The Best Fixed Deposit Rates In Nigeria 2021 (So Far)

On this post i will try to get the latest and the best fixed deposit rates in Nigeria 2021, as we’ve entered another year, i pray things get lot better in this country.

For those trying to invest some cash into the fixed deposit, i’ve some recommended banks that you can try with, based on their interest rates.

First you should try to understand what fixed deposit account is all about, especially in the Nigerian financial sector.

What is a fixed deposit

Fixed deposit is an investment which locks customer’s funds in a fixed amount and fixed rate a specified period of time.

You can also say a fixed deposit account is a type of savings account, offered by banks and non bank financial institutions to the public or investors with a high interest rate.

Please don’t get excited cause you see high interest rate, most banks in Nigeria offer poor or average interest rates compared to other countries.

This is why it is good to research and go for the best fixed deposit rates in Nigeria.

You can see a fixed deposit interest rate of 2.5% for a sum of five million naira, with a duration of six months.

Most banks in Nigeria offers one hundred thousand naira as the least amount to open a fixed a fixed deposit account.

Access bank least minimum deposit amount is one million naira, the highest i’ve seen so far.

Please i do recommend you to go through link to understand how fixed deposit works in Nigeria cause it will be helpful to you in understanding fixed deposit account. 

I will try as much as possible to update this post based on the best fixed deposit rates in Nigeria

Best fixed deposit rates in Nigeria 2021

If you’ve been really pissed about the fixed deposit interest rate that your bank offers you, check out these best fixed deposit rates in Nigeria so far.

Please if you’re using a mobile browser, try switch it to desktop view in order to see the whole tables or slide right to see more figures.

1. Stanbic IBTC Bank (Best fixed deposit rate in Nigeria)

Which bank in Nigeria has the highest fixed rate, the answer is Stanbic ibtc bank. You can get interest rate up to 13.75% for N1b fixed with the bank.

The one i love so much is that stanbic IBTC bank offers 12.50% for 365 days for N100,000 and 12.25% for 180 days. This is what Gtbank is offering for 4.50% for 180 days.

Stanbic IBTC bank minimum opening amount for our fixed deposit is (N100,000) one hundred thousand naira.

Below are Stanbic IBTC bank Fixed deposit interest rate, and so far, they are the best for me.

NAIRA DEPOSITS	CALL	30 DAYS	60 DAYS	90 DAYS	120 DAYS	150 DAYS	180 DAYS	365 DAYS
N100,000-N499,999.99	2.50	8.25	8.50	8.75	11.00	11.75	12.25	12.50
N500,000-N999,999.99	2.50	8.25	8.50	8.75	11.00	11.75	12.25	12.50
N1m-N4,999,999.99	2.75	8.75	9.00	9.25	11.50	12.25	12.75	13.00
N5m-N9,999,999.99	2.75	8.75	9.00	9.25	11.50	12.25	12.75	13.00
N10m-N24,999,999.99	3.00	9.00	9.25	9.50	11.75	12.50	13.00	13.25
N25m-N49,999,999.99	3.00	9.00	9.25	9.50	11.75	12.50	13.00	13.25
N50m-N99,999,999.99	3.25	9.25	9.50	9.75	12.00	12.75	13.25	13.50
N100m-N499,999,999.99	3.25	9.25	9.50	9.75	12.00	12.75	13.25	13.50
N500m-N999,999,999.99	3.50	9.50	9.75	10.00	12.25	13.00	13.50	13.75
N1bn & above	3.50	9.50	9.75	10.00	12.25	13.00	13.50	13.75

2. Fcmb Bank

Another bank on the list of best fixed deposit rates in Nigeria is the fcmb bank, which so far their interest rate is quite okay. Though not really fantastic.

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.

The highest interest rate that you can get on fcmb fixed deposit account is 11%, and this is as at January 2020.

Range	N250K – N500k	N500k – N1m	N1m – N3m	N3m -N5m	N5m – N10m	N10m – N50m	N50m – N100m	N100m – N250m	N250m – N500m	N500m and above
30 Days	7	8	8.5	8.5	9.5	10.5	11	11	11	11
60 Days	7	8	9	9	10	10.5	11	11	11	11
90 Days	7.5	8.5	9.5	9.5	10.5	10.5	10.5	11	11	11
180 Days	7.5	8.5	10	10	10.5	11	11	11	11	11
360 Days	7.5	8.5	10	10	10.5	11	11	11	11	11

3. Keystone bank

As much as many banks in Nigeria offers poor fixed deposit interest rate, especially compared to when you’re borrowing from them, Keystone is among the list of best fixed deposit rates in nigeria 2020.

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.

After recent contact, there’s no changes to their 2019 rates.

Maybe as we go further into 2020, they might increase or decrease their rates.

Days	<=1m	>1m <=10m	>10m <=50m	>50m <=100m	>100 <=500m	>500m
Call	2.00% / 2.70%	2.70% / 3.10%	3.10% / 4.50%	5.10% / 6.00%	6.10% / 7.50%	7.50%
30	4.50% / 5.50%	5.50% / 7.00%	7.00% / 8.50%	9.50% / 10.75%	11.00% / 12.00%	12.75%
60	5.50% / 6.50%	6.50% / 7.50%	7.50% / 9.25%	10.00% / 11.00%	11.25% / 12.75%	13.75%
90	5.75% / 6.75%	6.75% / 8.25%	8.25% / 9.50%	10.50% / 11.50%	12.00% / 13.50%	14.00%
180	6.00% / 7.00%	7.00% / 8.50	8.50% / 9.75%	11.00% / 11.75%	12.50% / 13.75%	14.50%

So far, these are  banks with the highest fixed deposit interest rate as at January 2021.

Other banks that their rates are quite commendable are zenith, which offers interest rate for deposits of N100,000 – N9.99M in 30, 60 or 90 days is 5.75%.

First bank fixed deposit interest rate is also okay, though i can’t tell of their 2021 interest rate as i’m yet to get a feedback from them.

Again this is January, interest rates are usually for financial investment, like the fixed deposit account, treasury bills, stocks etc.

So if you want to get rate from any of these, you need to exercise some bit of patience till middle of January or better of February.

You know many people withdrew their money for Xmas and New year celebrations, you don’t have to expect the bank to have enough to give you a high interest rate on fixed deposit, treasury bills, mutual funds etc.

● You may want to read Best guide on treasury bills in Nigeria

How to calculate the fixed deposit interest rate

First note that interest rate on fixed deposit account attracts a fee up to 10%, this is called tax on interest.

I will use Stanbic IBTC fixed interest rate for N500,000 for a duration of one year, which offersaa rate of 12.50 for such amount.

500,000 × 12.50 ÷100 = 62,500

I will have to divide it by twelve months, this i will get further for the monthly interest rate.

So the calculation is 62,500 ÷ 12 = 5208

Since the duration the money will be fixed is for one year, which is twelve months, i will times it by 12.

5208 × 12 this gives 62496

Since there’s a tax on the fixed deposit interest rate of 10%, the interest rate will be deducted by the tax fee.

62496 × 10 ÷ 100 = 6249.6 ~ 6250

This i’ve finally arrived at the monthly at the monthly interest rate of fixing 500,000 for a duration of one year in Stanbic IBTC bank.

The sum total amount you will receive on maturity (at the end of the year) is N75000 respectively. 

● You may want to read How to buy treasury bills in Nigeria

Let me repeat this again, if you want to invest money on fixed deposit and we’re in the month of January.

Please just hold on till we get to February cause banks offers low interest rates on fixed deposit in the month of January.

You as a person can contact any bank that you feel like having a FXD account, based on the interest rate they gave to you, you can reject or accept the offer.

In as much i have given you the highest fixed deposit interest rate in 2021 so far, you can negotiate with your bank, based on the interest rate that is appealing to you.

The bank can reject the interest rate or turn it down if it exceed the amount that they can offer to you on a stipulated time.

● Don’t miss Mutual funds Vs Treasury Bills in Nigeria

For now this is where am wrapping it up on best fixed deposit rates in nigeria 2021, i promise to update this post on weekly monthly basis if there’s an update or changes made to rates.