CBN report on Average deposit rates of Nigerian banks as at July12 2013

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Posted by on Monday July 29, 2013 at 9:28:25:

According to a newspaper report published on page 4 of the Daily Sun for Wed July 17, 2013, here is a list of the deposit rates by banks in Nigeria by the Central bank of Nigeria(CBN)

Savings
==========
Access bank = 3.6%
Citi Bank = 3.6%
Diamond bank = 3.15%
Ecobank = 2.41%
Enterprise Bank = 3.60%
FCMB = 2.84%
Fidelity bank = 2%
First Bank of Nigeria = 1%
Heritage bank = 3.6%
Guaranty Trust Bank = 3.6%
Keystone Bank = 2.24%
Mainstreet Bank = 3.6%
Skye Bank = 0.40%
Stanbic IBTC = 3.58%
Standard chartered = 3.6%
Sterling Bank = 3.6%
Union Bank = 3.60%
United Bank for Africa = 3.60%
Unity Bank = 3.60%
Wema Bank = 2.70%
Zenith Bank = 3.60%

Fixed Deposit
=============
Access bank = 7.69%
Citi Bank = 8.38
Diamond bank = 11
Ecobank = 7.5
Enterprise Bank = 6.74
FCMB = 8.5
Fidelity bank = 10
First Bank of Nigeria = 8.49
Heritage bank = 10.25
Guaranty Trust Bank = 7.77
Keystone Bank = 10.10
Mainstreet Bank = 7
Skye Bank = 5.37
Stanbic IBTC = 10.32
Standard chartered = 9.75
Sterling Bank = 8.75
Union Bank = 9.94
United Bank for Africa = 6.80
Unity Bank = 8.25
Wema Bank = 11.45
Zenith Bank = 7


When it comes to savings, Skye bank followed by First bank offered the least rates while most banks offered at least 3% per annum on savings.

For fixed deposit accounts, Skye bank followed by Enterprise bank offered the least rates while Wema and Stanbic IBTC offered the highest rates.

Opening a savings account in Nigeria can start with a zero to N500 minimum opening balance while for a fixed deposit accounts, customers are required to at least have a N100,000 start up capital.





Comments:
    Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Akeem Akanbi on Saturday August 3, 2013 at 23:59:51:

    PLEASE,,THE LIST ABOVE(FIXED DEPOSIT),IS THE RATE IN MONTHLY OR ANNUALLY???



    Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Felix Okoli on Saturday August 3, 2013 at 23:59:51:

    Fixed deposit rates are on an annual basis and not monthly


    Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Akeem Akanbi on Monday August 5, 2013 at 6:46:27:

    Thanks so much for the response,,,i really appreciate that from you,,you are doing good job and God bless you.
    Please i have another question

    Is there any difference between a FIXED DEPOSIT ACCOUNT AND WHEN a FIXED DEPOSIT is made directly from a SAVINGS ACCOUNT
    The reason being,,i went to UBA, i saw it on their board that the interest rate on any amount greater than 100,000 Naira will be 6% for a fixed deposit for a period of 30 DAYS. So i made a fixed deposit with 500,000 Naira for 90 days and i was given the certificate showing the transaction and the maturity date is on it,I am hoping to get 30,000 Naira per month with that and 90,000 Naira for the 90 days,in this case,it is not yearly,,why i'm confused.
    Please enlighten me more.
    THANKS



    Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Felix Okoli on Monday August 5, 2013 at 6:46:27:

    Are you saying that UBA gives you 6% per month on Fixed deposit? I don't think any bank does that. Most of the rates I know are based on yearly basis unless you are talking about microfinance banks.

    One other question I have for you is, have you been paid the N90,000 you expected?


    Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Jerry on Friday September 6, 2013 at 14:11:1:

    I have fixed deposit in union bank on july 17,they give me 7.75 percent for 6 month,y



    Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Felix Okoli on Friday September 6, 2013 at 14:11:1:

    It depends on your capital. The more capital you bring, the higher the interest rate they could give you. You should have made an inquiry first on their rates and know if they vary with capital or not.


    Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Yomi kings on Sunday September 29, 2013 at 15:45:14:

    Hello,i just want to ask u again,it fixed deposit annual or monthly,becos the one my friend is doin is monthly..thx



    Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Felix Okoli on Sunday September 29, 2013 at 15:45:14:

    You can do fixed deposit for monthly or yearly. It depends on how you want it but you should know that for monthly, the interest you'll earn will be the annual interest divided by 12


    Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Joe Emmanuel Edet on Monday October 28, 2013 at 24:3:43:

    Enlighten me on investment in bonds/debentures.Thank you.



    Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Alex on Friday November 8, 2013 at 10:1:36:

    GOOD JOB



    Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Olufemi Adeyemi on Saturday April 5, 2014 at 16:28:29:

    i think the bankers should be explicit enough with their client on the issue of fixed deposit and interest on investment





Comments:
Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Azuka Dengram on Thursday July 17, 2014 at 8:1:23:

sir, which Banks offer the highest rate for 2million over 6 months. thank u.



Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Felix Okoli on Thursday July 17, 2014 at 8:1:23:

Banks like First bank, Diamond, Stanbic, FCMB and Union offer good rates


Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by charles on Wednesday August 27, 2014 at 20:41:4:

sir, what is micro finance bank,and hw can one run a fixed deposit account there,pls enlighten me thanks.



Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Felix Okoli on Wednesday August 27, 2014 at 20:41:4:

MF banks are much smaller banks and you can simply open a FD account with them by applying for it. Although they are not as financially strong as commercial banks, they offer higher rates.


Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by sebastian on Thursday September 18, 2014 at 19:1:15:

Pls sir what's the fixed deposit rate of skybank if I deposit 500000



Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Felix Okoli on Thursday September 18, 2014 at 19:1:15:

You can call Skyebank to confirm what their currents rates are. Rates tend to change from time to time


Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Samson on Sunday September 21, 2014 at 20:10:47:

But is it possible to open a fixed deposite account with only #100 in any bank in Nigeria?



Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Felix Okoli on Sunday September 21, 2014 at 20:10:47:

I don't know of any banks that accept that for now


Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Akoma Hope on Thursday December 11, 2014 at 15:5:47:

pls is it advisable to fixed 500,000 in a fixed deposit account or is it too small? pls advice.



Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Felix Okoli on Thursday December 11, 2014 at 15:5:47:

It is not too small and would be better not to put it in just an ordinary savings account.


Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Moses umaru malgwi on Saturday June 6, 2015 at 19:20:23:

Please sir may i know the list of fix deposit in skyebank for now how much is interest rate



Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Felix Okoli on Saturday June 6, 2015 at 19:20:23:

I don't know their rates now so you should just visit or call them to inquire


Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Johnpaul on Wednesday June 15, 2016 at 6:15:42:

Pls sir if a fixed deposit rate is 4% and i invest 1millon for 3yrs on it, how much will i collect at the end



Re: CBN report on Average deposit rates of Nigerian banks as at July12 2013 Reply by Felix Okoli on Wednesday June 15, 2016 at 6:15:42:

You should get at least 1,120,000 after 3 years.




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