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