How to Know My Zenith Bank Account Limit 2023

how to know my zenith bank account limit

How to know my Zenith Bank account limit

This outline will cover tips on how to know your Zenith bank account limit.

Limits are defined as restrictions that are set on bank accounts by your bank on the accounts that you have with them.

The restrictions work to streamline the number of transactions per time that a customer makes. The account limits for a Zenith bank account include the following;

  • Wallet type: Tier 1
  • Daily transaction limit: N50,000
  • Per transaction limit: N20,000
  • Total balance: N300,000

Zenith bank savings account limit

The Zenith bank savings account limit can be any of these kinds of restrictions;

  1. Transaction-based restrictions

This kind of restriction is one that comes with minimum and maximum values of the amount of money that can be withdrawn from an account per transaction.

For example, Zenith bank allows you to withdraw a maximum amount of N40,000 per transaction. At this same rate, you can also make five different transactions daily.

In collation, the maximum amount of money a customer can withdraw in a day via Bank ATMs is N200,000.

  1. Cumulative

This defines a restriction set on the sum of all the transactions that a customer can make within a day or a month. It also defines the number of transactions that can be run throughout that period.

This particular limit mostly has to do with the frequency of the transactions that you make with your Zenith bank account.

  1. Cooling timeframe

This defines a time during which the transfer of funds is not allowed by the bank until the specified limit is reached. Usually, this kind of limit happens with a new customer of the bank.

The cooling timeframe limit is an action taken by the bank in inculcating certain safety measures.

The individual can melt this temporary freeze by presenting documents of validation like your Bank Verification Number (BVN), National Identity Number (NIN); Permanent Voting Card (PVC).


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Zenith bank current account limit

You might have wondered what the differences between a current and savings bank account are. Here are some of these differences;

Differences Current account Savings account
Definition  A current account is what you need for making daily transactions. You can make as many transactions as you want. A savings account only allows for a streamlined number of transactions.
Functionality This kind of account is great for traders and entrepreneurs that make transactions at a very high frequency. This account is great for salary earners or other folks that have monthly income.
Interest There is usually no interest attached to the money deposited in a current account. What this means is that you do not get any returns on any money you have in your account. With this account comes a return on the interest base of 4%. So, if you have two thousand naira in your savings account, you can get an interest base four percent higher if you save it for a specific timeframe.
Overdraws This term is used to describe you making more withdrawals than whatever amount of money you actually have in your account. This feature is only available to Current account owners. The overdraw feature is not available to saving account owners. The only facility that owners of accounts in this cadre have access to is the loan-system.
Minimum balance Minimum balance is the amount of money that you need to start or maintain your bank account. This amount is usually quite high for current account owners. You don’t need a lot of money to maintain or start a savings account.


Zenith bank student account limit

The Zenith bank student account limit is a savings account with more restrictions than the regular bank account types that have been discussed above.

This bank account type is usually owned by people within the age bracket of 16 and 28 years.

The thing about this account is that you can get it opened just by presenting your Student I.D card (with no other standard means of validation).

A Zenith bank student account limit lies in the following ranges;

  • You can only work with ten thousand naira (N10,000) per transaction.
  • You have a daily limit of hundred thousand naira (N100,000)

To break off these limits and then, have access to a wider range of spending, you have to upgrade your account. For this, you will need details like your Bank Verification Number (BVN), National Identity Number (NIN), etc.

Upon validation of the details, your account gets upgraded to either a standard savings account or a standard current account.


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