Fixed Deposit Calculator Nigeria — FD Maturity Value & Interest
Calculate fixed deposit maturity value, interest earned, and WHT deduction for Nigerian banks. Compare rates across Access, GTBank, Zenith, FBN, UBA and Stanbic.
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Quick amounts:
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Net Maturity Value
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Gross Interest Earned
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WHT Deducted (10%)
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Effective Annual Rate
Bank Comparison — Your Deposit Amount
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Fixed Deposit in Nigeria — What You Need to Know
Fixed deposits offer guaranteed returns, making them ideal for capital preservation. Unlike equities or mutual funds, FD returns are predictable. With inflation running high, choose tenures that let you roll over into better rates when they rise.
Tip: Nigerian banks often offer better rates for larger amounts or longer tenures. Always negotiate — especially for deposits above ₦5 million.
Frequently Asked Questions
What is a fixed deposit in Nigeria?
A fixed deposit (also called term deposit) is a savings product where you lock in a specific amount with a Nigerian bank for a fixed period (30 to 365+ days) at an agreed interest rate. The rate is higher than regular savings accounts, but you cannot access the funds until maturity without penalty.
What is Withholding Tax (WHT) on fixed deposit interest?
In Nigeria, the Federal Inland Revenue Service (FIRS) charges 10% Withholding Tax on interest earned from fixed deposits. Banks deduct this automatically before crediting your interest. This calculator shows both gross interest and net interest after WHT.
Which Nigerian bank offers the best fixed deposit rates?
Rates vary and change frequently. In 2025, Stanbic IBTC typically offers among the highest rates (13–15%), followed by Zenith Bank (12–14%) and Access Bank (11–13%). However, check directly with banks for current rates as they adjust with CBN policy changes. This calculator uses indicative 2025 rates.
Can I break a fixed deposit early?
Yes, most Nigerian banks allow early liquidation with a penalty — typically loss of some or all interest earned, or a penalty fee. Some banks charge up to 50% of accrued interest as a penalty. Always read the terms carefully before breaking a FD.
Is a Nigerian fixed deposit safe?
Deposits in NDIC-licensed banks are insured up to ₦5,000,000 per depositor by the Nigeria Deposit Insurance Corporation (NDIC). For amounts above this, you bear the risk of bank failure. Diversify large sums across multiple banks.