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

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 -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.

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

Range7 Days30 Days60 Days90 Days180 Days
N100,000 -N1m0.150.500.500.500.50
N1m – N10m0.
N10m – N25m0.
N25m – N50m0.
N50m – N100m0.501.
Above N100m0.501.
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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.


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 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
N100,000 - 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

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

Deposit Band 
30 days
60 days
90 days
N100,000 – N9.999M
N10M – N49.999M
N50M N99.999M
N100M – N199.999M
N200 & ABOVE
The rates are shockingly low, let’s wait till February to see if things will stabilize or get better.

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.

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The rates are stated below;

N500m & above2.502.507.257.508.009.00



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.


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.

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.

N1bn & above3.509.509.7510.0012.2513.0013.5013.75

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.

27 thoughts on “Fixed Deposit Bank Rates in Nigeria 2020”

  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.

    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.

  5. 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.

  6. 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%? 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.

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