Fixed Deposit Rates in Nigeria


Fixed deposit is a lump sum deposited with a bank for a varying period, in exchange for interest. You will need to have an existing account with the bank of your choice, and then you deposit the sum you want to fix into this account.

You will then need to inform your bank of your intention to fix the said sum for a given number of days. It is very important that before you make your decision, that you check around for the best rates.

The money to be fixed is removed from your account and the interest is paid into your account monthly. So for example, you want to fix ₦500,000 for 60 days and the bank has offered you an interest rate of 7%. You have ₦550,000 in your account. Once you confirm you’re making the arrangement and sign all the necessary documentation, the ₦500,000 will be removed from your account and be fixed, leaving you with a balance of ₦50,000. After 30 days, you get ₦2,625 interest paid into your account.  After another 30 days, you get ₦2,625, again plus your initial ₦500,000

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If for example you deposit an amount of 500,000 naira into certain Nigerian banks, we will calculate for you below how much you can expect to make on that deposit within given period of time and we will also compare what the rates are with 6 different Nigerian banks,. Mark you, these are top line banks in Nigeria that many individuals love to do business with.

First Bank of Nigeria

If you deposit 500,000 naira with this bank for fixed deposit, the money will increase by 2.5% after just 30 days of the investment.  After 60 days, it would have increased by up to 2.7%.  The money will, however increase by 30% after 90 days of the investment.

Stanbic IBTC

If you invest 500,000 naira with Stanbic IBTC and you leave it for 30 days in fixed deposit account, the money will appreciate by up to 3% after just 30 days of the investment. The money will also appreciate by 3.25% if you leave it for up to 60 days. However, the money will appreciate by 3.5% if you leave it for up to 90 days.

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Wema Bank

If you deposit 500,000 naira into fixed deposit, it will yield 3% after 30 days of the investment. If you leave it for up to 60 days, the money will increase by 3.25%. If it is left for 90 days however, the money will yield 3.75%.

Diamond Bank

If you deposit 500,000 naira into fixed deposit, it will increase by 4% after 30 days of investment. After 60 days, the money will increase by 4.35%. After 90 days however, it will increase by 4.5%.

GTBank

If you invest 500,000 naira into fixed deposit in GTBank for any length of time, the increase is 4.5%, be it for 30 days, 60 days or 90 days

Sterling Bank      

This bank gives the highest rate. Your investment will increase by 5% after 30 days, 5.25% after 60 days and 5.5% after 90 days.

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10 Comments

Add a Comment
  1. imaikop

    What if your Investment is Locked in USD, not affected by volatility?

    I earn 0.59% daily in USD, completely unaffected by volatility

    1. I have invested in such before. With time they will close down.
      When somethings are too good to be true, they are scam.
      Even if they are mining, if you know how much it takes to mine and the profitability you would know its not possible to earn such profits.
      If they also trade it is hard to make such gains at this present crypto bloodbath.

  2. imaikop

    What if your Investment is Locked in USD, and you keep earning 0.59% daily in Dollars, entirely not affected by volatility?

  3. imaikop

    What of when you lock your investment in USD and you get your returns irrespective of Crypto volatility?

    I earn a fixed 0.59% paid daily in USD.

  4. imaikop

    Treasury Bills pays over 18% in 364 days
    And Crypto Investment can pay 40% in 140 working days.

    Why are people still stuck in FD?

    1. Crypto Market is too volatile.
      Not many people like to risk their had earned cash.
      Besides Bitcoin and its likes are dropping in price presently due to the scaling issue and Segwit

      1. imaikop

        And what of when you lock your investment in USD, and you keep earning daily irrespective of Crypto volatility?

      2. imaikop

        And what of when you lock your investment in USD, and you keep earning daily irrespective of Crypto volatility?

        I earn in USD,

      3. imaikop

        And what of when you lock your investment in USD, and you keep earning daily irrespective of Crypto volatility?

        I earn in USD, and my investment is not affected by volatility

      4. imaikop

        What if you lock your investment in USD and your earnings is not affected by volatility?

        I earn 0.59% daily in USD, and cryptocurrency volatility does not affect my investment. In fact I make more money when crypto is down.

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