FIRST BANK TYPE OF CURRENT ACCOUNT IN NIGERIA

We recently wrote on the Types of First Bank Saving Account opening in Ngeria, and many of our readers find it informative. So by now we all know the major different types of account that suit your financial need.

This article will explain to us in details on the types of First Bank currents account in Nigeria and the type that is also suitable for your financial needs.

Types of First bank Current account in Nigeria

• Normal Current Account
• First Current Plus
• FirstCurrent Business Account
• FirstExclusive Current

1. Normal Current Account Type

As the name implies, it is a general known Current Account that you can open for your financial need. But with FirstBank current account type, you can’t go wrong if you decide to open this account type. This type of Account enable you to carry out unlimited transactions that as to do with 3rd party.

Features of Normal Current Account

• It's as to be with minimum opening account balance of N5,000 for individuals and minimum of N10,000 for corporates customers.
• There is no minimum operating balance (i.e account balance can be operated to zero).
• There is no limit to number of Money you can withdraw within a month.
• This type of Account do attracts Account Maintenance Fee (known as AMF), and other charges like COT etc.
• You can make unlimited funds transfer and also bank cheques or drafts is allow on this account.
• There is also Inter-branch transactions is allowes such as to account owner and third parties accounts.

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2. First Current Plus Account type

First Current Plus: This is a type of current account with a "difference". This account gives you the opportunity to manage your money without paying any transaction charges like as Account Maintenance Fee (AMF) that occurs at Month end but you have to maintained a minimum operating balance on this account.

Features of Current Plus Account Type as follows:

• You must maintain a minimum opening/operating balance of N500,000 for individual customers while N5, 000,000 for corporate customers and N5,000,000.00 for corporates
• It has a free issuance of first cheque book.
• You must not exceed maximum of 5 withdrawals within a month either via cheque or Letter of Instruction. where withdrawals exceed 5 times within a month, The system will automatically applies default AMF at the prevailing rate per mile on the total withdrawals for that month.
• This account enjoys the following platforms such as; internet & mobile banking platform, debit card issuance, SMS and e-mail alerts.
• The withdrawals limit is 5 times including other alternate channels.

Benefits of Current Plus Account Type

• It's has Zero AMF.
• First issue cheque book is FREE.
• It's has no restrictions on withdrawals through ATM, POS and Internet Banking, etc.

Documents needed to open FirstCurrent Business Account

• A completed Application Form.
• Valid means of identification (Like Drivers License, National ID Card or International Passport).
• Must have a valid proof of address of residency e.g. current Utility Bill not exceeding 3 months
• Must have "Two passport size photographs".
• Must also have "Two satisfactory references" (current account) .

After  you have all necessary Documents needed , then

To open a personal FirstCurrent Plus account,

• You can Download the FirstCurrent Plus (Individual) Account Opening Form
• Complete the form and submit at the nearest FirstBank branch

A fee-based current account that allows customers carries out numerous transactions without paying AMF.

3. FirstCurrent Business Account Type

The FirstCurrent Business Account is a product that is designed for the micro, small, and medium-scale enterprises. It creates an enabling platform for small businesses to run numerous transactions at a predetermined fee without paying AMF.

Features of FirstCurrent Business Account Type

Product comes in three (3) variants:

• Premium 
  • Mus maintain a minimum account balance of N15,000.00.
  • It' has a fixed monthly charge of N2,000.00.
  • The maximum monthly debit turnover is N5million.
  • Excess on debit turnover limits attracts charges at the prevailing AMF
• Silver 
  • Must maintain a minimum account balance of N20,000.00
  • It's has a fixed monthly charge of N5,000.00.
  • The maximum monthly debit turnover is N15million.
  • Excess on debit turnover limits attracts charges at the prevailing AMF
• Gold 
  • Must maintain a minimum account balance of N50,000.00
  • Monthly charge of N10,000.00 is fixed.
  • Maximum monthly debit turnover of N50million.
  • Excess on debit turnover limits always attracts charges at the prevailing AMF
  **Please note that FirstCurrent Business is a non-borrowing account**

Benefits of FirstCurrent Business Account Type

• Has Zero COT.
• Has a Fixed monthly charge as low as N2,000.00.
• Has a low minimum account balance.
• Got no limit to number of withdrawals.
• You get SMS alert on account.

Documents needed to Open a FirstCurrent Business Account Type

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• The duly completed Application Form.
• Get Valid means of identification (Drivers License, National ID Card or International Passport)
• Also get a valid proof of address of residency e.g. current Utility Bill not exceeding 3 months
• Come along with two passport size photo.
• Your duly completed Specimen Signature cards.

To open a FirstCurrent Business account for your business/organization,

• Quickly download the FirstCurrent Business Account Opening Form.
• Then complete the form and submit it at the any nearest FirstBank branch Nationwaide.

This type of First bank Current Account type is also cool to have. You can carry out unlimited 3rd party transactions and you can enjoy the benefits herein.

Features of FirstExclusive Current Account Type

• Must have a minimum opening/operating balance - N100, 000.00
• Has no limitation on number of withdrawals (including alternate channels)
• Has maximum turnover allowed for the month – N100 million

Benefits of FirstExclusive Current Account Type

• It's has a "Zero AMF".
• It has a Free initial cheque book.
• It's also has a Free online banking services.
• It's has interest rate of 1.0% per annum.

Documents needed to Open a FirstExclusive Current Account Type

Also read on how to open first bank current account in Nigeria

• Must filled and complete the Account Opening Form.
• Must filled and  complete a Specimen Signature card.
• Must have "Two (2)" recent passport sized photog"raphs.
• Must have Address verification document such as Utility Bill".
• Valid means of identification: National ID card International Passport or Driver's License.

Also read  How to open a first bank saving account

To open a personal Current account;

• Must Download the Individual Account Opening Form
• For joint account holders, you must download the Joint Account Holder Form
• Then complete the form and submit it at nearest FirstBank branch Nationwide.