Types of bank accounts in Cameroon
The types of Bank accounts in Cameroon's financial sector vary depending on the categories of the Financial institutions. We have Credit Union, Commercial Bank and bank accounts all serving different needs of different individuals and businesses. Today I will share with you Various types of Bank accounts in Cameroon.
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Types of Bank Accounts in Cameroon
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| Types of bank accounts in Cameroon |
Get the various types of Bank accounts and their features below
1. Savings Account
The savings account is mainly operated by many individuals who are primarily traders or low-income earners. It is an interest-bearing account with low interest. Opening a savings account requires little cash or no cash at all.
The characteristics of a savings account include
Money can only be withdrawn occasionally if interest is to be paid
It attracts a favorable interest rate
2. Current Account
A current account is mainly used by business owners for business transactions, and a current account is accompanied by a checkbook. The money deposited cannot be withdrawn until the duration elapses. Holders of the current accounts can obtain loans and overdrafts from the bank. The characteristics of a current account are:
Money can be withdrawn frequently.
Holders of current accounts are not entitled to interest on savings.
Customers are entitled to the use of a checkbook.
Payment of commission is made by the customer to the bank
Other people can withdraw money from the account on behalf of the customer through cheque
3. Fixed Deposit Account
Money into the fixed deposit account is stored for a while, usually a minimum period of 30 days and a maximum period of 180 days. The fixed account is opened by individuals or corporate clients looking to earn high interest on money invested.
The features of a fixed deposit account include:
Money is deposited and saved in the account for a specified period of time as chosen by the customer. A minimum period of 30 days and a maximum period of 180 days.
It attracts a higher interest rate.
A notice must be given before the withdrawal.
4. Corporate Account
A corporate account is an account opened by big corporations and multinationals. The corporate account is totally different from the other banking accounts because it is majorly opened for business purposes
5. Combined Account
A Combined account is opened by two or more individuals who are all signatories to the account, and no decision is made in this account without informing the other parties. The joint account is divided into two categories which are:
Joint tenancy is mostly operated by married couples.
Tenants-in-common mostly operated by business partners.
6. Non-resident Cameroonian Account
A Non-resident Cameroonian account is a bank account designed for Cameroonians living in the diaspora who want to operate a Cameroon bank account.
7. Domiciliary Account
A domiciliary account is opened to carry out foreign transactions. The account can be used to transfer money to another country or receive foreign currency from other countries.
Requirements to create Bank account in Cameroon
Tax payers card
Photocopy of ID
Localisation plan
2 4×4 photos
Valid source of income
Initial deposit of 1000+frs
Conclusion
The above are types of Bank accounts in Cameroon that you can open in a commercial Bank or a Bank in Cameroon. Credit Union has only Savings and deposits accounts with slight difference in their features as compared to Banks