit
Maximum of N25,000,000
Requirements
- Letter of introduction from employer
- Duly completed account opening form
- BVN
- 1 passport photograph
- staff ID (or valid means of ID where staff ID is not available)
- Residence Permit (Foreigners)