GTBank Fixed Deposit And Interest Rates – All You Need To Know

GTBank Fixed Deposit And Interest Rates – All You Need To Know | A Fixed/Tenured Deposit is a tenured investment account with a specific amount invested at an agreed interest rate and tenure. It is also a financial tool used by banks to offer customers with higher interest rate more that ordinary saving.

The most important advantage of investing in Fixed Deposit is that, it offers guaranteed return because there are very low risks and uncertainties as compared to investment in stock market. As attractive as fixed deposits can be, they may not necessarily be suitable for everyone.

See Also: List Of All Banks In Nigeria And Their Websites

One of the biggest disadvantages of investing money in fixed deposit is that, its returns are low compared to other investment options and if the inflation is very high fixed deposit investors are the worst hit as the return from fixed deposit may not be sufficient to cover the high expenses due to inflation. Before Opening a fixed deposit account, one must be aware of it’s benefits. Some of the benefits of a fixed deposit account are:

• Investment Return is Guaranteed.
• Capital and Returns are Insured.
• Inflation Loss is Covered.
• Regular Earning Potential.
• Flexibility of Deposit Tenure.
• Quick Cash Withdrawal.
• Encourages Saving Habit.

Do you care to know about GTBank fixed deposit? If you do, then this article is one to read properly.

If you fix from NGN100,000 to NGN1Million, the interest rate are as follows;

• 7 days – 0.5%
• 30 days – 6.75%
• 60 days – 6.75%
• 180 Days – 6.75%

What this mean is that if you fix NGN500,000 [Five Hundred Thousand Naira] for 30 days, the interest rate will be 6.75% of NGN500,000. This is Thirty Eight Thousand Seven Hundred and Fifty Naira [NGN38,750].

This is a huge sum of money to get every month for doing nothing. It’s a good way to save money. If you fix from one million naira, the interest rate for 30 days is 7.75%. See the breakdown below;

• 7 days – 0.5%
• 30 days – 7.75%
• 60 days – 7.75%
• 180 days – 7.75%

This mean that if you fix NGN1,000,000 for 30 days, you could get  whooping NGN77,500 [Seventy Seven Thousand Five Hundred Naira]

If you fix from NGN10Million [Ten Million Naira] from 30 days, you could get an interest rate of 8.75%. See the breakdown below.

• 7 days – 0.5%
• 30 days – 8.75%
• 60 days – 8.75%
• 180 days – 8.75%

This means that you can make a whooping NGN875,000 from fixing NGN10Million for just 30 days. It is unconfirmed  if there are hidden charges.

HOW TO PLACE  A FIXED DEPOSIT

Even if the process of placing a fixed deposit varies slightly from one bank to another, opening a fixed deposit account is still very simple.

First, determine how much you want to place in your deposit plan.

If you do not have a regular savings account in the bank,  you will have to fill-in a deposit mandate form. In some banks, you would also need to fill-in reference forms so you can deposit cheques issued by third parties.

The bank will require;  passport photograph, proof of identification, a copy recent receipt from any public utilities and a copy of a residence or work permit for foreign account holders is required.

If you have existing account(s) in the bank, you need to just fill-in a form stating the following: account name, account number, deposit amount, duration of deposit.

I hope this helps you in fixing your fixed deposit account with GTBank.

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