Fixed Deposit Interest Rates of Nigeria Banks 2022
Fixed deposit interest rates in Nigerian banks are not the same; they vary from one bank to the next. A fixed deposit is a big sum of money that is deposited with a bank for a set period of time in exchange for interest following investment. We have selected the best top banks in Nigeria, together with their varying interest rates, enabling you to compare and make the best investment decision.
Note: You must have an existing account with the bank, and then deposit the agreed-upon cash into this account. The bank will withdraw the money to be fixed and deposit the interest into your account monthly (30 days).
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What is Fixed Deposit
A fixed deposit, commonly known as an FD, is a form of bank service that offers a higher interest rate than other types of deposits. You are not permitted to withdraw your savings before the fixed deposit’s expiration date because you know exactly how much money you will receive at the end.
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
Assume you’ve decided to invest your money in a fixed deposit, but what happens next? It’s quite simple. You examine the statistics on a list of the country’s largest and most reputable banks to see which one gives the best interest rates. Fortunately, a list of Nigerian banks with the highest interest rates is provided below:
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Fixed Deposit Interest Rates of Nigeria Banks June 03, 2022
| S/N | NAME OF BANK | Demand Deposit | Savings Deposit | Time Deposit |
| Ave. Int Rate | Ave. Int Rate | Ave. Int Rate | ||
| 1 | Access Bank | 0.26 | 1.15 | 6.25 |
| 2 | Citi Bank Nigeria | – | 1.20 | 1.00 |
| 3 | Coronation Merchant Bank | – | – | 9.43 |
| 4 | Ecobank Nigeria | 0.01 | 1.15 | 5.90 |
| 5 | FCMB | 0.27 | 1.15 | 5.00 |
| 6 | Fidelity Bank | 0.50 | 1.15 | 5.50 |
| 7 | First Bank of Nigeria | 1.15 | – | 3.85 |
| 8 | FBN Merchant Bank | – | – | 4.33 |
| 9 | FSDH | 0.20 | – | 8.57 |
| 10 | Guaranty Trust Bank | 0.32 | 1.15 | 4.83 |
| 11 | Globus Bank Ltd. | 0.01 | 1.15 | 4.00 |
| 12 | Heritage Bank | – | 4.20 | 11.50 |
| 13 | Keystone Bank Ltd | 0.78 | 1.15 | 9.85 |
| 14 | Nova Merchant Bank | – | – | 7.27 |
| 15 | Providus Bank | 1.50 | 0.75 | 5.01 |
| 16 | Rand Merchant Bank Nig. Ltd | 0.68 | – | 6.65 |
| 17 | Polaris Bank | – | 1.15 | 5.00 |
| 18 | Stanbic IBTC Bank | 0.01 | 1.15 | 3.67 |
| 19 | Standard Chartered Bank | 0.00 | 2.16 | 0.60 |
| 20 | Sterling Bank | 0.00 | 1.15 | 8.12 |
| 21 | SunTrust Bank | 0.00 | 4.10 | 9.90 |
| 22 | Titan Trust Bank | 0.00 | 1.15 | 2.85 |
| 23 | Union Bank | 0.23 | 0.85 | 6.33 |
| 24 | United Bank for Africa | 0.02 | 1.15 | 1.00 |
| 25 | Unity Bank | 0.45 | 1.90 | 4.00 |
| 26 | Wema Bank | 0.86 | 1.15 | 4.42 |
| 27 | Zenith Bank | 0.15 | 1.15 | 3.66 |
Advantages of Opening a Fixed Deposit Account
There are several advantages to opening a fixed deposit account, which include:
- Helps you save money to avoid reckless spending on 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 are 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.