First bank fixed deposit interest rate 2022

First bank fixed deposit interest rate 2022

Read all about first bank fixed deposit interest rate 2022.

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 first bank website “Grow your money with this account that lets you invest a specific amount of money for a fixed period of time at an agreed interest rate. At the end of the agreed period, the investment can either be rolled over (re-invested) or liquidated with the interest amount earned.”

In this post, I am going to be writing about all you will need to know about first bank fixed deposit interest rate 2022 and more.

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Let’s get into it then…

Read my post on banks fixed deposit interest rates

First bank fixed deposit account

The first bank fixed deposit account allows you to invest a minimum of 100,000 naira for a minimum of 30 days to a maximum of 360 days.

After this investment period, you can decide to reinvest the money or liquidate the amount earned along with your interest.

You can also decide to terminate the account before the end of the investment period, but you will forfeit any interest that you might have earned.

Features of first bank fixed deposit account

  • Investment period (tenor) is a minimum of 30 days & a maximum of 360 days
  • Minimum opening balance is 100,000 naira
  • Account can be terminated before maturity, but accrued interest will be forfeited

How to apply for first bank fixed deposit account?

Download the fixed deposit account form from the first bank website, fill the form correctly and take along one passport photograph to the nearest first bank branch.

First bank fixed deposit interest rate 2022

Read my post on zenith bank fixed deposit interest rates

The first bank interest rate is not fixed and is always changing, but there is a range with which you can expect, depending on the deposit amount and the number of days you are leaving your money for.

For deposit that will last up to 30 days, you can expect an interest rate between 2.5% – 9.25%

For deposit that will last up to 60 days, you can expect an interest rate between 2.7% – 9.5%

For deposit that will last up to 90 days, you can expect an interest rate between 3.0% – 9.75%

For deposit that will last up to 560 days, you can expect an interest from 10% and above.

If you want to know the current first bank rates, then you will need to visit the nearest first bank branch or contact the first bank customer care channels:

+234 708 062 5000

+234 1 448 5500

firstcontact@firstbanknigeria.com

Conclusion

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