Zenith bank fixed deposit interest rate
Read all about Zenith bank fixed deposit interest rate.
A fixed deposit is a large amount of money that is deposited with the bank for a specified period of time with the aim of getting interest on your money.
You will need to have an existing account with the bank and then you can proceed to deposit the amount of money you want to save. The interest on your money is usually paid every 30 days.
According to the zenith bank website, a fixed deposit is “A short term investment at an agreed/fixed rate with a tenor of between 30 – 90 days. We offer competitive rates on this short-term money market product for customers who want to save towards a future project”
If you want to know all about zenith bank fixed deposit interest rate, then you will need to read the following.
Let’s get into it then…
Read my post on fixed deposit rates for banks in Nigeria
Zenith bank fixed deposit interest rate
The Zenith bank fixed deposit allows you to deposit a minimum of 100,000 naira for a period of 30 to 90 days. In this period, you cannot touch the money, liquidation before maturity attracts a penalty charge of 20% of accrued interest or 2,000 naira.
Accrued interest is subject to 10% withholding tax upon maturity.
The Zenith bank interest rate changes all the time, so there isn’t a fixed percentage of interest given. Usually for deposit less than 500,000 naira, you should expect interest between 1.2% to 2.5%.
For deposits greater than 1 million, you should expect interest rates between 3% to 6%. While for deposits greater than 50 million, you can expect interest rates between 7% to 9%.
If you want to know the current zenith bank rates, then you will need to visit the nearest zenith bank branch or contact the zenith bank customer care channels:
234-1-2787000, 0700ZENITHBANK
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