Often, many people ask how the UBA current account work in Nigeria? This is simple, and the UBA current account is a demand deposit account (DDA) primarily meant for individuals.
Joint individuals in which the funds deposited are payable on demand either in person or by presenting a cheque by a third party, a bank draft, direct debit or electronic fund transfer, etc.
Now you have a glimpse of what a current account is, and I am humbly honored to show you how this account works.
In this UBA Nigeria article, I am going to show you how this current account works; follow up for more information:
How UBA Current Account Works In Nigeria
With the UBA current account, one can access the customer credit facilities and much more, but how does it work?
The UBA current account requires one to have a minimum opening balance of 50,000 nairas, and surprisingly there is zero minimum operating balance, and you can have a checkbook enabled.
There are lodgments of cheHow Does UBA Current Account Work In Nigeriaques and dividend warrants.
Above is how the UBA current account works, and below here are the requirements needed to open a Nigerian UBA current account.
What Is Required To Open A UBA Current Account In Nigeria
It has become evident that for an individual to open an account with UBA bank, some requirements are needed, and it is a must for one to produce them, and they include:
- A fully completed account opening form accompanied with two passport photographs
- A valid means of identification
- A utility bill not exceeding three months old
- Two current account references
The items mentioned above are the only essential items that one must have, and also, this account comes with its benefits outlined below.
Benefits That Come With UBA Current Account?
They are as follows:
- There are no restrictions on the withdrawal frequency or amounts from funded accounts as well as there is no restriction on deposit amounts.
- Third-party transactions are allowed.
- Cheque lodgment is allowed.
- There is access to internet banking and mobile banking.
- And lastly, there is access to a UBA master card and visa card in Nigeria(for ATM, internet, and POS transactions)
The above are the benefits that come with opening a UBA current account.
Is the current account tax-free?
A current account is a zero-interest account, and there is no tax on the UBA current account.
Now you know how UBA Current account work in Nigeria.