Transformation in technology has provided an opportunity for First Bank of Nigeria Limited to introduce different savings products that meet the needs of its customers irrespective of age. AMAKA IFEAKANDU looks at the bank’s online banking products and its impact on the customers.
The advent of internet banking at the end of 20th century has brought a new phase on how banking industry operates in the country. The use of technology, apart from making banking transactions easy and convenient, it creates an opportunity for customers to manage their personal accounts on the go and have direct interaction with their banks. The idea of operating savings account which originated as far back as1697 in England, started with the purpose of accepting savings deposits and paying interest on those deposits.
Today, despite transformation in the nation’s financial system, the basic purpose of having a savings accounts, still remains to get added benefits and perks. The savings account enables one to save towards a project or helps keep money aside, may be for a rainy day.
The essence of people saving money for future project encouraged banks to introduce different saving accounting system that will suit the needs of the various customers at a particular point in time (or that are suitable to needs of their customers).
First Bank of Nigeria Limited is one of the nation’s banks that introduced different savings account products to meet the demand and lifestyle of its customers.
First Bank Online savings products
First Bank of Nigeria Limited,, Nigeria’s premier and leading financial institution is among the banks in the Nigeria that came up with different savings account products tailored towards meeting the lifestyle and banking needs of customers. Some of these products include FirstInstant savings, FirstInstant plus, FirstSavings plus account, XploreFirst savings account and among others.
FirstInstant Savings Account
The FirstBank’s Firstinstant savings account was designed for customers who live an ‘on the go’ lifestyle. It does not require documentation. The account is FirstBank’s no-frills and no hassles.. With the FirstInstant savings account, customers enjoy the flexibility of managing his/her funds without any charges, and it is upgradeable.
According to First Bank, FirstInstant savings account attracts zero account opening and operating balance of N100 with only one passport photograph. The account requires maximum cash deposit of N50,000 per transaction and maximum cumulative balance on the account at any point in time is N300,000. The account holder may upgrade the account at any time if he/she wishes to have more than N300,000 balance in the account.
Apart from having attractive interest rates, the account can also be operated as a Salary Account as there are no limits to the number of withdrawals you can make from the account in a month. The account holder will get debit card instantly as soon as the account is opened.
The bank also says the account is designed for those who carry out lower transactions with the bank.
“If you are opening this account online however, you do not need any documentation to open the account. The account holder must be at the age of 18 and above. The account is also suitable for those who wish to open a no frills account to start their banking experience with FirstBank.” It added.
FirstInstant Plus Account
Operating Firstinstant Savings plus requires minimal documentation and the account will be open on the go. The account holder will have the advantage of managing his/her funds without any charges.
According to the bank, FirstInstant plus account attracts zero account opening and operating balance of N100.
“If you walk into a branch to open the account, all you need is two passport photographs and a copy of your identity Card. The account attract a maximum cash deposit of N100,000 per transaction while maximum cumulative balance on the account at any point in time is N500,000,” says the bank.
It further adds: “The account holder may upgrade the account at any time if you wish to have more than N500,000 balance in your account.
“The account has attractive interest rates and can be operated as a Salary Account. The account has no limits to the number of withdrawals you can make from the account in a month. You get a debit card instantly as soon as you open the account.”
Other Requirements
The account has flexible means of identification that may include Trade or Market Association ID cards, valid e-tax clearance card, students ID card (backed with Admission Letter) Military or Paramilitary ID cards, NYSC ID card, ID Cards of government parastatals, etc.) ****2 passport photographs.
FirstSavings Plus account
On the part of FirstSavings Plus Account, the bank explains that “it is a hybrid savings account that allows the account holder to enjoy the benefits of both savings and current accounts.
“With FirstSavings Plus, you can access online banking. This account offers attractive interest rates, lodgement of cheques or dividend warrants into the account, third party withdrawals and cheque issuance by the account holder.
“The account requires a minimum opening balance of N50000. It also allows third party withdrawal through customized withdrawal slips or cheques in all FirstBank branches. For added security, the account requires references to open while account holders qualify for interest payment on the account when they make less than three withdrawals in the month. Cheques and dividends can also be paid into the account holder’s name.”
XploraFirstAccount
First Bank of Nigeria Limited’s XploreFirst account is basically to assist and expose young people to adequate knowledge acquisition on fund management as well as enhancing their saving culture. XploreFirst is part of the bank’s efforts at rewarding the youthful customers’ base, in line with its educational development drive.
The product is designed specifically for students between the age range of 18–29 years and requires a minimum amount of N1,000 to open transactions. The account holders are to maintain a minimum balance of N100 to run the account.
However, one can only qualify to open the account by being a student of any tertiary Institution. It has Zero account opening balance, minimum operating balance of N100 and Flexible means of identification.
The account has discounted cost of Verve Debit Card with Cheques/Dividend warrants lodgement and the account holder will participate in all savings loyalty campaigns.
An XploreFirst account can be opened with a valid student Identity card with a copy of the school admission letter attached. Operating XploreFirst account will enable the account holder get any of the Bank’s Debit cards, including a customized debit master card -expressions card with your picture boldly printed on it.
Benefits of savings account
In all, a Savings Account is one of the most popular bank accounts that a person can operate without much difficulty. It is one account that can be used for many different purposes. For many people, this is their first interaction with the banking and financial system.
There are several benefits of having a savings account. It doesn’t just bring about financial discipline but also makes everyday transactions easier. It gives you access to credit facilities and helps keep track of your income tax returns. You can hold the account in your name or with a joint holder.
However, a Savings Account is liquid, in the sense, that the customer can withdraw his money up to a particular limit at any point in time in a month. This works out to be very beneficial for salaried employees and senior citizens who can withdraw their monthly expenses and then earn interest on the other balance. Unlike a current account, a savings bank account earns interest.
The balance earned in a Savings Account helps to improve the individual’s income. Some banks offer higher interest rates for maintaining a higher balance, while some offer sweep in facility which helps earn higher interest income.
No comments:
Post a Comment