FD interest rates at Stanbic IBTC Bank. For an investment of half a million Naira, you’ll be presented with: Stambic IBTC Bank pays 0.5% interest on 180 days tenor on N1million as at 10/3/2020. Interest on Fixed Deposit can be paid for a period of less than a quarter (monthly interest payout) at the discounted interest rates as per regulatory directives. for tenure 7 days - 10 years. Consider sharing this article with your friends, and good luck with your investment! This is one of the oldest banking establishments in the country, having lived through numerous incarnations and still going strong. While GT offers the same rates as the previous member of our list, it gives an equal opportunity to all deposit lengths. Get fixed deposits at attractive interest rates at Axis Bank and ensure good returns on your investment. This updated article provides answers as to the banks you can get the best fixed deposit rates in Nigeria 2017. You take a list of the biggest, most reliable banks in the country, and crunch the numbers to see which one of them offers the highest interest rates. The honorary first place goes to Sterling Bank. If you refer one person, you will get 0.5% of their investments. Bro Unity Bank has the best for 2020 thank me later. 3. Apply online now. Remember that the banking industry is an ever-changing system, so be on the lookout for any new opportunities. IDFC Bank FD Interest Rates: Check IDFC First Bank Fixed Deposit Rates & benefits. Just outside of the Top 3, we have the Wema Bank. You take a list of the biggest, most reliable banks in the country, and crunch the numbers to see which one of them offers the highest interest rates. Interest Rate. 5 years – 6.7%. 16-12-2020. b) BULK TERM DEPOSITS ABOVE Rs. These rates will not be applicable for existing deposits booked at earlier rates. IDFC Bank is one of the most established commercial banks of the country. 1. crore and higher rates on deposits less than 1 crore. Lucky for you, you can find a list of the Top 6 Nigerian banks with the best interest rates below: The First Bank of Nigeria is one of the oldest and most reliable options on the market. You determine how long you open your deposit. Yes. You can choose to open several fixed deposits at different banks and reap the interests alone. Below is a list of interest rates of 6 top banks in Nigerian fixed deposit account. Offers better interest than a normal savings account. Since then, some banks could have changed their rates, because that’s the way they operate. Features & Benefits of IDFC Bank Fixed Deposit. The shortest possible term is a single month, while the longest can go for five years max. The interest rates for FDs range within 3.00% p.a. As of our last available data, Sterling can offer you the best interest rates in Nigeria. The bank which allow customers open a fixed deposit account for a period that ranges between 7 days and 10 years has cut the interest rates on deposits maturing in one to two years. Standard Chartered SGD Fixed Deposit. Wema Bank fixed deposit account interest rate, 4. Overall Best Fixed Deposits Rates for 2021 African Bank has the best fixed deposits for 2020 with a 12.22% interest rate, followed by Discovery Bank at 9.01% and FNB at … Pls I want to know if one deposits 100k as fix deposits what will be his interest monthly or quarterly? IDFC First Bank FD Interest Rates (Last Updated 20th Nov 2020) This table offers a valuable insight into the IDFC Bank FD interest rates and helps to make an informed comparison. Stanbic IBTC fixed deposit account interest rate, 3. The IDFC FIRST Bank Fixed Deposit offers 7.50% interest rate. (6-month) with Standard Chartered time deposit!. First Bank of Nigeria fixed deposit account interest rate, 2. If you are their priority banking customer, you can get a preferential rate of 0.30% p.a. Fixed Deposit Account It is an investment account with a specific amount invested at an agreed interest rate and tenor. DHFL Bank is one of the highest interest offering banks and provides an interest rate of up to 9.25% for fixed deposits. Since you know exactly how much money you’ll receive in the end, you are expected not to withdraw your funds before the expiration the agreed time of your fixed deposit. Today’s deposit rates really pale in comparison with interest rates of the past. Ibukun is a professional Nigerian blogger and former contributor on Nigerian Infopedia. Interest rates effective from 9th November 2020. For Wema bank, after 30 days of investment with the deposited sum, interest rate of 3% is paid into your account while after 60 days, it will yield 3.25%. You determine how long you open your deposit. The shortest possible term is a single month, while the longest can go for five years max. Nigerian Infopedia is Nigeria's authoritative top quality information website that provides resourceful information about her culture, people and things associated with Nigerians. The money will also appreciate if you leave it. Copyright © 2021. but I kind of trust first bank. We know that one of the safest options to do this by opening a fixed deposit in one of the Nigerian banks. So an investment at 3% (annual) interest rate works out at 3/12% or 0.25% per month. Fixed deposits vary in length of time. The Bank pays interest on deposits as per various deposit schemes. For an investment of half a million Naira, you’ll be presented with: Just outside of the Top 3, we have the Wema Bank. Then after 90 days, it will increase by 4.5%. It is an important decision to invest your savings into something. For Wema bank, after 30 days of investment with the deposited sum, interest rate of 3% is paid into your account while after 60 days, it will yield 3.25%. The interest rate of First Bank of Nigeria fixed deposit in 30 days of investment or one month is 2.5% of the sum deposited. September 30, 2020. In fact, a few decades ago you could get your hands on a term deposit with an interest rate of 17%. Disclaimer: All of the data provided here is accurate as of the first half of 2019. Remember that the banking industry is an ever-changing system, so be on the lookout for any new opportunities. Revised interest rates are applicable only to the renewals and fresh deposits while existing deposit continue to get interest at the contracted rate: Interest Rate on Term Deposits (w.e.f. After 60 days, it will increase by 2.7%. Deposits maturing in 1 year to less than 18 months will fetch interest of 4.90 percent while those maturing in 18 months to 2 years will give you 5 percent interest. We have listed the best top banks in Nigeria with their various interest rate for you to compare and make your choice below. Get 0.20% p.a. Here are the latest fixed deposit interest rates in the post office in 2020. First Bank of Nigeria fixed deposit account interest rate. Interest Rates are revised from time to time and made known to public. As interest rates are subject to change without prior notice, depositor shall ascertain the rates on the value date of the fixed deposit and interest will be paid at the contracted rate irrespective of change in the fixed deposit rates thereafter. Would love your thoughts, please comment. While GT offers the same rates as the previous member of our list, it gives an equal opportunity to all deposit lengths. What are fixed deposit interest rates in SBI? While large banks like State bank of India offer the lowest rate on tax-saving deposits, some of the smaller private sector banks offer attractive rates on these deposits. You can check Post Office Fixed Deposits details here. 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For an average deposit of half a million Naira you’ll receive the following: The third place goes to the Access Bank, which promises rates almost twice as good as the ones offered by First Bank. Try SunTrust Bank, you can get up to 7-10% based on the amount and tenor. Also be aware that 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. bulk deposit rate – rates for >= 2 crores (w.e.f. The fifth place for goes to Stanbic. First Bank of Nigeria fixed deposit account interest rate, 2. 2 years – 5.5%. Offers better interest than a normal savings account. If you choose to open a deposit with them, you’ll be offered: Now you know everything about fixed deposit interest rate in Nigeria, and know which bank to visit to get the best offer. Be sure to double-check this information with a bank representative before committing to a deposit and signing anything. The interest rate of First Bank of Nigeria fixed deposit in 30 days of investment or one month is 2.5% of the sum deposited. savings account and retail deposit rate. For a sum of half a million you can enjoy the following rates: Important notice: In some of the banks present on this list, the rate percentage depends on the amount you are ready to deposit. For an average deposit of half a million Naira you’ll receive the following: For an investment of half a million Naira, you’ll be offered 4.5% interest no matter the period of time you sign up for. Awesome…. IDFC offers FD rates varies between 3.00% p.a. Invest a once-off deposit of at least R1 000, and leave it to grow for up to five years to earn the highest interest rate. Then after 90 days, it would increase by 30%. 10.09.2020 Revised Rates for Senior Citizens w.e.f. FAQs about Fixed Deposit Which bank is offering the highest fixed deposit interest rates? Return to content, Footnote 3 Post office offers fixed deposits from 1 to 5 year period. Stanbic IBTC fixed deposit account interest rate, 3. GTBank fixed deposit account interest rate, 6. Also be aware that 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. Penalty will be imposed for early withdrawal. Are you wondering which bank offers the highest rates for you to make more money? FD interest rates HDFC Bank (below Rs 2 crore) effective from November 13, 2020: On deposits between 7 days and 29 days, HDFC Bank offers a 2.50 percent interest rate. The bank will remove the money to be fixed and would pay interest monthly (30 days) into your account. 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