Nigerian banks fixed deposit rates are not the same, Fix Deposit Interest Rates differs from one bank to the other. Fixed deposit is a large sum of money deposited with a bank for an agreed period in exchange for interest after investment. We have listed the best top banks in Nigeria with their various interest rate for you to compare and make the right choice when investing.
IMPORTANT NOTICE : You will need to have an existing account with the bank, and then you deposit the agreed sum you want to fix into this account. The bank will remove the money to be fixed and would pay interest monthly (30 days) into your account.
Let’s say you’ve decided to put your money into a fixed deposit, but what next? It’s quite simple. You take a list of the country’s largest and most dependable banks and crunch the numbers to see which one offers the best interest rates. Fortunately, you can find a list of Nigerian banks with the highest interest rates below:
Fix Deposit Interest Rates of All Nigeria Banks 2022 As at April 2022
|S/N||NAME OF BANK||Demand Deposit||Savings Deposit||Time Deposit|
|Ave. Int Rate||Ave. Int Rate||Ave. Int Rate|
|2||Citi Bank Nigeria||–||1.20||1.00|
|3||Coronation Merchant Bank||–||–||9.43|
|7||First Bank of Nigeria||1.15||–||3.85|
|8||FBN Merchant Bank||–||–||4.33|
|10||Guaranty Trust Bank||0.32||1.15||4.83|
|11||Globus Bank Ltd.||0.01||1.15||4.00|
|13||Keystone Bank Ltd||0.78||1.15||9.85|
|14||Nova Merchant Bank||–||–||7.27|
|16||Rand Merchant Bank Nig. Ltd||0.68||–||6.65|
|18||Stanbic IBTC Bank||0.01||1.15||3.67|
|19||Standard Chartered Bank||0.00||2.16||0.60|
|22||Titan Trust Bank||0.00||1.15||2.85|
|24||United Bank for Africa||0.02||1.15||1.00|
WHAT IS A FIXED DEPOSIT?
A fixed deposit, also known as an FD, is a type of bank service that provides a guaranteed interest rate that differs from other types of deposits. Because you know exactly how much money you’ll receive at the end, you’re not supposed to withdraw your funds before the fixed deposit’s expiration date.
The duration of fixed deposits varies. The shortest possible term is one month, while the longest is five years. What distinguishes FDs from other types of saving investments is that you receive your interest only once, at the end of your contract.
Although there are small interest rates associated with this type of investment, there are several advantages to opening a fixed deposit account, which include:
- Helps you save money to avoid reckless spending your savings.
- Offers better interest than a normal savings account.
- You are sure of your interest with no risk involved.
- You determine how long you open your deposit.
- You can choose to open several fixed deposits at different banks and reap the interests alone.
Advantages of Fixed Deposit Investment
- Provides a higher rate compared to a Savings deposit.
- Guaranteed returns – The returns from this investment is guaranteed.
- Highly liquid – The money can be terminated to fund short term liquidity needs.
- Flexible in nature – An individual can have several fixed deposit investments with different banks and at different terms.