Sterling Bank Nigeria Account Opening Process and Types of Accounts You Can Have

With recent advancements in technology, the account opening process in Sterling Bank Nigeria has become a simplified process that will not require a prospective client to be physically present in the banking hall. Any mobile device can be used in opening an account with the bank, just get hold of the approved USSD code and you are on! There are other alternative channels that can be leveraged for account opening and those who wish to go the age-old way can always visit the nearest branch of the bank to get their accounts opened and running.

Now, what kind of account can one open with Sterling Bank Nigeria? To answer the question, we will have to take you through all the different kinds of accounts obtainable at Sterling Bank. There are savings packages that are numerous in number, as well as the current account options through which customers can carry out transactions and access overdraft and consumer facilities. The bank also has corporate accounts that entrepreneurs can leverage in the day-to-day running of their businesses, the list goes on and on. Also, in this piece, we will be touching on how to upgrade and block accounts in Sterling Bank.

Procedure For Opening An Account With Sterling Bank

  • Decide on the type of account you wish to open – whether savings, current, term deposit, and so on.
  • When you have made your choice of account type, you can either go through alternative channels or proceed to the nearest Sterling Bank Branch.
  • If you are going by alternative channels, the USSD code can be used on any type of mobile phone to get your account opened, you can go to the bank’s website, or decide to go through OnePay for instant account opening.
  • If on the other hand, you wish to open your account the traditional way, then you must visit the banking hall and make inquiries from the customer service person who will provide you with the right AOF (Account Opening Form) and info on the necessary documentation to submit.
  • After filling out your AOF and providing the necessary documentation, go back to the customer service unit for the submission of your account opening package.
  • The customer service personnel will scrutinize the forms and attached docs to see if everything is in order. Once the CSO is satisfied, he or she will go-ahead to open the account and assign you with your NUBAN.
  • In the case of a current account, the customer receives a checkbook, and if it is a term deposit, then, a fixed deposit certificate will be issued.
  • The customer service personnel will also register the new customer on all alternative channels of the bank.

Is It Possible To Open A Sterling Bank Account Online?

Having a bank account is very essential to human existence. In addition to helping individuals in making disciplined savings, it also plays a vital role in the day-to-day running of businesses. In the past, opening an account entails being physically present at the banking hall to fill and submit the relevant documentation, however, technological advancement has greatly simplified the account opening process. Prospective clients can now sit in the comfort of their homes and offices and open an account online. With respect to Sterling Bank Nigeria, the online account opening process can be achieved in two different ways.

Through USSD Code

Sterling Bank
image source

With Sterling Bank’s *822# code, account opening is made a whole lot easier and account numbers are generated instantly. This USSD code method is not only convenient, it was specifically designed to harness seamless and smooth transactions via SMS or codes. Customers who have experienced this instant banking have testified that it is quite easy to operate. Besides, it works on any mobile device that has a SIM card and standard keypad. The only condition is that the number must be attached to your account at the point of opening.

  • To open an account with the Sterling Bank USSD code, just dial *822*7# on your chosen mobile phone number and then follow the ensuing prompts.
  • OR you can dial *822# and proceed to press 7 through the phone number you wish to use for the account, then carefully follow the ensuing instructions.
  • In the event that it fails to work, the prospect will need to first register the mobile phone number by dialing *822#.

By Going Through The Official Website of The Bank

Another way of opening a Sterling Bank account online is by going through their website, https://sterlingonlineaccount.sterling.ng/#/. Just follow the link and provide the requirements as they are listed on the page.

Rundown Of Available Channels To Open An Account With Sterling Bank

  • Sterling Bank account can be opened via phone by simply dialing the USSD code *822*7#
  • OnePay is the bank’s internet banking and personal mobile banking solution that allows for instant account opening.
  • Accounts can be opened online by leveraging the bank’s official website – https://sterlingonlineaccount.sterling.ng/#/
  • The age-old method of opening a bank account is still very much effective in Sterling Bank Nigeria. Just visit any of their banking halls and get to the customer service unit to fill out an AOF (Account Opening Form) with the necessary documentation.

Can You Open a Sterling Account Without Using BVN?

Yes, it is possible to open an account with Sterling Bank without the use of a Bank Verification Number. This kind of account can be opened via the USSD codes *822*7# but it is important to note that they come with a lot of limitations on the maximum single deposit which is pegged at N20,000. The maximum cumulative balance on this type of account is N200,000, N3,000 is the stipulated, maximum transaction limit, and the daily limit must not exceed N30,000.

Types of Accounts At Sterling Bank

Sterling Bank Nigeria is one bank that can boast of multiple account packages for its teeming customers and potential customers. This ranges from the savings to current account options, business accounts, and other packages designed to suit the needs of individual customers.

Savings Account Options

Sterling Bank Nigeria has put out a variety of savings account options that are quite flexible. Whether it is for kids, adolescents, students living on campus, grown-ups, and the old and retired, there is a savings option at Sterling Bank to suit your needs.

I Can Save (Minor)

The I Can Save account is a special kind of package targeted at younger children to aid in preparing them for the future. The account also goes a long way in inculcating the savings culture or habit in kids right from their formative years. A doting parent that wishes to set his or her kids on a sure path to financial success can gift them with an I Can Save account. This gives such kids a head start in life, way before their peers.

Features of I Can Save account
  • N2,000 Minimum account opening balance
  • N1,000 Daily minimum balance
  • Interest rate is highly competitive at 1.25% p.a. (30% of MPR)
  • The account allows both dividend warrants and lodgment of cheques.
  • Debit card issuance & SMS alert
Documentation For I Can Save account
  • Account Opening Forms, duly completed
  • Valid Means of Id for the child’s Parent/Guardian
  • One recent passport photograph for the minor and one for the parent/guardian.
  • Documentary Evidence of your Nigerian Address; this can be provided through a utility bill not more than three months old
  • Combined Expatriate Residence Permit and Alien Card (CERPAC); this is for the Parent/Guardian and is not applicable to West Africa nationals.
  • The minor’s evidence of age – this can come in the form of the birth certificate of the minor or an International passport.

TribeOne (Campus Hype Account)

Sterling Bank’s TribeOne is exclusively designed to cater to the special needs of students in various university and tertiary institutions. The zero account opening balance feature of this package makes it attractive and account holders will enjoy lower fees on transactions along with several other freebies associated with the Campus Hype Account.

Features Of TribeOne
  • N1000 minimum opening balance
  • Zero daily minimum balance
  • The interest rate is highly competitive at 1.25% p.a.
  • Allows lodgment of dividends and cheques up to N2 Million limit for each day
  • Access to the bank’s electronic banking facilities
  • Debit card issuance
  • This type of account is meant for youths who are within the 16 to 25 yrs age bracket
Documentation
  • Bank Verification Number
  • Account opening can be done in the branch and Online (www.TrybeOne.ng/Tryber)
  • One Passport Photo

KIA KIA

Sterling Bank
image source

Banking made easy! Sterling Bank’s KIA KIA account is a kind of savings package designed to simplify banking for potential customers with no documentation or form of identification. With KIA KIA, there are no worries and no hassles.

Features of KIA KIA Account
  • N50, 000 single maximum deposit
  • The total balance must not exceed N300,000
  • Each mobile banking transaction has a limit of N3,000 and N30,000 as the daily limit
  • International Funds Transfer is not allowed
  • Sole account signatory.
  • Only a Verve card can be issued on this account
Documentation
  • Account opening form to be completed Online
  • Passport photograph
  • BVN

KIA KIA Plus

This account is a great step taken by Sterling Bank Nigeria to facilitate the financial inclusion of individuals with very limited documentation. This special product is designed for them to access banking facilities.

Features of KIA KIA Plus
  • A single deposit of N100,000 maximum
  • The total balance must not exceed N500,000
  • Daily limit of N100, 000 on mobile banking and per transaction limit of N10, 000
  • International Funds Transfer is not allowed on this account
  • Sole account signatory
  • Only a Verve card can be issued on this account
Documentation
  • Account Opening package to be completed online
  • Passport photograph
  • Means of ID

Classic Savings

You can make your savings target a reality with a Sterling Bank Classic Savings account. In addition to carrying out all kinds of transactions with this account, customers will also earn some interest on their sitting credit balance.

Features
  • N2,000.00 minimum opening balance
  • N1,000 daily minimum balance
  • Interest rate is highly competitive at 1.25% p.a. (30% of
    MPR)
  • Debit Card issuance
  • Electronic Banking is accessible
  • KYC (Know Your Customer)
  • SMS alert
Documentation
  • Account Opening package duly completed
  • Valid means of id.
  • One recent passport photograph
  • Combined Expatriate Residence Permit and Alien Card (CERPAC) – West African
    nationals not inclusive.

Savings Salary

All individuals on salary from all sectors of the market in Nigeria can enjoy this regular savings account from the bank. The account is designed to receive remunerations from employers and account holders can earn interest on the credit balance.

Features

• N1,000 minimum opening balance
• N1,000 daily minimum balance
• Interest rate is highly competitive at 1.25% p.a. (30% of MPR)
• Debit Cards issuance
• Electronic Banking facilities are accessible
• SMS alert
• KYC

Documentation
  • Account Opening Forms duly completed
  • Valid ID.
  • One recent passport photograph
  • Letter of introduction; this must come from your current employer.
  • Documentary Evidence of your Nigerian Address; this can be provided through a utility bill not more than three months old.
  • Combined Expatriate Residence Permit and Alien Card CERPAC) – West African nationals are not included.

New Sterling Plus

A hybrid account that offers customers benefits of savings and current account. It is designed for people in all segments of the market; be it salaried, non-salaried, HNIs (High Net worth Individuals), and self-employed professionals,

Features
  • N5,000.00 minimum opening balance
  • N5,000.00 daily minimum balance
  • The interest rate is pegged at 1.25% p.a.
  • Attracts a monthly service charge; this is fixed at N100
  • Debit card issuance
  • Checking facility (lodgment of both dividend warrant and cheques)
  • KYC (Know Your Customers)
  • One referee
Documentation
  • Account Opening Forms duly completed
  • Valid means of Id.
  • One recent passport photographs
  • Documentary Evidence of your Nigerian Address; this can be provided through a utility bill not more than three months old
  • One satisfactory reference.
  • Combined Expatriate Residence Permit and Alien Card (CERPAC) – West Africa nationals are excluded.

Sterling C.A.R.E.S

This is a special type of savings account designed for non-individuals; this includes the likes of registered and unregistered organizations, associations, clubs, religious bodies, unions, societies, and so on.

Features
  • N10,000.00 minimum opening balance
  • N10,000.00 minimum daily balance
  • The interest rate is pegged at 1.25% p.a.
  • Checking facility (the account allows lodgment of dividend warrants and cheques)
  • KYC (know Your Customer)
  • Two referees per signatory
Documentation
  • Account Opening Form duly completed
  • Letter of authority from the Association/Club/ duly signed by the President/Chairman/ and a second officer from therein, appointing Sterling Bank Plc as its Banker.
  • Two satisfactory references per signatory.
  • Minutes of the meeting showing the approval for the account opening.
  • One recent passport photograph per signatories
  • Valid means Identification per signatory.
  • Constitution of the Association /Society/Club
  • Location verification of each of the signatories.
  • Management approval for the opening of such account (REGIONAL HEADS)

Corpers Savings Account

This is a savings account targeted at graduates who are members of the Nigerian Youth Service Corps during the term of their NYSC program.

Features of Corpers Savings Account
  • N1,000 minimum opening balance
  • Zero minimum daily balance
  • The interest rate is highly competitive at 1.25% p.a.
  • Debit card Issuance.
  • Allows lodgment of dividend warrants and cheques up to N2 Million daily limit
  • Access to the bank’s electronic banking facility
Documentation

• Valid NYSC ID Card
• One Passport Photo

Alternative Savings Account

Sterling Bank’s Alternative Zero Interest Savings Account can be opened with zero minimum balance. Account-holders get to enjoy seamless access through the bank’s e-solutions like Alt Pay, card options, and internet banking. The form for this account can be downloaded and the under-listed documents should be provided alongside the completed form.

Requirements
  • Valid means of ID
  • Two recent passport photos
  • Documentary Evidence of your Nigerian Address; this can be provided through a utility bill not more than three months old
  • Combined Expatriate Residence Permit and Alien Card (CERPAC) – West African nationals are excluded

Statement Savings

Customers can earn interest credit on all their account balances as well as enjoy the flexibility of having access to funds without being penalized. Also included in this package is the convenience of telephone banking, online banking, and ATM accessibility.

Features
  • Statement of a customer’s transactions are accessible
  • Account-holders between the ages of three to 12 years will be automatically signed up in the Bank’s Junior Savers Club
  • Unlimited withdrawals and transfers can be made in person, through the ATM, or by mail.
Interest Rate
  • Monthly variable-tiered rate
Fees And Requirements
  • $1 maintenance charge; this only happens when the average daily balance drops below $100 for the month
  • Account-holders below the age of 19 are not charged
  • Within a month, up to six transfers will be allowed through cheque, POS, or pre-authorized transfer
  • Fees may reduce the earnings accruable on these accounts
  • For more information on applicable rates, terms, and fees, you can contact the bank

Junior Savers Club

Customers who are 18 years and below can learn, as well as reinforce the long-term value of saving money. Those who are 12 years and below will get birthday club/savings incentives all through the year. There are no minimum balance requirements attached to this account.

Century Savings

A Century Savings account from Sterling Bank is a great option for customers of the bank looking to enjoy a higher yield on their Time Deposit and also have the ability to make some deposits before maturity. This can be great for individuals saving for college tuition, real estate taxes, holiday gift purchase, vacations, and so on.

Features
  • 12-month term
  • For customers of the bank looking to enjoy a higher yield on their Time Deposit and also have the ability to make some deposits before maturity.
  • The customer has the option of choosing initial maturity.
Interest
  • Monthly variable-tiered rate
Fees and Requirement
  • Withdraw of any of the principal prior to the maturity date may attract an early withdrawal penalty
  • For more information on applicable rates, terms, and fees the bank can be contacted.

Individual Retirement Accounts (IRAS)

Retirement savings can be somewhat complicated, however, Sterling Bank Nigeria has simplified the process by offering IRAS with both variable and fixed rates. Options include Traditional, ROTH, as well as SEP (Simplified Employee Pension); this can also be referred to as SIMPLE (Saving Incentive Match Plan for Employees). IRAs are viewed as great tax-deferred or long-term savings options and are good for just about anyone.

Features
  • No annual administration fees
Interest
  • Monthly variable-tiered rate
  • Fixed-Rate Time Deposit IRAs available
Requirements
  • Subject to the regulations of the government on Individual Retirement Accounts
  • For more info on applicable rates, terms, and fees, contact the bank.

Diaspora Savings Account (Naira)

Diaspora Savings account is a special package designed to suit the savings needs of people in the diaspora. While you are resident in any country outside Nigeria, this account gives you the opportunity to make savings in Naira. What’s more, you can earn some credit interest on your balance while you save. Opening a Diaspora Account is quite simple, just download the OneBank app, then, you sign up and start saving.

Requirements For Opening a Diaspora Savings Account
  • One passport photo per signatory
  • A valid ID – the bio-data page of your international passport, Nigerian Voter’s Card, Nigerian Driver’s License, or Nigerian National ID. Note, any government-approved ID will suffice. People whose Nigerian passports have expired can still open a Diaspora Account by providing their valid resident or state card to support their expired passports.
  • Nigeria Contact Details – This includes Name, contact person’s phone number, as well as a detailed Nigerian address.
  • Bank Verification Number – Your BVN can be made available after the account has been opened

Savings: Non-Individual

Savings: Non-individual target savings account for associations, clubs, societies, religious bodies, town unions, organizations, including all other unregistered bodies. This package enables them to save substantially towards a specific target.

Features of Savings: Non-individual
  • N10,000 daily minimum balance
  • The cheque is marked as not valid/suitable for interbank clearing
Benefits
  • Zero AMF
  • 3rd party cash withdrawal is enabled and can be done via a non-clearing cheque.

Domiciliary Savings

Sterling Bank
Domiciliary Account image source

Sterling Bank customers who receive payments in any of the foreign currencies – EURO, USD, and GBP can leverage the bank’s domiciliary account for such transactions. It doesn’t matter if you are at home or abroad, withdrawals can be made from the account and deposits can go in via cash deposit and transfers in foreign currency.

Features
  • The minimum account opening balance
    are listed below:
    – USD 100
    – GBP 100
    – EURO 100
  • 1 % p.a. interest rate on your daily
    balances
  • Allows for offshore remittances
  • Internet Banking Facility plus SMS Alert
Documentation
  • Account Opening Forms duly completed
  • Valid means of Identification.
  • One recent passport photo
  • Documentary Evidence of your Nigerian Address; this can be provided through a utility bill not more than three months old
  • Two satisfactory references
  • Combined Expatriate Residence Permit and Alien Card (CERPAC) – West African nationals are excluded.
  • In the case of a company account, Board Resolution will be required to get the domiciliary account opened.

Current Accounts

Sterling Bank savings account packages are there for the benefit of people who wish to save and make basic transactions. However when it comes to more serious transactions like engaging bank facilities, then, a customer needs to open a current account with the bank. They come in different types;

Classic Current

Opening a Classic Current account at Sterling Bank will expose a customer to a whole new world of possibilities. With this kind of account, a customer will be in a better position to solve urgent personal and business needs by having access to consumer finance or overdraft facilities to augment working capital. Third-party transactions can also be carried out with ease.

Features
  • N5,000 minimum opening balance
  • Minimum daily balance is not restrictive
  • AMF (Account Maintenance Fee) at =N=1/mille; this amount is negotiable with a huge turnover
  • Electronic Banking is accessible
  • Access to an overdraft facility
  • Access to consumer finance
Documentation
  • Account Opening Forms duly completed
  • Valid means of identification.
  • One recent passport photograph
  • Documentary Evidence of your Nigerian Address; this can be provided through a utility bill not more than three months old
  • Two satisfactory references.
  • Combined Expatriate Residence Permit and Alien Card (CERPAC) – West African nationals are excluded.
  • Address verification.

Alternative Current Account

Sterling Bank’s Alternative Current Account comes with exquisite benefits of zero minimum operating balance and just N5,000 as opening balance.

Features
  • Customers will have access to mobile banking
  • Internet Banking Services
  • Cheque books
  • Debit cards
  • SMS alerts
  • Free COT and Zero charge on withdrawal
Requirements
  • Valid means of identification
  • Two recent passport photos
  • Documentary evidence of customer’s Nigerian address such as utility bill
  • Combined Expatriate Residence Permit and Alien Card (CERPAC) – West African nationals are excluded

Turnover

This is a special kind of current account designed to operate within different turnover bands. The package is targeted at people like salary earners & non-salary earners, corporate, commercial, NGOs, embassies, and the likes.

Features
  • N5,000 minimum opening balance
  • Minimum daily balance is not restrictive
  • Zero AMF (Account Maintenance Fee) for any turnover band less than N1M
  • Access to Electronic Banking
  • SMS alert
Documentation
  • Account Opening Forms duly completed
  • Valid means of identification
  • One recent passport photograph
  • Documentary Evidence of your Nigerian Address; this can be provided through a utility bill not more than three months old
  • Two satisfactory references.
  • Combined Expatriate Residence Permit and Alien Card (CERPAC) – West African nationals are excluded.
  • Address verification must be done on the customer’s address

Minimum Balance Account

This has all the features of a current account, however, it is designed to operate with a minimum balance. The Minimum Balance Account is targeted at all sorts of people like salaried & non-salaried individuals, corporate customers, commercial, NGOs, embassies, and more.

Features

The account comes in three categories

  • Premium – This comes with a minimum operating balance of N150,000 for the individual customers while the corporate customers are expected to maintain a minimum operating balance of N250,000
  • Premier – This comes with a minimum operating balance of N250,000 for individual customers while corporate customers are expected to maintain a minimum operating balance of N500,000. The first issuance of their checkbook comes free of charge.
  • Priority – This comes with a minimum operating balance of N500,000 for the individual customers while the corporate customers are expected to maintain a minimum operating balance of 1,000,000. The first issuance of their checkbook comes free of charge and they are entitled to a 1% interest rate p.a.
  • Default AMF (Account Maintenance Fee) will apply in the event that the customer’s account balance falls below each of the stipulated minimum balances.
  • Electronic Banking can be accessed on the account
  • SMS is free
Documentation
  • Account Opening Forms duly completed
  • Valid means of identification
  • One recent passport photograph
  • Documentary Evidence of your Nigerian Address; this can be provided through a utility bill not more than three months old
  • Two satisfactory references.
  • Combined Expatriate Residence Permit and Alien Card (CERPAC) – West African nationals are excluded.
  • Address verification must be carried out on the customer’s address

Forever Sterling

Formerly called Sterling Alumni, the Forever Sterling account is designed for just the bank’s existing and ex-staff members. The best feature of this current account is that it does not attract any Account Maintenance Fee!

Features
  • Zero opening balance
  • Zero daily minimum balance
  • Zero AMF
  • Access to consumer finance
  • Access to Electronic Banking
  • SMS Alert
Benefits for Staff
  • 15% discount/price cut on subscriptions for Swift networks.
  • Account-holders are eligible to stand as referees.
  • Account will be regarded and treated as one of the bank’s regular accounts.
Benefits for Ex-Staff
  • The account holder will be able to access Consumer Banking Loans
  • The account holder will enjoy the same staff rate on loans as existing staff of the bank
  • The account holder will be able to access free MSME Academy programs
  • Access to 3PA (Third-party acquirer) scheme
Documentation
  • For existing staff, they only need to write instructions for the account to be opened
  • For ex-staff of the bank, they are required to submit all documentation for opening a Classic Current Account.

Domiciliary Current

A Domiciliary Current allows a customer to maintain a current account denominated in foreign currencies – USD, GBP, and EUROS. For transactions, both deposits and withdrawals will be made in the respective currency the account is denominated.

Features
  • The minimum account opening balance includes:
    – USD 100
    – GBP 100
    – EURO 100
  • The account allows Foreign cheque lodgment
  • Permits offshore remittances
  • Access to Internet Banking Facility
  • SMS Alert
Documentation
  • Account Opening Forms duly completed
  • Valid means of Identification.
  • One recent passport photograph
  • Documentary Evidence of your Nigerian Address; this can be provided through a utility bill not more than three months old
  • Two satisfactory references
  • Combined Expatriate Residence Permit and Alien Card (CERPAC) – West African nationals are excluded.
  • In the case of a company, a Board Resolution will be required to open a domiciliary account.

Corporate Banking

Through its corporate banking packages, Sterling Bank Nigeria offers its teeming business customers a personal and expert level of service. This category of customers includes the sole props, the SMEs, the enterprises, the commercials, the institutional, the corporate, and the international corporate. Sterling Business Banking is great at delivering innovative and cutting-edge solutions to all sorts of customers operating any of their business accounts. The bank’s relationship managers are on hand to take prospects through the benefits of each of their business accounts including;

Business- Zero AMF

This current account is exclusively reserved for the benefit of the start-ups. This covers all registered businesses that fall within the range of zero to three years.

Features
  • Zero Opening Balances
  • Zero Daily Balance
  • Access to mobile app
  • Access to Debit Cards
Benefits
  • Free Sms Alerts
  • The first issuance of a Debit Card is free
  • The first issuance of the Cheque Book is free
  • Access to Loans
  • Access to other Value-Added Services of the bank – Advisory Services, Website creation, and more

Business – AMF

Businesses both big and small leverage this regular current account in running their daily operations. Unlike the Business – Zero AMF that does not attract any Account Maintenance fee, the Business – AMF attracts standard AMF on a monthly basis.

Features
  • Zero Daily Balance
  • Access to mobile app
  • Unlimited deposits & withdrawals
Benefits
  • Access to Loan & Overdraft facilities

Business – Minimum Balance

This account is targeted at entities such as businesses, embassies, religious bodies, NGOs, and so on. Its major requirement is that the account holder maintains a pre-agreed minimum account balance always; this exempts the person from service charges or Account Maintenance Fee.

Features
  • Zero AMF Current Account
  • Third-party withdrawal
Benefits
  • Access to mobile app
  • Debit cards issuance
  • Access to loans
  • Access to all other business support services of the bank

Business – Turnover Band

This corporate current account allows the holder to pay AMF per transaction turnover.

Features

Debit Turnover Band are listed below:

  • N0 to N999,999 attracts no charge,
  • N1M to N3.99M attracts N1,000,
  • N4M to N20.00M attracts N2,500,
  • N20.01M to N99.99M attracts N5,000,
  • N100M to N249.9M attracts N20,000,
  • N250M to N500M attracts N40,000,
Benefits
  • Access to overdraft facilities and consumer finance
  • Access to mobile app

Alternative Corporate Account

With a mere N10,000.00 deposit, holders of this account could enjoy several benefits including;

  • Zero COT
  • No maintenance charges
  • Customers will be able to access zero-interest financing
  • Use of checkbooks
  • Mobile banking
  • Internet banking
  • Availability of POS.
Requirements
  • Company/Board resolution: this must be on the company letterhead and must come with the company seal duly fixed.
  • Two satisfactory references
  • One recent passport photo per signatories
  • Combined Expatriate Residence Permit and Alien card (CERPAC) – West African Nationals are excluded
  • Certificate of incorporation
  • Form CO2; the certified true copy
  • Memorandum and Articles of Association; the certified true copy
  • Form CO7; The certified true copy
  • Where applicable, the customer should provide a certificate of exemption from making use of ‘Limited’ after the name
  • Authority to debit the account to cover the cost of the company search.
  • Letter of set-off
  • Search report
  • Tax Identification Number (TIN)

Additional documentation will be required for the Pharmaceutical companies, as well as other professional inclined businesses/ institutions; they include;

  • Certificate of Membership; this is for the Pharmaceutical Society of Nigeria (its concerned professional body)
  • Where applicable, customers should provide retention of premises certificate
  • Annual license to practice which is usually updated annually

Other Types Of Accounts

These include;

New Sterling Plus Account

This is a hybrid account at Sterling Bank that offers customers exciting benefits like free checkbooks, free debit cards, free SMS, regular access to cash rewards, including other value-added benefits. The New Sterling Plus Account comes with the following features and benefits.

Features and Benefits
  • Opening & Daily Minimum Balance are both pegged at N5,000
  • Allows lodgment of dividend warrants and cheques that are issued in the account holder’s name only
  • Permits third-party withdrawals through cheque only from Sterling branches
  • Online/ mobile banking services are accessible
  • The account can only be opened by individual customers
  • Cash Reward
  • Free Debit Card – at Issuance and Expiry.
  • Free SMS alert
  • Two Free customized Cheque books yearly
Requirements
  • Account opening form duly completed.
  • Form of ids like Int’l passport, national ID card, driver’s license, or voter’s card.
  • One recent passport photo.
  • One satisfactory reference.
  • Documentary Evidence of your Nigerian Address; this can be provided through a utility bill not more than three months old
Fees

• N100 Monthly Service Charge.

Hajj Account

Sterling Bank
Hajj – image source

Do you need help in commencing your Hajj journey, Sterling Bank’s Hajj Savings Plan is your best plug to hit this essential Islamic milestone. It exposes account holders to Alternative Finance in achieving their act of worship (Ibadah). With this Hajj Savings Plan, customers are at liberty to decide on the particular year they wish to go on Hajj and plan for their contribution, either weekly or monthly.

Eligibility For A Sterling Bank Hajj Account

Customers from 18 years and above are eligible to commence a Hajj plan, both for themselves and others.

Documentation
  • Account Opening Form duly filled
  • Account opening package
Features
  • You can set up and maintain this plan for self or a beneficiary – spouse, parents kids, dependants.
  • The plan does not encourage withdrawals but exceptions can be made in times of emergency – usually on a case-by-case basis.
  • For the plan, deposits are received based on the profit-sharing principle (Mudaraba).
  • Hajj Savings Plan at Sterling Bank covers things like personal travel allowance and Hajj fare.
  • At the end of each savings period, if it happens that customers’ savings and accrued profits together fall short of or exceeds the stipulated expenses for Hajj for the year under review, a refund or makeup will be done.
Benefits of Hajj Savings Plan
  • The customer gets to enjoy profit sharing on his or her savings at a pre-agreed profit sharing ratio.
  • Account holder enjoys a life takaful cover; the coverage is up to N500,000.
  • Customers will be opportune to make an early payment for Hajj when their scheduled year is at hand.
  • A Hajj Saver’s welcome pack will be presented to the customer once he commences his Hajj Savings Plan.
  • In the course of the Hajj performance, the customer will get a Hajj gift pack.

Time Deposits

Also called Certificates of Deposit (CDs), Sterling Bank’s Time Deposits comes with highly competitive rates, featuring term lengths from 182 days down to 60 months.

For info on current rates, terms, or special opportunities, contact the bank.

Term Deposit Investment Account

A Term Deposit Investment Account at Sterling Bank can be opened with just N100,000 and the customer stands to enjoy all the benefits including:

  • A medium-term investment vehicle offering good returns and competitive profits on investment
  • It can stand as an excellent alternative/substitute to interest-based investment accounts
  • It comes with a specific fixed term, including an option of a roll-over.
Requirements
  • Completed investment forms
  • Valid means of id
  • One recent passport photograph
  • Documentary Evidence of your Nigerian Address; this can be provided through a utility bill not more than three months old

How To Upgrade An Existing Sterling Bank Account

Upgrading an account in Sterling Bank simply means moving an existing account to another package that has a higher usage limit. A good instance can be drawn from a customer of the bank who opened a KIA KIA Account online, and because of the restrictive deposit limit and balance limit, he or she would wish to upgrade to a plan that can enable more transactions.

In this case, the process is a simple one. All that the customer needs to do at this point is to provide all the necessary documents for opening a regular account without restrictions and the account will be upgraded.

Again, upgrading from regular savings to the current account options will require other documentation like references and utility bills.

How to Block Your Sterling Bank Account

The rate of fraudulent activities is on the increase as many hackers have upped their game and succeeded in scamming bank customers of their hard-earned money. To mitigate against this, Sterling Bank Nigeria has rolled out details on the best way to block bank accounts, including ATM cards.

  1. To block your Sterling bank account and debit card, use any available device to dial *822*911#, then, follow the ensuing on-screen prompt.

2. You can also place a call to One Customer Centre or the Fraud Desk on any of the under-listed numbers:

  • 07008220000
  • +234(0)12931796
  • 0700STERLING
  • 070078375464
  • 014484481-5
Chacha
Chacha is a writer with a wealth of experience who has contributed across several channels. Her specialty includes celebrity lifestyle including how top movie stars, musicians, and comedians live their lives.
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