Have you ever found yourself trying to find out the GTBank fixed deposit account interest rate?
If yes, then you have found the right article that will provide you with the information you seek.
This article expatiates more on What is the interest rate on the GTBank savings account for 2022.
What is A Fixed Deposit Account?
A fixed deposit account is a bank service that allows the user to keep a certain amount of money for a certain period with the guarantee of interest based on the amount of money you fixed and the length of time you fixed it.
A fixed deposit account is a financial strategy employed by banks to offer customers higher interest rates and you do not need to open a new account as long as you have an existing account with the bank of your choice.
Here, you can’t make any withdrawal from the fixed account until the stipulated time you agreed to fix for.
Fixed deposit varies in the length of time based on your choice but the least term is one month (30 days) while the maximum is five years.
Benefits of Operating a Fixed Deposit Account
There may be small interest rates attached to operating a fixed deposit account but it comes with some benefits which can’t be considered less.
These benefits include:
- It prevents you from spending recklessly
- Fixed deposit accounts offer higher interest rates than other types of accounts.
- Assured interest rates without any default
- You are free to select the length of time you wish to fix for
- Covered for inflation loss, etc.
Gtbank Fixed Deposit Account Interest Rate
Fixed deposit rates in Nigeria are different based on each bank. Guaranty Trust Bank (GTB) offers one of the best interest rates when it comes to fixed deposit accounts.
Gtbank fixed deposit offers the best long-term saving for your business. All you need to do is agree on the specific amount you want to fix and how long you want to fix for.
Also Read: Gtbank internet banking app download
At the end of the stipulated time, you can choose to re-fix the capital or return it to your account with interest.
Gtbank offers an interest rate based on the amount of money and the length of time you agreed to fix for. Check below for more details.
- For every fix deposit of 100,000 ( One hundred thousand) to #1,000,000 ( one million naira), the interest rate is as follows:
7 days – 0.5%
30 days – 6.75%
60 days – 6.75%
180 Days – 6.75%
If you fix #500, 000 ( five hundred thousand Naira) for 30 days which the interest rate is 6.75%, your interest gained will be #38,750 ( thirty thousand seven hundred and fifty Naira)
Also, if you fix #1,000,000 for 30% days of which the interest rate is 6.75%, your interest gained after the 30 days will be #77,500 ( Seventy Seven Thousand Five Hundred)
For every deposit of #10,000,000 ( Ten Million Naira), the interest rate is as follows:
7 days – 0.5%
30 days – 7.75%
60 days – 7.75%
180 days – 7.75%
For example – If you fix deposit #10,000,000 ( Ten Million Naira) for 30 days, the interest rate is 7.75%, your earned interest will be #875,000 ( Eight Hundred and Seventy-Five Thousand)
Note – The minimum time you can fix for is 30 days while the maximum time is 180days
How To Open A Fixed Deposit Account
Opening a fixed deposit accounts requirements differs based on the bank, but to open a GTBank fixed deposit account, follow the steps below if you don’t have an existing GTBank account:
- Visit any Gtbank bank nearest to you and pick a request form
- Submit a valid means of identification e.g Voter’s card, International Passport, National ID, etc
- Passport photographs
- Utility bill
Note – If you have an existing GTBank account, all you need to do is to visit any GTBank branch near you, pick a request form and fill in the account name, account number, amount to fix and duration you want to fix for.
Frequently Asked Question
How does GTB fixed deposit work?
Answer – With GTBank fixed deposit, you are selecting a particular amount to fix and for how long. At the end of the agreed time, your money is returned back to you with the interest earned.
Is fixed deposit interest paid monthly?
Answer – Yes, you can fix a deposit for 30 days and receive your capital and interest earned.
Is a fixed deposit a good investment?
Answer – Yes, it is a good investment for anyone looking for a stable income without risk
Can you withdraw from a fixed deposit account?
Answer – You can only withdraw from a fixed deposit account when the agreed duration has elapsed. In an emergency situation, there is something called premature withdrawal
What Is The Interest Rate On GTBank Savings Account?
Answer – 1.15% interest rate per annum and an additional 1% bonus interest to customers who maintain a Standing Order deposit for 1 year.
Fixed deposit accounts offer a stable income and at the same time prevent you from reckless spending. There is no risk involved in a fixed deposit investment.
Gtbank fixed deposit account interest rate is one of the best in Nigeria and gives you the option to either reinvest or withdraw your capital with the interest earned.