Every business needs to have a taste of how it feels like to have a current account for its transactions. Access Bank and Diamond Bank is making this possible for all private schools with the Diamond School Advantage Current Account.
What Is Diamond School Advantage Current Account
The Diamond School Advantage Current Account is a type of current account introduced by Access bank after the merger with Diamond Bank that allows private schools in Nigeria to own and operate current account.
This makes it possible for private schools(small or big) own and use current account to manage the affairs related to the school. The best part is that this current account is a zero COT type of current account. Which makes it relatively easy to own and maintain.
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Why Choose Diamond School Advantage Current Account
- Fixed Banking Fees that suits their cash flow cycle
- Affordable minimum opening balance
- Access to lending products e.g. asset finance, personal loans for staff etc.
- Access to School Fees Loan for Parents
- Sponsorship Opportunities
- School Fees Collection Platform
Who Is The Diamond School Advantage Current Account Targeted At?
This type of current account from Access Bank and Diamond Bank is meant for any registered Private School in Nigeria. By register we mean schools that are recognized by CAC. The following schools can apply, Creches/Pre-schools, Nursery/Primary Schools and Secondary Schools.
Government schools can not apply for this type of current Account. Only private schools that falls within the category above and are well registered with CAC can apply for the Diamond School Advantage current account.
Complete Features Of The Diamond School Advantage Current Account
Below are the complete features of the current account. You can see all necessary things associated with this type of current account.
|MINIMUM OPENING BALANCE||₦10,000|
|MINIMUM OPERATING BALANCE||₦10,000|
|TERMLY SERVICE CHARGE||$100|
|ANNIVERSARY DATES (SERVICE CHARGE)||-September 30th (First Term)/ January 31st (Second Term)/May 31st(Third Term)|
|MONTHLY DEBIT TURNOVER LIMIT||NO LIMIT ON MONTHLY DEBIT TURNOVER|
|CASH DEPOSIT POLICY||ONLY CBN POLICY IS APPLICABLE|
|DEPOSIT OF OBC/DIVIDEND||YES|
|CHEQUE BOOK||FREE ON FIRST ISSUE ONLY|
|ACCESS TO LOANS||YES|
|CUSTOMIZED DEPOSIT SLIPS||UPON CUSTOMER REQUEST AND SUBJECT TO TERMS AND CONDITIONS.|
What Do I Need To Open The Diamond School Advantage Current Account?
To successfully open this type of current account with Access Bank you need to provide the following details.
- Executed MSME Account opening Form
- Executed School Banking Consent Form
- N10,000 Minimum Opening Balance
- 2 Passport Photos for each Signatory
- Copy of Valid ID Card(Drive’s License/ Int. Passport/Nat.ID)
- 2 References
- Certificate Of Incorporation /Any other Valid Registration Certificate from the Ministry of Education
- MEMART &Memorandum and Articles of Association (where applicable)
Quick Note: The International passport or Driver’s License or National ID card or Voters Card, or Resident Permit (for foreign nationals) are all means of verification. While the utility bill is a means of home address verification.
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How To Open The Diamond School Advantage Current Account
To open the Diamond School Advantage Current Account, you have to get the form, fill it and submit at any Access Bank branch or Diamond Bank branch near you. You can get the form from any Access or Diamond Bank branch or download from their website.
If you run a private school that is well registered with CAC and you wish to have a current account then you should consider the Diamond School Advantage Current Account.
You can go through the requirements above and also check the features to see if it meets what you need. Having a current account for your private school is not such a bad idea. And Access Bank have partnered with Diamond bank to make it easy for private school owners to get a current account.