Stanbic Fixed Deposit Account is an investment account that serves as a type of savings account. The account allows you to make deposits for a specified period and attracts higher interest rates than regular savings accounts. If you have a lump sum of money to invest and want to earn amazing returns on it, then a Fixed Deposit Account is perfect for you. With this account, you can earn more interest on your deposits from a period as short as 30 days to as long as a full year.
Stanbic Fixed Deposit Account
With this account, you deposit a specific amount of money for a predetermined period which can range from a few months to several years. During this time, the deposited funds earn a fixed interest rate, which is typically higher than that of regular savings accounts. The interest rate remains constant throughout the term, providing predictability and stability for your savings. At the end of the fixed term, you can withdraw your initial deposit along with the accrued interest.
Benefits of This Account
Stanbic Fixed Deposit Account offers some benefits to users. The benefits are outlined below.
Earn and Save: You get to earn interest when you save while using this account for day-to-day transactions.
Convenience: You can access your account on our self-service channels through the Mobile App and USSD code (*909#).
Competitive Interest Rates: Stanbic Fixed Deposit Account offers you Interest rates with good returns on your deposit.
Choices: As a Stanbic Fixed Deposit Account user, you have the option of receiving either interest only or interest plus principal at the expiration of the term.
What to Expect
Are you wondering what you will get when you open a Stanbic Fixed Deposit Account? You can check below to see what you get.
- You get competitive interest rates that earn good returns on your deposit.
- There are flexible investment periods, that range from 30 days to 1 year.
- Available in NGN, GBP, EUR, USD & ZAR with a minimum opening amount of N100,000, $5,000 or equal in other currencies.
- If required, Auto Rollover facility.
How to Apply for a Stanbic Fixed Deposit Account
You can follow the outlined steps below to apply for an account.
If you do not have an existing account already,
- You will have to open a Personal or a Business account or
- Fill in a deposit mandate form.
However, if you have an existing account already,
- You just have to submit the deposit mandate form.
What Does it Cost to Open a Stanbic Fixed Deposit Account
Below are the costs of opening this account type.
- A minimum account opening balance of N100 000, $5 000 or equivalent in Euro, Pound, or Rand
- The interest rate that is subject to withholding tax is currently at 10%
Conclusion
Stanbic Fixed Deposit Accounts are a safe way to save money and earn a guaranteed return over a fixed period. They’re ideal for people who want to steadily increase their savings over time. With these accounts, you can be sure of a fixed interest rate, giving you peace of mind and helping you reach your financial goals.
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