Banks begin charges on cash deposits above N500,000

Commercial banks in the country have resumed charges for cash deposits exceeding N500,000 for individual accounts and N3 million for corporate accounts.

This was disclosed via a notice issued by First Bank on Monday, May 6, 2024.

First Bank noted that the new directive took effect on May 1.

The bank stated that 2 per cent will be charged on cash deposits above N500,000 while 3 per cent is charged on deposits above N 3 million.

Naira appreciates by 3.3%, trades at N1,354/$

It noted: “We write to inform you that, effective 1 May 2024, our processing fees structure on cash deposits has been adjusted in accordance with regulatory requirements.

“As a result, the following rates will apply:

“2 per cent processing fee on deposits above N500,000 for individual accounts.

“3 per cent processing fee on deposits above N3,000,000 for corporate accounts.”

The Star