Q How long does it take to get an NID Current account opened?
A Within 24 hours of receipt of complete account opening package
Q How will customers know all the details concerning their new account?
A They will be issued a Welcome Letter that has all these details once their
account has been opened
Q In what currencies can an NID Current account be opened?
A NID Current account is available in Naira only
Q What is the minimum amount to open this account?
A N50,000.00 (fifty thousand naira only)
Q What is the credit interest payable on this account?
A The account does not attract any credit interest
Q What are the charges on this account?
A Typically, this is the COT of N5/mille. However customers can attain a Zero
COT status if they maintain a deposit balance as specified by the bank.
Q Am I able to view my statements online?
A Yes
Q How old do you have to be to open an account?
A 18 years for NID Bank Accounts
Q What number do I call for bank account assistance?
A +234 1 7755326 for NID Bank accounts
Q How long will it take to receive my Oceanic Bank new account confirmation?
A Within 24 hours of opening the account for NID. You will be issued a Welcome
Letter that has all these details once your account has been opened
Q Whom do I call with questions about opening an account?
A Send e-mail to nid@oceanicbank.com or call +234 1 7755326
Q When can I start using my new account?
A As soon as it is opened
Q Does this account require a minimum balance?
A NID Current Account requires no minimum operating balance
Q Can someone operate the account on my behalf?
A Yes, you can appoint as a Resident Signatory to operate the account on your behalf in
Nigeria.
Q Does this account have funds transfer facility?
A Yes
Q Do I get access to credit facilities with this account?
A Access to credit facilities (mortgages, loans against deposits, etc)
Q Do I get a COT free checking account?
A COT-free status is attainable on NID Current Account
Q Are there any conditions to be met for such an account to remain COT free?
A N250,000 minimum balance has to be met
Q What minimum documentation requirements do I need to open an NID Current Account?
A
• Properly completed Account Opening Form.
• Passport Photograph (2 copies per signatory, endorsed by signing across the face).
• Attested copy of valid proof of identification– International Passport or other supporting IDs like Residence Permit, Work Permit or Driver’s License.
• Attested copy of proof of source of funds- Any of the following is acceptable- Employer’s reference, Letter of employment, Work ID, Recent pay-slip, Evidence of business registration, Business Bank statements or Banker’s Business reference.
• Attested copy of proof of address. Any of the following is acceptable - Current Utility bill (not exceeding past 2 months), last 3 months Bank statement, or copy of any letter received within the last 3 months from existing Banker.
• Attestation of photocopies of attached documents (3 to 5) by a Notary Public, Nigerian Embassy, Current Banker or an authorized staff of Oceanic Bank. An Attesting Officer should state his/her full name, contact address, contact phone number and email address.
• Two references from current account holders in local branches of Nigerian banks (for Current Account applicants only).
Q What minimum documentation requirements do I need to meet to do a telegraphic
transfer as an account holder?
A This is a function of the purpose of the transfer and subject to CBN’s documentary
requirements
Q What do I do to reactive my dormant account?
A Complete an Account Reactivation form and submit it to your branch
Q How can I fund my account?
A By any of the following means:
i. Local cash and cheque deposits
ii. Transfer from a Bank account in Nigeria
iii. Cash transfer through Western Union Money Transfer to a named beneficiary for lodgment into account
iv. Wire Transfers from your accounts abroad through our Correspondent Banks; Cal +234 1 7755326 for details (Note: To enable us credit the naira equivalent into NID current account, the customer must provide a written and signed instruction requesting we credit the naira equivalent into the account.)
