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Fixed Deposit Bank Rates in Nigeria 2019

On this blog post is the fixed deposit rates in nigeria 2019, which will help you to know the bank with the best interest rate on fixed deposit. With time i will update this post with non bank financial institutions which offers such to the Nigerian society.

Before going to the rates, it is good to know and understand what fixed deposit is all about, and how it works.

What is Fixed Deposit 

This is a type of savings account, offered by the bank and non bank financial institutions to the public or investors with a high interest rate than the common savings account. You can as well say that it is a type of account whereby an investor invest money into a financial institution, and can’t withdraw until maturity.

People do complain that the regular savings account has little or no interest at all, so f-deposit come to the rescue but one can’t withdraw the money until maturity else it attracts a penalty. This penalty can take both the interest and the capital you invested into the bank.

The reason why banks refuses or gives out penalty to an investor that wants to collect the money before maturity is because, the money invested into the bank or non financial institution is been used for loans.

Where do you think banks get the money used in giving out loans to people, it is through this type of savings account and others. In regular savings account, a bank customer can withdraw the money at any given time which makes it difficult for banks to use it as loans cause the customer can request for his or her money at any given time. Failure to grant the customer’s request will cause a commotion in the bank.

I always advise people or investors to look for the best deposit rates in Nigeria, and not by the best bank. Some banks in Nigeria offers poor, average or a good interest rate, short or long term time duration like one month, 3 months, six months or one year.

Please know that you must not have an account with a bank that you want to fix your money into. All you need to is to get the bank minimum requirement, go to the bank, request that you want invest in the bank through fixed deposit, they will give you a form to fill, complete the form, fix or invest your money.

The longer the duration the higher the interest rate. Most banks minimum requirement is N100,000 though the likes of access bank is one million.

I was able to get some banks fixed interest deposit rates, but promises to get more and also update this post with any new changes.

Fixed Deposit Rates In Nigeria 2019 

Fixed deposit rates in nigeria 2019

So there we go and again i only have four complete interest deposit bank rates in Nigeria but i promise to try and complete the list. This rates are as at July 2019.

Guaranty Trust Bank Rate

Gtbank is one of the banks with list minimum requirement, which starts from N100,000, with term duration of 7 days, 30 days, 60 days and 90 days. Below is the message they sent to me;

Be informed that the minimum amount that can be invested is N100,000.00 and at maturity, funds are automatically rolled over, where there is no instruction by customer to liquidate on Maturity.

More so, the pre-liquidation of time investment prior to maturity date attracts 20percent of the accrued interest as the withholding tax with the bank.

Kindly note that to request for fixed deposit you are required to fill the investment form at any GTBank branch.

Range7 Days30 Days60 Days90 Days180 Days
N100,000 -N1m0.154.504.504.504.50
N1m - N10m0.155.505.505.505.50
N10m - N25m0.256.506.506.506.50
N25m - N50m0.256.756.756.756.75
N50m - N100m0.507.
Above N100m0.508.

FCMB Fixed Deposit Rates 2019 

FCMB is one of the bank with good interest on fixed deposit, you can get an interest rate as high as 11%. Be informed that the minimum amount you can invest in deposit is N250,000, and the duration is 30 days, 60 days, 90 days, 180 days and 360 days.

Kindly note that the rate, which is dependent on the tenor and the intend investment amount, is usually communicated at the branch.


RangeN250K - N500kN500k - N1mN1m - N3mN3m -N5mN5m - N10mN10m - N50mN50m - N100mN100m - N250mN250m - N500mN500m and above
30 Days788.58.59.510.511111111
60 Days78991010.511111111
90 Days7.
180 Days7.58.5101010.51111111111
360 Days7.58.5101010.51111111111

Fidelity Bank Rates

Having looked at the interest rate offered by fidelity bank for their fixed deposit, i will say that it is too poor compared to what others are offering.

The minimum amount required is N101,000 with duration of one month, two months, three months and six months respectively.

Fidelity Bank Fixed Deposit

Range30 Days60 Days90 Days180 Days
N101,000 - N999,9993.003.503.504.00
N1m - N4.9m3.504.004.254.50
N5m - N9.9m4.
N10m - N30m5.255.505.505.75

UBA Fixed Rates 2019 

Another bank that i have the fixed deposit rates in Nigeria 2019 is united Bank for Africa(UBA) the Africa global bank.

One of the banks that offers a call or demand deposit. Call deposit is another form of investment where there is no duration involved. The time band is limitless and customer can request for fund at any time. But one disadvantage of it is that it has a small interest rate even if you deposit three hundred million Naira.

A call deposit account has no fixed deposit period, provides instant access to funds and allows unlimited withdrawals and deposits. The call deposit also provides the benefits of a savings account through the accrual of interest.

UBA minimum amount required for a deposit starts from N100,000 and it can run for a month, two months or three months respectively.

UBA Fixed Deposit

RangeCall30 Days60 Days90 Days
N100,000 - N9.999m2.005.005.506.00
N10m - N49.999m2.005.506.007.00
N50m - N99.999m2.506.007.008.00
N100m - N99.999m3.006.507.508.50
N200m and above3.507.008.009.00

Zenith Bank Deposit Rates 2019 

The minimal amount to open the Deposit account with zenith bank is N100,00.00 (one hundred thousand naira) and the money can be kept for a period of 30,60,90,180 days and is renewable at an agreed interest rate to be determined by the branch the transaction will be consummated. Payment of interest is dependent on the tenor and any account holder is qualified to have a fixed deposit with the bank.

In order to open a Fixed Deposit Account you will be required to submit a signed instruction at your preferred Branch (that is if you already have an account) or, if you are not an account owner, you can request for a Fixed Deposit Account Opening Form from any of our Branches.

First Bank Deposit Rates 2019 

The minimum amount that can be invested in Fixed deposit is N100,000 and the interest rates (fixed deposit) are subject to negotiation at the branch.


Also note that interest for fixed deposit investment is calculated as (SI=P*T*R/365*100)

To get first bank fixed deposit rate, you’ll need to visit the bank, request for a fixed deposit account and they will issue or inform you of the interest rates, if you’re not okay with the rates calmly disapprove and leave the bank.

From the inquiry that i made, first bank seemed to have similar rates with gtbank.

I will try and get access bank fixed deposit rates though their minimum requirement is one million naira, eco bank, union bank, Keystone bank, Polaris bank, Wema bank, heritage bank, Stanbic IBTC bank and sterling bank.

How to request for a fixed deposit account in Nigeria 

There are some basic thing that you as an investor should look into before agreeing to fix your money in the bank or any other financial institution, they are;

  • How reliable is the financial institution
  • The interest rate offered
  • The duration offered
  • Do they offer demand deposit or call deposit
  • If they offer rollover on request

After you’re done with the above questions and going through the current fixed deposit interest rates in Nigeria, head to any bank or financial institution of your choice and request that you want to open a fixed deposit account. The bank will lecture you a bit on their do’s and don’t and after which they will issue a form for you to fill.

You will have to state the amount that you want to invest, the duration you want it to run. For me  i always prefer a maximum of six months and least three months. But if you know that you won’t be tempted to request for a withdrawal or cancelation before maturity, then go for the one year plan and if they offer it.

Complete the form, give it back to the customer service representative and make payment. You can decide to payment in cash or the bank withdrawing the stated amount from your bank account. When it matures, the bank will pay both the amount you fixed and the interest accrued straight into your account without delay.

How to calculate fixed deposit interest rate in Nigeria 2019

This is one of the basic thing that you should when planning to fix your money in the bank, how to calculate the interest rate on fixed deposit in Nigeria.

I will use fcmb fixed deposit rate. N500,000 for 360 days(one year) with an interest of 7.5%. So let’s do the calculation and see how much you will if you go for this.

500,000 × 7.5 ÷ 100 = 37000

We will further divide 37000 by 12 months in order to get the monthly interest rate.

So it will be 37000 ÷ 12 = 3125 

The money which will be fixed for twelve months(12) and that is one year, we will multiply 3125 by 12.

3125 × 12 which gives us 37500 respectively 

It still doesn’t end here, fixed deposit rate in Nigeria has a tax fee of 10%, so we will deduct 10% from the 37500.

37500 × 10 ÷ 100 = 3750

So N3750 is the monthly interest rate you will be getting if you fixed N500,000 on fcmb. For 12 months, you will get a total interest rate of N45000 for N500,000 you fixed with fcmb.

This is one of the reasons that people don’t like to go for fixed deposit, imagine fixing a N500,000 for a year and getting only N45000 in return. But imagine borrowing such amount from fcmb and leaving it for 12 months, you will pay times 20 of forty five thousand naira.

Read Also How to save money as a student

This is where i will end it on fixed deposit rates in Nigeria 2019, your question, inquiry or suggestion are highly welcomed.


Amaechi Amara(missybanker) is a Bsc holder in banking and finance, with a second degree in business management. A financial ananlyst, adviser and a writer.

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