Diamond Bank

As a business owner, employee or individual, it is important to have liquidity – the ability to access your cash whenever you need it. This would enable you to make quick financial and investment decisions and also help you attend to any matters of urgency.

This is where reliable banking comes in. A reliable bank would provide you with several means to access your cash without stress and get help whenever you need it. As a part of our bank series, we would be reviewing Diamond bank.

> Read 13 Top Secrets Banks Don’t Want You To Know About

Introduction to Diamond Bank

Diamond bank is one of Nigeria’s leading bank with 6000+ employees according to a quick search on Linkedin and with a network of over 22 correspondent bank including FBN Bank UK, Standard Chartered Bank, and Citibank.

In case you didn’t know, correspondent banks provide services on behalf of another financial institution and they can aid in wire transfers, accepting deposits and other business transactions, so Diamond bank partners with these correspondent banks to route international transactions.

Diamond bank has a strong presence in Nigeria, Togo, Benin, Senegal, and Cote d’Ivoire.

Diamond bank also has a strong capital base as its assets base jumped to N2.07 trillion according to a Q1 2017 report presented to the Nigerian Stock Exchange (NSE).

You can instantly open any type of account with Diamond bank by downloading their account opening form and submit to the nearest Diamond bank near you

Overall Rating: 4 out of 5

What We Like:

  • consistency
  • innovative
  • different products

What We Don’t Like:

  • Savings interest rate is low at only 4.2%/annum payable monthly
  • You forfeit this interest if you make more than 3 cash withdrawals in a month

Diamond Bank Loan Process and Interest Rates

If you have been using Diamond bank for 3 months, you may be able to access up to N20,000,000 loan. See the categories below:
  1. Small Business Loan: if you meet the necessary requirements, you can apply for a small business loan of N1,000,000 – N20,000,000. You pay a 24% interest rate per annum on the loan and refunds are monthly.
    You may apply for overdraft instead and pay once instead of making monthly refunds. The interest rate for an overdraft is 26%. 
  2.  Personal Loan – The minimum loan you can access is N500,000 minimum and N5,000,000 maximum with an interest rate of 28% per annum.
    If you own a corporate account (registered business owner), you may be able to access a personal loan of upto N10,000,000 with the same 28% interest rate.
diamond bank loan application process nigeria
3. Salary Payday Loan – The minimum salary payday loan is N100,000 while the maximum is N1,000,000 with 3% interest rate. To qualify for this loan, you need to be within the 18 – 60 age bracket and earn a minimum monthly net income of N200,000.

Diamond Bank Internet Banking

With Diamond Online, the bank’s internet banking platform, you can bank anywhere, anytime provided you have access to the internet.

diamond internet banking bank easily from your home or office

Features of Diamond Online

  1. Monitor activities on your account, request debit card or check your bank statement
  2. Local funds transfer to other diamond banks and other Nigerian banks
  3. Make bill payments to over 30 billers like PHCN, cable, internet subscription, etc.
  4. Flight booking
  5. Diamond eSUSU (details below)
  6. Magic Cash activation (details below)
  7. And others.

To activate internet banking:

Step 1: visit any diamond bank branch

Step 2: collect your internet bank id

Step 3: visit diamond online and follow the prompt

Diamond Bank Mobile App

To start using Diamond bank mobile app:

diamond bank mobile app diamond online

1. Download the app

Google play store download link

Apple store download link

Blackberry download link

Windows download link

2. Click on “Register” option

3. Read the terms and click “I Agree” (Read: 13 Secrets Banks Don’t Want You to Know)

4.Complete these three steps to start using the diamond bank mobile app

Step 1: Register by filling in your country, Internet banking ID and Account Number

Step 2: You will be sent a registration code via SMS to your registered phone number with the bank

Step 3: Enter your Internet banking ID and Registration code

Step 4: Choose a password, 6 characters minimum. Next set a 4-digit PIN.

Your password will be used to login to the diamond mobile app and 4-digit PIN will be used to initiate transactions in the mobile app, so make sure you remember both password and PIN and don’t share them with anyone.

Forgot Login Details?

  1. If you ever forget your Internet banking ID, you can reset it from the app by entering your Account Number and Card Number.
  2. If you forget your password, you can also reset from within the app by clicking the “Forgot Login Details” and entering your Internet banking ID and PIN
  3. You may also contact their customer care

Diamond Bank Customer Care

There are several reasons why you may want to contact Diamond bank customer care, either for unwarranted charges, account details, complaints, and suggestions. you can contact them via:

Phone

0700 300 0000

Email

enquiries@diamondbank.com

complaints@diamondbank.com

Social Media Handle

https://www.facebook.com/diamondbankng/

https://www.instagram.com/diamondbankng/?hl=en

https://ng.linkedin.com/company/diamond-bank-plc

Twitter: @DiamondBank

Diamond Bank High-Interest Deposit Accounts

Are you currently operating a savings account with Diamond bank but dissatisfied with 4.2%/annum interest rate? You may be interested in their high-interest deposit accounts instead.

Generally, interest rates on deposits accounts are not great but you may be better off with this one. Find Diamond bank’s high-interest deposit account details below:

Less than 100k – 2% interest rate/annum
100k – 999k – 4.5% interest rate/annum
1M < 5M – 5% interest rate/annum
5M> – 6% interest rate/annum
Of course, there is a clause (which is a no-no for me). The annual interest rate is split on a monthly basis and your account is disqualified from getting the month’s interest rate after four debits.
Note: Debits refer to doing transfers, recharging your phone, etc… this is different from the normal savings account where you forfeit the interest rate on your account after three cash withdrawals (atm).

Diamond Bank eSUSU

Would you like to be able to put aside some money every month but haven’t been able to make the commitment? It can be very tasking to keep money aside when there is always something calling for your attention and social media in all its glory doesn’t make it any easier.

This is the benefit of the Diamond eSUSU banking. With Diamond eSUSU, you will be able to start a personal savings plan and cash out at the end of the year or any date you set.

When you are saving alone, you may easily get demotivated especially if it takes months to reach your money goal and this is where I find Diamond eSUSU to be very helpful. There is a feature built right into it to counter lack of motivation and it is the ability to invite your friends and family to join you in saving.

With Diamond eSUSU, you will be able to set the amount to be saved monthly, invite up to 12 members, plan collection dates and rotate how people collect money e.g. 12 members saving N10,000 is N120k/month which can be given to Member 1, the total savings for month 2 will be given to Member 2, month 3 savings will be given to Member 3 and so on.

At the end of the day, you and your members enjoy saving on a secure platform.

There is no interest from Diamond bank when you use Diamond eSUSU so what you save is what you get.

Diamond Bank Magic Cash

This is a very interesting service since with Magic Cash, you can transfer funds to a beneficiary that doesn’t have an account. You need to first register for this service before you can start transferring cash and there are two ways to do that.

TO ACTIVATE

Option 1

Visit any Diamond bank branch near you

Option 2

  • Text ATM to 30811 from the registered mobile number maintained on your account. You will be sent a
  • Go to any Diamond Bank ATM and select the Magic Cash option
  • Enter your registered mobile number with prefix +234, ex. +2347085456871
  • Enter your six-digit magic code
  • Create and confirm your 4-digit Magic PIN. Choose a number that you can easily remember and keep it safe. This pin will be required for subsequent transactions.

NOTE

The maximum transfer at a go for Magic Cash is N20,000 but the daily transfer limit with Magic Cash is N60,000.

TO SEND

  • Go to any Diamond Bank ATM and select the Magic Cash option
  • Select your account type and Enter the amount you want to transfer
  • Enter a six-digit secret number (you will need to send this to the beneficiary before they can collect funds)
  • Enter the beneficiary’s mobile number (The Magic Transfer Code will be sent to this number)
  • Transaction summary is displayed for confirmation
  • A receipt is generated with Voucher number and Amount.

BENEFICIARY – TO RECEIVE AS CASH

  • Select Magic Cash Transfer on the Home screen
  • Select the “Cash out” option or select Account Number if you wish to receive the funds to a diamond bank account
  • Enter the Magic Transfer Code that was sent to your account number
  • Enter the six-digit digit number (sent to you by the sender)
  • Transfer summary is displayed for confirmation. Press enter to confirm
  • Cash is dispensed.
  • A receipt is generated.

BENEFICIARY – TO RECEIVE AS DEPOSITED FUNDS IN YOUR DIAMOND BANK ACCOUNT

  • Select Magic Cash on the Home screen or insert your diamond bank debit card and enter your pin
  • Select Magic Cash Transfer
  • Enter the Magic Transfer Code that was sent to your account number
  • Enter the six-digit digit number (sent to you by the sender)
  • Select Account Number (where you want funds deposited)
  • Transfer summary is displayed for confirmation. Press enter to confirm
  • A receipt is generated.

Diamond Y’ello Account

Diamond bank in partnership with MTN launched the Y’ello Account so active MTN subscribers can easily subscribe to this service from their MTN lines. After subscription, customers can initiate transactions easily from their mobile phone by dialing *710#. Here is what you can do with *710#.

Yello Transfer *710*Phone No*Amount#
Transfer To other Banks *710*Account No*Amount#
Buy Airtime-Self *710*Phone No*Amount#
Buy Airtime-Others *710*Phone No*Amount#
Check Balance and NUBAN *710*PIN#
Awuf4U *710*888*Amount#
Bill Payment *710*123*PIN#

The *426# Banking

*426# is Diamond bank’s mobile banking code and you can use this code to initiate transactions from your mobile device. The difference between *426# and Diamond bank’s Y’ello *710# account is:

  1. You do not require an MTN number to use *426# code
  2. You also have to dial the *426# code from your registered phone number with the bank

To activate, simply:

  • Dial *426# code with your registered phone number
  • Enter the last 6 digits of your Debit Card number.
  • Enter your account number
  • Create a 4-digit PIN

What you can with the *426# banking code:

  • Check your account balance – *426*00#
  • Dial *426# and select Card Request to request a debit card
  • Transfer to other diamond bank account holders by dialing *426*AMOUNT*NUBAN Account Number# (e.g.: *426*5000*0987654321#) from your phone number. Input your PIN to authenticate the transaction.
  • Transfer to other bank account holders by dialing *426*AMOUNT*NUBAN Account Number# (e.g. *426*5000*0987654321#) from your phone. Input your PIN to authenticate the transaction.

Diamond Corporate Banking

You can either operate the Diamond Business Express Account or the Diamond corporate account.
Diamond Business Express Account
  1. The Diamond business express basic account is an account for business owners with a monthly turnover of N4,000,000. This basic account has a monthly maintenance fee of N2,000 so whether you make transactions or not, the fee is deducted.
  2. The Diamond business express growing account is an account for business owners with a monthly turnover of N12,000,000. This growing account has a monthly maintenance fee of N4,000 so whether you make transactions or not, the fee is deducted.
  3. The Diamond business express established account is an account for business owners with a monthly turnover of N50,000,000. This established account has a monthly maintenance fee of N7,500 so whether you make transactions or not, the fee is deducted.
 If your turnover exceeds your account type, you will be charged 0.3% on the excess.
Maintain 1M million throughout the month to waive fixed monthly maintenance fee on any of these accounts.
Diamond Corporate Account
The diamond corporate account has no fixed monthly maintenance like business express account but for every N1,000 debited, you are charged  1% which amounts to N1.
Also, there are exclusive seminars for only Diamond business express account members. Speakers at these seminars include experienced entrepreneurs, CEOs, Founders, Investors, etc.