It is an investment account with a specific amount invested at an agreed interest rate and tenor. Based on customer’s instructions, at the end of agreed period (tenor), the investment can either be rolled over (re-invested) or liquidated (returned to customer) with the interest amount earned.
Why Choose this Account?
- Investment period (tenor) is a minimum of 30 days and a maximum of 360 days.
- Minimum opening balance is N100, 000
- Amount can be terminated before maturity but accrued interest will be forfeited.
- Amount can be terminated at customer’s discretion
- Attractive interest rate
Who Can Apply?
- Individuals and Corporate organisations can operate this account.
What Documents do you Need?
- Filled Fixed Term Deposit Form
- One passport photograph
- Customer Investment advice.
1) What is the tenor for fixed deposit?
- It varies between 30 days and 360 days.
2) Can the investment be rolled over?
- Yes, based on an instruction from the customer.
3) Can the investment be terminated before maturity?
- Yes, investment can be terminated before maturity; however a portion of accrued interest will be forfeited.