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How to Open a First Bank of Nigeria Fixed Deposit Account

How to Open a First Bank of Nigeria Fixed Deposit Account – First Bank of Nigeria offers Fixed Deposit Accounts to help you save more and earn some extra interest on your savings. When you open a Fixed Deposit Account, you tell the bank how much money you want to deposit and how long you’d like to keep that money there, such as 6 months or 12 months or even 36 months or 5 years. You may choose to deposit a minimum of N100,000. First Bank of Nigeria will pay you interest on the total amount that you have deposited into your account.

What are fixed deposits?

A fixed deposit is an investment account where you can earn a higher interest rate than a savings account, but you must agree to leave your money in the account for a set period of time. First Bank of Nigeria offers fixed deposit accounts with terms ranging from 30 days to 360 days. To open a fixed deposit account with First Bank of Nigeria, you must have a minimum balance of NGN 100,000.
To open a First Bank of Nigeria Fixed Deposit Account, follow these steps:

1) Go to any branch of First Bank of Nigeria

2) Complete and sign the Fixed Deposit Form

3) Present proof of identity (ID card or passport) 4) Present proof of address (electricity bill or bank statement). The staff will then provide you with more information about the fixed deposit account. You’ll need to tell them how much you want to invest as well as how long you want the term of your fixed deposit to be.

Benefits of opening a fixed deposit account

-A fixed deposit account with First Bank of Nigeria offers you a safe and secure way to save your money.
-Your money will earn interest at a competitive rate, so you can grow your savings over time.
-You can choose to have your money automatically transferred into your account each month, or you can make deposits manually.
-With a fixed deposit account, you can rest assured knowing that your money is in good hands. -To open an account, visit any of our branches nationwide with your identity card and filling the required form.
-If you don’t already have an account with us, we’ll give you one free when you open a fixed deposit account.
-There are different types of fixed deposit accounts depending on how much money you want to invest for how long (1 day to 5 years).

The minimum amount to open an account

The minimum amount you can deposit into a First Bank of Nigeria fixed deposit account is N100,000. To open an account, you’ll need to have your Nigerian passport or national ID card, as well as proof of your current address. You can open an account at any First Bank branch or by visiting the bank’s website. Once your account is open, you can make deposits into it by transferring funds from your other bank accounts.

Two ways you can fund your FD

There are two ways you can fund your First Bank of Nigeria Fixed Deposit account. The first is by using your own personal savings. This is the most common method and requires you to have a First Bank of Nigeria savings account from which you can transfer funds into your FD account. The second way to fund your FD account is by taking out a loan from First Bank of Nigeria. This option is less common but may be necessary if you do not have the required amount in your savings account.

Fees involved

There are no fees charged for opening a First Bank of Nigeria Fixed Deposit account. However, you will be required to maintain a minimum balance of N100,000 in your account. If you fall below this amount, you will be charged a monthly service fee of N100. Additionally, there is a N50 charge for each withdrawal made from your account.

Terms & Conditions

A First Bank of Nigeria Fixed Deposit account can be opened with a minimum deposit of N100,000. The maximum deposit is N50 million. The fixed deposit account terms are for one month, three months, six months, and twelve months. The interest rate is 0.75% per annum for one month, 1.00% per annum for three months, 1.25% per annum for six months, and 1.50% per annum for twelve months. Interest is calculated on the principal balance daily but paid only at maturity. How to open a First Bank of Nigeria Fixed Deposit Account: Fill out an application form available from any branch, fill in your details on the form, submit it together with the required documentation (e.g., ID card or passport) and proof of address, wait for validation by the bank’s security department before depositing funds into your account.

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