For the fixed deposit interest rate in Nigeria, you might want to note that fixed deposit investment banks have different interest rates on their plans, so there is no specific percentage, in general, it all depends on the amount you are investing with.
So here in Glass Suite, we bring you some information that you might consider before choosing a particular bank for a fixed deposit investment package.
Fixed Deposit Interest Rate Of Most Nigerian Banks
Zenith Bank PLC
Zenith Bank has different categories for fixed deposit interest rate investment plans. First, they have a short-term investment at an agreed/fixed rate with a tenor of between 30-90 days.
This offers competitive interest rates on this short-term money market product for customers who would want to save towards future projects.
With features: Minimum deposit of ₦100,000.00 you earn higher interest than a savings account, any liquidation before maturity attracts a penalty charge of 20% of accrued interest, or ₦2,000 accrued interest is subject to 10% withholding tax upon maturity.
Secondly, on the fixed deposit interest rate, they also have a Call Deposit Now this is a short-term investment with no maturity period. It is flexible in that it allows the customer access to his funds anytime he needs them.
Idle funds can be placed on overnight calls, 7-day calls, or 14-day calls. However, here are the major fixed deposits of Zenith Bank: Zenith Premium Funds & Zenith Premium Funds Plus.
These are Zenith Bank’s investment products created for customers seeking very high yields on their investments.
In Access Bank you can enjoy tiered interest rates which means the larger the balance, the higher the interest earned. Interest earned per annum accrues daily on the available credit balance and is payable monthly.
On fixed deposit interest rate you earn highly competitive interest rates per annum on your available balances calculated daily but payable monthly so this simply implies the more you save the more you earn.
- Features: Less than ₦100,000 = 0.5% p.a.
- ₦100,000 to ₦4,999,999 = 1.5% p.a.
- ₦5,000,000 to ₦99,999,999 = 2% p.a.
- ₦100,000,000 to ₦249,999,999 = 2.5% p.a.
- ₦250 million and above = 2.15% p.a.
GTBank’s fixed deposit interest rate is a tenured investment account with a specific amount invested at an agreed interest rate and tenure.
At the end of the agreed period and based on your instructions, the investment can either be re-invested or returned to you with the interest amount earned.
The tenure is usually 30 days minimum, or 180 days maximum with an interest rate of 3%. Also, the fixed deposit account also gives you access to all various electronic channels at no extra cost.
Fixed deposit interest rate UBA offers you the certainty and security needed for either short, medium, or long-term investments.
You can be sure to have your investment and interest at the exact time of maturation, Also interest rate and tenure are subject to individual preference interest with principal also can be re-invested immediately after the end of the agreed tenure, and note interest received is not subject to tax.
Stanbic IBTC Bank
A Stanbic fixed deposit interest rate account is perfect always because, with a Stanbic IBTC fixed deposit account investment, you can earn more interest on your deposits from a period as short as 30 days up to a full year.
The fixed deposit interest rate offers a minimum account opening balance of N100 000, $5 000 or equivalent in Euro, Pound, or Rand and the interest rate is subject to withholding tax currently at 10%.
This is a long-term investment account that offers you or your business a competitive rate over a certain period of time usually not less than 30 days.
With the fixed deposit interest rate, you can also roll over your investment at the end of the agreed tenor. This will help you save for a project or a rainy day.
Note Sterling Bank is on the high side of interest rates in the country.
This bank is actually the oldest in Nigeria and still has its good qualities. Their fixed deposit plans also differ as well as other banks in the industry and in the country at large.
Wema bank interest rate is about 3% a month and 3.75% for three months.
First Bank PLC
The first bank doesn’t offer the best interest rates in the market but they are indeed reliable when it comes to the return of funds.
They offer 2.5% a month, 2.7% for two months, and 3.0% for three months.