Home » Fixed Deposit Bank Rates in Nige­ria 2020

Fixed Deposit Bank Rates in Nige­ria 2020

On this blog post is the fixed deposit rates in nige­ria 2020, 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 2020

Fixed deposit rates in nigeria 2019

Please note that as at March 5 2020, fixed deposit inter­est rates are still very much low, but i think by mid­dle of March or April it will get bet­ter. 

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 Jan­u­ary 2020.

For bet­ter view­ing of the tables, if you’re on mobile please switch your brows­er to desk­top view by going to the set­tings.

Guar­an­ty Trust Bank Rate 2020 

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 ‑N1m.154.504.504.504.50
N1m — N10m.155.505.505.505.50
N10m — N25m.256.506.506.506.50
N25m — N50m.256.756.756.756.75
N50m — N100m.507.007.007.007.00
Above N100m.508.008.008.008.00

Below is thr cur­rent gtbank fixed deposit inter­est rate as at Jan­u­ary 2020 

Range7 Days30 Days60 Days90 Days180 Days
N100,000 ‑N1m.15.50.50.50.50
N1m — N10m.151.001.001.001.00
N10m — N25m.251.001.001.001.00
N25m — N50m.251.001.001.001.00
N50m — N100m.501.001.001.001.00
Above N100m.501.001.001.001.00


FCMB Fixed Deposit Rates 2020

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.

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FCMB FIXED DEPOSIT

RangeN250K — N500kN500k — N1mN1m — N3mN3m ‑N5mN5m — N10mN10m — N50mN50m — N100mN100m — N250mN250m — N500mN500m and above
30 Days788.58.59.510.511111111
60 Days78991010.511111111
90 Days7.58.59.59.510.510.510.5111111
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.

Below is the cur­rent fideli­ty bank fixed deposit inter­est rate as at March 7th 2020 

Fideli­ty Bank Fixed Deposit

Range30 Days60 Days90 Days180 Days
N101,000N999,9993.003.503.504.00
N1m — N4.9m3.504.004.254.50
N5m — N9.9m4.55.005.255.50
N10m — N30m5.255.505.505.75

UBA Fixed Rates 2020 

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
N100,000N9.999m2.005.005.506.00
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

Below is the recent fixed deposit inter­est rate for Unit­ed Bank for Africa (UBA) as at Jan­u­ary 2020 

Deposit Band 
Call
30 days
60 days
90 days
N100,000N9.999M
.50
.50
.75
1.00
N10MN49.999M
.50
.75
1.00
1.25
N50M N99.999M
.50
1.00
1.25
1.50
N100MN199.999M
.50
1.25
1.50
1.75
N200 & ABOVE
.50
1.50
1.75
2.00
The rates are shock­ing­ly low, let’s wait till Feb­ru­ary to see if things will sta­bi­lize or get bet­ter.
Below is the cur­rent uba fixed deposit rates as at March 8th 2020;
Deposit Band
Call
30 Days
60 Days
90 Days
N100,000N9.999M
1.00
2.50
2.75
3.00
N10MN49.999M
1.00
2.75
3.00
3.25
N50MN99.999M
1.50
3.00
3.25
3.50
N100MN199.999M
1.50
3.25
3.50
3.75
N200M & ABOVE
2.00
3.50
3.75
4.00

Key­stone Bank Fixed Deposit Rates 

I man­aged to get key­stone fixed deposit inter­est rates, and this is the cur­rent rate, today being Sep­tem­ber 16th 2019.

The key­stone bank min­i­mum require­ment for a fixed deposit account is N100,000 just like many oth­ers, and they have dura­tion from call, thir­ty days, six­ty days, nine­ty days and one hun­dred and eighty days.

Accord­ing to them, their inter­est rates are nego­tiable and you can inquire more from the bank. Below is their per­cent­age rates;

Days=1m>1m =10m>10m =50m>50m =100m>100 =500m>500m
Call2.00% / 2.70%2.70% / 3.10%3.10% / 4.50%5.10% / 6.00%6.10% / 7.50%7.50%
304.50% / 5.50%5.50% / 7.00%7.00% / 8.50%9.50% / 10.75%11.00% / 12.00%12.75%
605.50% / 6.50%6.50% / 7.50%7.50% / 9.25%10.00% / 11.00%11.25% / 12.75%13.75%
905.75% / 6.75%6.75% / 8.25%8.25% / 9.50%10.50% / 11.50%12.00% / 13.50%14.00%
1806.00% / 7.00%7.00% / 8.508.50% / 9.75%11.00% / 11.75%12.50% / 13.75%14.50%

Note that you can book a fixed deposit on key­stone bank mobile app or vis­it any branch close to you.

Union Bank Fixed Deposit Rates 

This is the cur­rent union bank fixed deposit inter­est rates, today being 24th Sep­tem­ber 2019. The min­i­mum require­ment is N100,000 and with a valid­i­ty up to 365 days or more.

The rates are stat­ed below;

NAIRA DEPOSITSCALL7 DAYS30 DAYS60 DAYS90 DAYS180 DAYS AND BEYOND
N100,000-N999,999.991.251.254.254.254.504.50
N1m-N2,999,999.991.251.254.254.504.755.00
N3m-N4,999,999.991.251.254.504.755.005.25
N5m-N10,999,999.991.251.254.755.005.255.50
N11m-N25,999,999.992.002.005.005.756.256.50
N26m-N50,999,999.992.002.005.506.256.757.00
N51m-N99,999,999.992.002.005.756.507.007.25
N100m-N499,999,999.992.002.257.007.257.507.75
N500m & above2.502.507.257.508.009.00

 

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Zenith Bank fixed Deposit Rates 2020

The min­i­mal amount to open the Deposit account with zenith bank is N100,00.00 (one hun­dred thou­sand naira).

How­ev­er, 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.

If you want to fix one hun­dred to one mil­lion naira in Zenith bank for thir­ty, six­ty, nine­ty days, note that the inter­est rate you will get is 5.75%. Seri­ous­ly this is way too poor when i was told about this.

But the worst i’ve seen in the so far is her­itage fixed deposit rate, which told me that if i fix one mil­lion naira for one hun­dred and eighty days(180), that the inter­est rate is 4.25%.

Ecobank Fixed Deposit Inter­est Rates

Ecobank term/​fixed deposit account is an invest­ment account which allows you to invest your avail­able funds for a spec­i­fied peri­od of time (e.g. 30, 60 or 90 days) at a pre-agreed rate.

The inter­est rates are nego­tiable though it starts from one hun­dred thou­sand naira.

Below is the cur­rent eco bank fixed deposit rate as at Jan­u­ary 2020

Eco bank fixed deposit interest rate 2020

First Bank Fixed Deposit Rates 2020 

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.

      VOL­UME(    N’ MIL­LION)30 DAYS60 DAYS90 DAYS180 DAYS365 DAYS

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.

Below is the cur­rent first bank fixed deposit inter­est rate as March 7th 2020 

Vol­ume7 day call30 days60 days90 days180 days270 days365 days
N100,000N1M.50%.50%.75%1.00%1.50%1.75%1.75%
>N5MN20M.50%.50%.85%1.25%1.75%2.00%2.00%
>N20MN50M.50%1.25%1.50%1.75%2.00%2.25%2.50%
>N50MN100M.50%1.50%1.75%2.00%2.20%2.50%2.75%
>N100MN200M.50%1.75%2.00%2.25%2.50%2.75%2.75%
>N200N900M.50%2.00%2.25%2.50%2.75%3.00%3.00%
>N1B.50%2.00%2.50%2.75%2.75%3.00%3.00%

Stan­bic IBTC fixed deposit rates

This is the cur­rent stan­bic ibtc bank fixed deposit rates as at Jan­u­ary 6th 2020.

The bank attracts inter­est rate for dif­fer­ent peri­ods that is 30, 60, 90, 120,150,180 and 365 days.

Also, inter­est rates which is sub­ject to 10% with­hold­ing tax are reviewed on a week­ly basis and is open to nego­ti­a­tion (this is depen­dent on the amount and tenure).

Kind­ly note that Stan­bic IBTC bank min­i­mum open­ing amount for our fixed deposit is (N100,000) one hun­dred thou­sand naira.

Pre­ma­ture ter­mi­na­tion on fixed deposit attracts a penal rate charge which is cal­cu­lat­ed on the out­stand­ing num­ber of days to matu­ri­ty.

This charge will be deduct­ed from accrued inter­est earned.

Below are Stan­bic IBTC bank Fixed deposit inter­est rate, and so far, they are the best for me.

NAIRA DEPOSITSCALL30 DAYS60 DAYS90 DAYS120 DAYS150 DAYS180 DAYS365 DAYS
N100,000-N499,999.992.508.258.508.7511.0011.7512.2512.50
N500,000-N999,999.992.508.258.508.7511.0011.7512.2512.50
N1m-N4,999,999.992.758.759.009.2511.5012.2512.7513.00
N5m-N9,999,999.992.758.759.009.2511.5012.2512.7513.00
N10m-N24,999,999.993.009.009.259.5011.7512.5013.0013.25
N25m-N49,999,999.993.009.009.259.5011.7512.5013.0013.25
N50m-N99,999,999.993.259.259.509.7512.0012.7513.2513.50
N100m-N499,999,999.993.259.259.509.7512.0012.7513.2513.50
N500m-N999,999,999.993.509.509.7510.0012.2513.0013.5013.75
N1bn & above3.509.509.7510.0012.2513.0013.5013.75

Access Bank fixed deposit

Below is the cur­rent access bank fixed deposit inter­est rate as at March 15th 2020, and know that the min­i­mum require­ment to open a fixed deposit account with access bank is one mil­lion naira.

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The have 30, 60, 90, 180, and 365 days plus a call deposit which has a very low inter­est rate.

Days=N1M>N1M =N10M>N10M =N50M>N50M =N100M>N100M =N500M>N500M =N1BAbove N1B
301.001.251.501.751.802.002.25
601.251.501.601.751.902.252.50
901.251.601.751.802.002.502.75
1801.501.751.801.902.252.503.00
3651.501.751.801.902.252.753.00
Call.20.25.50.75.801.001.00

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 2020 

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.

Imag­ine bor­row­ing such amount from fcmb and leav­ing it for 12 months, you will pay times 20 of forty five thou­sand naira.

Fixed deposit inter­est rate for January(s) is usu­al­ly very low or way too poor, you can wait till Feb­ru­ary for a bet­ter offer. 

Stan­bic ibtc bank has the high­est fixed deposit inter­est rate in Nige­ria as at 2020 so far. 

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This is where i will end it on fixed deposit rates in Nige­ria 2020, your ques­tion, inquiry or sug­ges­tion are high­ly wel­comed.

113 thoughts on “Fixed Deposit Bank Rates in Nige­ria <span class="numbers">2020</span>”

  1. Thank you so much for this blog post Ama­ra.
    Please is FCMB reli­able because their inter­est rate looks good.

    i do hope, you will reply.
    Thank you.

  2. Hel­lo name sake, is a plea­sure to see you. In as much fcmb is a new gen­er­a­tion bank, they are very reli­able. To invest or fix mon­ey with them, you can nego­ti­ate the inter­est rate with the bank. These rates above are nego­tiable, that is banks can increase the rates for you.

    For exam­ple they might tell you a fixed inter­est rate of 5% on N250000 for 180 days, you can nego­ti­ate for an inter­est rate of 5.5 or 6% for the stat­ed amount and dura­tion. But note that not all banks are open for such nego­ti­a­tion.

  3. Good day Mis­sy Banker. Thanks for the enlight­ment FD is a scam com­pare to the loan you get from them. It is bet­ter I do busi­ness with my mon­ey

  4. Hel­lo, good day. I real­ly enjoyed read­ing the very infor­ma­tive post. What got my atten­tion is the fact that you made it clear that peo­ple don’t like to go for fixed deposits because of the tiny amount that accrues even over a very long peri­od, whilst the bank makes the most out of it.
    I would love to know if you could rec­om­mend any oth­er type of sav­ing meth­ods that is much more favor­able.
    For the mean time I was able to put aside some sav­ings from my final year till date, it was­n’t an easy task and it required a lot of rad­i­cal deter­mi­na­tion so I would rather not just go straight into a busi­ness I won’t be able to con­se­crate time for. And I got a job after ser­vice year that keeps me afloat. I will wel­come any idea on how I can grow my sav­ings.
    Thank you.

    1. Rosanne sor­ry for the late reply, I’ve been down for the past two weeks, though recov­er­ing a bit. Do you know about trea­sury bill? Will help you a lot. When I’m fit, I will make a post on it.

  5. I was giv­en 6.5% inter­est rate at first bank for want­i­ng to deposit 1m …please how much will I be get­ting after a year

    1. Hel­lo Annie, your month­ly inter­est rate will be around N6500 per month, when you mul­ti­ply it by 12 it will be N78000 in a year. Please you can request for the bank to increase it to 7 or even 7.5% since you’re invest­ing for a year.

  6. Hel­lo, I read some­where that some­one fixed 500k for 3 months (don’t know the bank) and got 30k, please what inter­est rate would that be?

    1. The rate will be with­in 10% to 12% and there’s no bank or any finan­cial insti­tu­tion that offers such rate for just three months. Would be hap­py if you state it here or send the name to my email thanks.

  7. For Stan­bic ibtc, are you say­ing if I fix 100k for 1 month I get 8.25% but if I fix for 2 month, I get 8.5%?..do u mean I can get 8.25% every 30 days since I’m fix­ing for 30days? Mean­ing I can get close to 100% after 12 month?
    Pls expan­si­ate.….. Cos it’s obvi­ous to go for a 30days fix­ing to get 8.25% and keep on get­ting such once I’m renew­ing my fix­ing every month com­pared to fix­ing for 360days to get 9%..

    1. Hel­lo, @ayodele please i want you to know that this rate is their cur­rent rate y and it does changes or remain the same. You might get 8.25 % today, and get 5.6% tomor­row.

      It does changes and that’s why it is bet­ter to fix for six months or one year.

  8. Good evening Mis­sy­banker, just came across this post because I want my finan­cial sto­ry to be dif­fer­ent this 2020. Pls con­cern­ing the stan­bic inter­est rate, are u say­ing if I fix now at 8.75 for 3months, that rate applies till it matures?

  9. Dear Mis­sy­banker, you are doing a great ser­vice to Nige­ri­ans and we must com­mend you. May your tribe increase.
    I live and work out­side Nige­ria and I have been invest­ing some mon­ey in Nige­ria for over a decade. Moved from ordi­nary sav­ings to stocks, Bankers Accep­tance and late­ly to Trea­sury Bills until I learnt of the neg­a­tive trends in the 2020 pro­jec­tions.
    I am now so con­fused. What should I do with the 30 mil­lion Naira lying fal­low as ordi­nary sav­ings since my TBs matured in Feb 2020? It hurts to know that the Niger­ian mon­ey mar­ket can be so unpre­dictable!

    1. The best finan­cial invest­ment you can make in Nige­ria with that amount is T‑bills, it is bet­ter com­pared to fixed deposit. But if you want to go off the finan­cial aspect, you can invest in land own­er­ship as land appre­ci­ates over­time.

  10. Hel­lo!! Why did you say Please know that you must not have an account with a bank that you want to fix your mon­ey into.”??
    It will be help­ful in shap­ing my thoughts as I make the deci­sion on where to lodge my fixed term deposit.
    Thank you!

    1. What i’m try­ing to say is that one must not have a sav­ings or cur­rent account with a bank he or she is plan­ning on invest­ing on through fixed deposit or any oth­er finan­cial invest­ment.

    1. I’ve already done the cal­cu­la­tions both on the post and on the com­ment box, use it to cal­cu­late the amount. But since you’ve ten mil­lion naira, why not go for trea­sury bills?

  11. Please which is the best bank to fixed 3M as at now because Polaris bank have reduced their rate please. I used to get 7.5% and is now 5% . Thank you

    1. Iniobong, the rate that banks are offer­ing are still very low, wait till March and see how if the rates will increase. But stan­bic seemed to offer the best inter­est rate

  12. Are you sure your cal­cu­la­tions are right, if I invest 500,000 and inter­est is 5.5 for 30days..
    50,000 is 10% of 500,000, so that means 5.5% is 27,500
    And even if tax is 10% tak­en from the inter­est then 24,750 is left
    Just my obser­va­tion

  13. I think you are right Mba­ka. I observed there seems to be some­thing not clear about her tax cal­cu­la­tions too.

    @Missbanker are you sure about the tax cal­cu­la­tions?

  14. Why do you advice we should­n’t have a sav­ings or cur­rent account with the bank we want to invest our fixed deposit?
    I’m con­fused

    1. Hel­lo, please did you read such on this post? Please i said it is not com­pul­so­ry or a must to have an account (sav­ings or cur­rent) with the bank, before going for the bank fixed deposit account.

      1. I want to know the per­cent­age rate of access bank because gt bank is too low 0.5% and its crazy, so I’m con­sid­er­ing hav­ing a fixed invest­ment with access bank, so i want to know the per­cent­age rate of access bank

        1. The least min­i­mum amount required to invest on fixed deposit with access bank is one mil­lion naira, with the rate being 5% for three months. I’m wait­ing till first week of March to see if there’s any changes on the rates.

    1. Of course you can but not all bank accepts more than one fixed deposit account, and where­as it is an invest­ment that has a matu­ri­ty and not just like the cur­rent or sav­ings account.

    1. Hav­ing a sav­ings account is dif­fer­ent from the fixed deposit, in fixed deposit, you’re lend­ing your mon­ey to the bank at a rate fee. Like i replied you, yes you can have more than one fixed deposit account with any bank, i’m hun­dred per­cent sure of zenith bank.

  15. Mis­sy­Banker, thank you so so much for this. Very very help­ful! I’m about to come into some div­i­dend mon­ey from Zenith Bank shares I recent­ly inher­it­ed from my late father. It’s more mon­ey than I have ever received at a sin­gle go and I’ve been look­ing for the best place to put the mon­ey to get steady month­ly returns for the next few months while I think crit­i­cal­ly of what to do with the mon­ey. FCMB appar­ent­ly gives the best rates. I always looked down on this bank for some rea­son, but since you say it’s a sol­id bank, I’m head­ing there tomor­row to open an account with them. Thanks again!

  16. Good­e­vening, i wan­na ask, if i already had a fixed deposit invest­ment last year in a bank run­ning for 180 days at 4.5 before the inter­est rate dropped this new year to 0.5 per­cent, will my inter­est con­tin­ue to run at 4.5 per­cent or will it change to the new 0.5 per­cent

  17. Does the new decrease on the rate of fixed deposit affect any fixed deposit invest­ment already run­ning before the new decrease

  18. Ok, thanks for the clar­i­fi­ca­tion. You’re real­ly help­ing, and please try to keep us updat­ed on any new devel­op­ment con­cern­ing the inter­est rate of banks. Thanks

  19. Hii mis­sy­banker this has real­ly been an insight, thank you very much for this.. but I’d like to ask if it is pos­si­ble to invest in fixed deposit or Trea­sury bills from out­side the coun­try and is it pos­si­ble to increase the prin­ci­pal while the mon­ey has been deposit­ed?? I have some many oth­er ques­tions like, is it advis­able to deposit mon­ey in like 3 or 4 dif­fer­ent banks at the same time for fixed deposits and so on

    1. @timi, for new cus­tomers, i don’t think it is pos­si­ble, but old cus­tomers who already have a fixed deposit account before trav­el­ing out can still invest.

      You can’t increase the prin­ci­pal once you have already fixed the mon­ey, last­ly it depends on your deci­sion to invest in three or four banks at same time, but what mat­ters most is the inter­est rate and how reli­able the finan­cial insti­tu­tion is.

  20. Oh okay. Thank you very much mis­sy­banker… but I’ve got to ask, for exam­ple in FCMB, one gets 8% on 500k per 30days, isn’t it prefer­ably to do that? Like since 8% of 500k is 40k and in a year one gets 40k x 12=480k+principal; 980k.. instead of doing one year straight that just get­ting like 11% of 500k

    1. Timi please under­stand that the rates do changes, though not like the trea­sury bills. You can go this month and bank will offer you 8%, and by next month it may be as low as 2.5%.

      This month might be very high, and next month will be low or vice ver­sa.

  21. Thanks for this Post,please I want to know if Stan­bic Bank is reli­able and safe to invest mon­ey in,there rate looks good
    God Bless you for this Post

    1. Ihechi you don’t need to have a dou­ble mind invest­ing in Stan­bic IBTC bank, the bank is reli­able. But what thing i noticed about the bank is that they are not so much in the East.

  22. Please how much will be my inter­est rate in 6 months if i fixed 100k, again can i still be pay­ing into the fixed account?

    1. I’ve already giv­en an exam­ple based on the cal­cu­la­tion, use it and do the cal­cu­la­tion or bet­ter still con­tact your bank. If you fixed a cer­tain amount of mon­ey into a fixed deposit account, you can’t add extra amount until matu­ri­ty.

  23. Please At the end of the fixed tenure, will my inter­est be cred­it­ed to me or do i have to tell the bank first before they cred­it me and also can i only liq­ui­date the inter­est and rollover the cap­i­tal?

  24. Infor­ma­tion is pow­er

    Thanks so much Miss Banker

    If I do a fixed deposit of 100,000 at 5% rate for 6 months or 1 year

    Can I request my inter­est to be paid month­ly?

    1. Your inter­est is on month­ly basis till matu­ri­ty, then every­thing will be paid to you. I don’t think that will be pos­si­ble cause every pay­ment is on on due date (matu­ri­ty)

  25. Please i have a ques­tion, if i do a fixed deposit last year for 6 months at the rate of 5%, then ear­ly this year the rate dropped to 1%, when the six months elapse and it auto­mat­i­cal­ly rolls over, does it con­tin­ue with the ini­tial 5% or does it rollover with the new rate of 1%?

  26. Pls ma, i fixed 3,000,000 in Access bank from Sep­tem­ber 2019 at the rate of 7% for six month, and i was paid 93,106.44 as my inter­est rate,. And i asked one of their cus­tomers care rep­re­sen­ta­tive why it is so and he told me that the rate dropped.
    My ques­tion is does it sup­pose to affect my 7% and sec­ond­ly, the rate just dropped recent­ly. Please what do i sup­pose to do because am not com­fort­able with it. Thank you

    1. Ama­ka please before you invest­ed the mon­ey, did you and the bank reached an agree­ment on the inter­est rate till matu­ri­ty.

      If the bank agreed on 7% inter­est rate for six months, and you final­ized every­thing by fill­ing out the form with your sig­na­ture, and deposit­ing the said amount, there’s no way the bank will sud­den­ly makes some changes with­out noti­fy­ing you to vis­it their branch.

      Once both par­ties agreed on 7% and final­ized every­thing, that’s the final. Please go back to the bank, try to speak with the banker you made the deal with, or even with the man­ag­er for that branch, even if you have to cre­ate a scene.

      Hon­est­ly sis, you’re the first i’m see­ing with such case.

  27. But MIS­SY­BANKER, I think the bank is some­how right in cal­cu­lat­ing Amaka’s inter­est.
    7% of 3,000,000 = #210,000 . which is per annum. then for 6 month will be #210,000/2 which is #105,000. Then with 10% with­hold­ing tax = 10/100X105,000 = #94, 500. So I guess Ama­ka was only short paid with less than #1,400.

    1. Oh thanks for that, did­n’t both­er doing the cal­cu­la­tion, I advised her based on her claim. That’s why i asked if they reached an agree­ment on 7% before final­iz­ing the deal cause from there she will know the actu­al total amount access bank will pay her at matu­ri­ty.

  28. Please ma, I want to ask if stabic bank rate you pro­vid­ed is still current..because i learnt every bank came down to at most 4percent as at Jan­u­ary… i have been deal­ing with Sky bank turned polaris for over 4yrs on 11percent but they also came down to 4 percent…what are you views ..do you think it will still increase ? because i am think­ing to use my mon­ey to buy lands and check if i can get more income as the FD has been my reli­able busi­ness and surest way to feed my fam­i­ly …
    I like this arti­cle ..is there any way i can get noti­fi­ca­tion on phone than through email ?

    1. Declan, actu­al­ly i myself was real­ly think­ing that by March, the rates will increase or maybe by April. But with the the way the sit­u­a­tion is espe­cial­ly with the naira deval­u­a­tion, i can’t tell for sure.

      This stan­bic ibtc rates was as at Jan­u­ary, which i think the rates must have fall­en, based on what i’m see­ing.

  29. To liq­ui­date my fixed deposit, do i have to go to the bank in per­son to ask for liq­ui­da­tion or can it be done online?

  30. I study the month­ly rate if fcmb, I think it’s bet­ter to save high per month with inter­est of 8% than invest­ing for a year and get 8.5%. what’s your take on it ?

  31. I made a FD on 4% with polaris „,when i heard it has gone up to 6 %.. I applied to stop and re-fix with­out know­ing the penal­ty is 25% of the inter­est …i was sup­pose to be paid 586k for 3 mnths.. because one month was still ahead of the matu­ri­ty .. they pay me 248k…instead of the 586k…we should know the penal­ty to stop the fix before matu­ri­ty is 25%

  32. Great arti­cle. Your blog con­tains pro­fes­sion­al con­tent, many thanks for that! This is exact­ly what I was look­ing for!

  33. I received an email telling me the rollover/​reinvestment of fixed deposit is no longer avail­able, i want­ed to ask if any­one received such email or noti­fi­ca­tion too

  34. Please how long does it take for some­one’s account to be cred­it­ed after liq­ui­dat­ing his/​her fixed deposit?

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