Fixed Deposit Interest Rates of Banks in Nigeria

Nigerian banks fixed deposit rates differs from one bank to the other. Fixed deposit is a large sum of money deposited with a bank for an agreed period in exchange for interest after investment. We have listed the best top banks in Nigeria with their various interest rate for you to compare and make your choice below.


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. The bank will remove the money to be fixed and would pay interest monthly (30 days) into your account.

Below is a list of interest rates of 6 top banks in Nigerian fixed deposit account

1. First Bank of Nigeria fixed deposit account interest rate

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. After 60 days, it will increase by 2.7%. Then after 90 days, it would increase by 30%.

2. Stanbic IBTC fixed deposit account interest rate

The interest rate of Stanbic IBTC fixed deposit account after 30 days of investment is 3%. The money will also appreciate by 3.25% if you leave it for up to 60 days and 3.5% after 90 days.

3. Wema Bank fixed deposit account interest rate

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%. If it is left untouched for 90 days, it will appreciate by 3.75%.


4. Diamond Bank fixed deposit account interest rate

Diamond bank interest rate for fixed deposit is slightly higher as if you deposit 600,000 Naira into fixed deposit, it will appreciate by 4% after 30 days of investment. If after 60 days, the money isn’t touched, it will increase by 4.35%. Then after 90 days, it will increase by 4.5%.

5. GTBank fixed deposit account interest rate

Fixed deposit in GTBank for 30 days, 60 days or 90 days or any length of time yields 4.5% interest rate.

6. Sterling Bank fixed deposit account interest rate

This customer friendly bank gives out the highest interest rate in Nigeria as your investment increases by 5% after 30 days, 5.25% interest rate after 60 days and 5.5% after 90 days of investment.

Disclaimer: All of the data provided here is accurate as of the first half of 2017. Since then, some banks could have changed their rates, because that’s the way they operate. Be sure to double-check this information with a bank representative before committing to a deposit and signing anything.

Update: Best Fixed Deposit Interest Rates of Banks in Nigeria 2017 (New Info)

It is an important decision to invest your savings into something. We know that one of the safest options to do this by opening a fixed deposit in one of the Nigerian banks.

Are you wondering which bank offers the highest rates for you to make more money? This updated article provides answers as to the banks you can get the best fixed deposit rates in Nigeria 2017.

What does fixed deposit mean?

A fixed deposit is a kind of bank service also called FD which grants you a guaranteed interest rate which is different from other types of 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.

Fixed deposits vary in the length of time. The shortest possible term is a single month, while the longest can go for five years max. What differentiates FD from other kinds of saving investments, is that you do not receive your interest every thirty days, but only once when your contract ends.

Although, there are small interest rates attached, there are also several benefits of this type of investment if you choose to setup a fixed deposit account which include:

  1. Helps you save money to avoid reckless spending your savings.
  2. Offers better interest than a normal savings account.
  3. You are sure of your interest with no risk involved.
  4. You determine how long you open your deposit.
  5. You can choose to open several fixed deposits at different banks and reap the interests alone.

Fixed deposit interest rates in Nigeria

Let’s say you’ve decided to invest your money in a fixed deposit, but where do you go from here? It’s rather simple. 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. Lucky for you, you can find a list of the Top 6 Nigerian banks with the best interest rates below:

6. FD interest rates at First Bank

The First Bank of Nigeria is one of the oldest and most reliable options on the market. Even though they don’t offer the best interest, you can be 100% sure that they will pay you back every last Naira.

For a sum of half a million you can enjoy the following rates:

  • 2.5% for one month
  • 2.7% for two months
  • 3.0% for three months

Important notice: In some of the banks present on this list, the rate percentage depends on the amount you are ready to deposit. The more you invest – the higher the interest.

5. FD interest rates at Stanbic IBTC Bank

The fifth place for goes to Stanbic. If you choose to go with this option, you’ll enjoy marginally better rates, although the numbers still aren’t as impressive as you would expect. For an investment of half a million Naira, you’ll be presented with:

  • 3% for one month
  • 3.25% for two months
  • 3.5% for three months

4. FD interest rates at Wema Bank

Just outside of the Top 3, we have the Wema Bank. This is one of the oldest banking establishments in the country, having lived through numerous incarnations and still going strong. For an average deposit of half a million Naira you’ll receive the following:

  • 3% for one month
  • 3.25% for two months
  • 3.75% for three months

3. FD interest rates at Diamond Bank

The third place goes to the Diamond Bank, which promises rates almost twice as good as the ones offered by First Bank. For an average deposit of half a million Naira you’ll receive the following:

  • 4% for one month
  • 4.35% for two months
  • 4.5% for three months

2. FD interest rates at GT Bank

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. While GT offers the same rates as the previous member of our list, it gives an equal opportunity to all deposit lengths.

1. FD interest rates at Sterling Bank

The honorary first place goes to Sterling Bank. As of our last available data, Sterling can offer you the best interest rates in Nigeria. If you choose to open a deposit with them, you’ll be offered:

  • 5% for one month
  • 5.25% for two months
  • 5.5% for three months

Now you know everything about fixed deposit interest rate in Nigeria, and know which bank to visit to get the best offer. Remember that the banking industry is an ever-changing system, so be on the lookout for any new opportunities. Consider sharing this article with your friends, and good luck with your investment!


The Author

Jide Adeyoye Franklin

Jide is a prolific writer, researcher and a certified author on Nigerian Infopedia. He is a very experienced tech personality with knowledge in SEO and current trends online.


Add a Comment
  1. imaikop

    I wonder why people still invest in fixed deposit for meager earnings of 6-8%, when they are and reliable investments pay 40% in 140 working days. You can even compound your interest for quadruple effect.

    1. How?

    2. Nosa


    3. onochie

      pls show me how.this is my email address

  2. Ojay

    I strongly wouldn’t mind if you can show me the way to that kind of investment line please…. For over five years now I’ve always believed fixed deposit is the only sure way to earn good interest on one’s money.

    1. imaikop

      Sorry Okay, but you have been shooting yourself in the foot.
      Send me an email

      1. ik chukwuji

        i’d also like to know about such investments.

  3. Make money online in Nigeria

    wow! nice post… Very helpful for naija people

  4. mennen Godfrey Essien

    Pls show me which establishment pays 40℅

  5. Chidi

    Please tell us herethe type of investment that 40percent in 140 working days.

  6. which financial instititon pays %40….

  7. ezenwa

    which one


    thanks for your post. my question is, is the money and its interest withdrawable at the end of 30 days

  9. Is first bank 30% after 90 days or 3.0?

    1. Imaikop

      3% calculated per annum.

      If you are not scared to take manageable risk, what are you still doing with fixed deposit?

      Use my email above, I don’t get notified of posts here.

  10. goldenlifestyle

    Bull shit! What most you people don’t understand is that you get a certain percentage for FD Monthly or Yearly, let’s say u fixed 1m for a month at the rate of 8% that means u get 80k after 30days from your 1m for just investing! Now multiply 8×12 that equals 96. Which means if u get 8% for 30days for 12months, you get 92% from your 1m which equals 920k
    This means u almost doubled ur money in 12months depending on how much you are investing, when u fix like 10m above you will get the best pecertage possibly up to 15% in 30days, now multiply it by 12

    A piece of advice when u want to fix ur money, fix it on a long term! And don’t fix peanuts and expect millions, 100% return on investment in a year is fair enough, greed is not an investment,

    And as for imakop! Stop trying to lure people into thinking there’s a Financial instution apart from banks or a business that pays 40% in 140 working days, what most of you don’t know is 140 working days equals 5months plus, so if you fix your money and get up to 8% return in 30days depending on your investment, 8% in 5months equals 40% .. there are many fix plans that can change your life in less than 5years, long term investment is the key to wealth, u can’t get rich over night, go ask Warren Buffett bill gates mark zukberg and likes of dangote otedola and even newbies like Davido, these people invest huge chunk of money in long term. Thank you. For free Financial mentorship email

    1. Imaikop

      LOL. Your analysis is 100% wrong from 1st paragraph.

      If you cant even understand how to calculate a simple interest, how can you offer investment and financial advice?

      I see clearly you have never invested any kobo in Fixed deposit. But how can you advise on what you know nothing about? Even if you read in a book or blogs, you did not take time to understand what you read. I will suggest next time before you speak on a subject, get the basic facts, or better still, ask question.

      let me break it down before others reading this thread absorb this wrong information.

      How to Calculate Simple Interest: The grandmother’s explanation:

      Interest is calculated per Annum (12 months or 365 days)

      Let me start with the example on your first paragragh with 1M at 8% for 30days. YOU WILL NOT BE PAID 80K, RATHER 6,575, excluding tax.


      P (Principal)= 1,000,000
      R (Rate)= 8%
      Time (Tenor)= 30days

      So (P) 1,000,000 x (R)8% = 80,000
      since Interest is calculated per annum (12 months or 365 days)
      that means 80,000 / days a year (365) = 219.17
      Your T = 30days which means 219.17 x 30days
      Your interest of 1,000,000 at 8% for 30days = 6,575, 5% exclusive.

      for 180 days you will get 219.17 x 180 = N39,450
      You will be paid 80,000 if you are going for full 12 months or 365 days.

      Use this simple grandmother’s explanation for any amount you want to fix. You will realize you how wicked you have been TO YOURSELF doing Fixed Deposit in 21st Century. Even Treasury Bills, as low as it pays is far better.

      Yes, I shared an opportunity for a 40% profit in 140 working days. The only thing correct about your post was saying that period is more than 5 months.

      That is a 140% return on Capital = 40% profit. Invest 1m and get 1,4m and more after 6 months or so. You don’t have to keep your interest until it matures, take it out daily if you want. Plus ability to compound your earnings for quadrupple effect.

      Again, for emphasis, am not offering investment advice or luring anyone away, I only shared what has been working for me. If fixed deposit works for you, stick to it.

      For avoidance of doubts I am not an economist, or financial analyst and unlike you, Goldenlifestyle, I don’t offer investment advice or mentorship. But I would say next time if you dont understand a subject, ask questions for clarification.

    2. Prince K

      Usually if u deposit 1 million with 8% the yield is per annum not per month and therefore that 80k u calculated is divided by 12. Thus u get about a mere 7k per month. Pls confirm from any bank. Pls confirm. Thanks

      1. Imaikop

        That’s correct

  11. Hope

    I dont think that Ecobank does fix deposit and thats the bank i use,have been asking Google there rate and is not showing anything at all,wanted to open fix deposit account with Ecobank,i can only see the other banks rate and not seeing Ecobank at all,can someone reply me please

    1. Imaikop

      Don’t put your money on fix deposit. Don’t
      you will do your self a great De-service.

      Even if you dont want to take a risk and make something far better, NTB, Saving Bonds or MMF is 100% far more profitable and Fixed Deposit.

      1. Obadiah Nakajuru

        Pls can u explain what is NTB and MMF. Thanks

  12. Prince K

    Thanks imalkop u r very correct. I think goldenlifestyle made a big mistake. Pls forgive him. Now can u enlighen us further on the investment plan u shared?

    1. Imaikop

      Please if you are looking for risk free investments, don’t bother emailing me.
      Go to your bank instead and ask for Treasury Bill.


    nice info, thanks.

  14. erabose

    Bank Fixed Deposits are Laughable,
    I have a relaiable investment i get 40% yearly and get paid monthly …
    but not open to everyone. Banks are comedians

  15. Babak

    hey there guys, please beware of anyone that claims they can offer the impossibility.

  16. Opeyemi

    I am in trestle in a reliable investment

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