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How to Open a Union Bank of Nigeria Fixed Deposit Account

How to Open a Union Bank of Nigeria Fixed Deposit Account – If you have money to save but don’t know where to put it, you might want to consider opening a fixed deposit account with Union Bank of Nigeria (UBN).

Fixed deposit accounts can be an excellent way to grow your wealth over time, with the peace of mind that comes from knowing your funds are safe, secure, and guaranteed by the bank. This article covers everything you need to know about opening your own Union Bank of Nigeria fixed deposit account and maximizing its potential.

What are fixed deposits?

A fixed deposit is a type of savings account where you agree to keep your money in the account for a set period of time, usually between one and five years. The benefit of a fixed deposit is that it usually has a higher interest rate than a regular savings account. This means you can earn more money on your savings over time.

Benefits of fixed deposits

A fixed deposit account with Union Bank of Nigeria offers several benefits, including:
-Flexible terms: You can choose the term length that best suits your needs, from one month to five years.
-Competitive interest rates: Earn a competitive rate of return on your deposited funds.
-Safety and security: Your money is backed by the Nigerian government and is FDIC insured.
-Minimum deposit requirements: You can open an account with as little as N100,000. All you need to do is fill out the appropriate form at any branch location and make sure you have your ID card or passport for verification purposes. After filling out the form, you’ll need to wait for 30 days before you can start earning interest on your deposits.

Fees involved in opening a fixed deposit account

The interest rate for Union bank is determined by the amount deposited, with a minimum deposit of N100,000.00 required to earn the highest interest rate. There are no fees charged for opening or maintaining a Union Bank of Nigeria Fixed Deposit account.

Requirements to open a Fixed Deposits account

A minimum deposit of N100,000 is required to open a Union Bank of Nigeria Fixed Deposit account. You must also have a valid government-issued ID, such as a driver’s license, passport, or national ID card. In addition, you’ll need to provide your contact information and date of birth. Once you have all the required documents and information, you can open an account by visiting any Union Bank branch or by applying online.

Procedure on how to open a Fixed Deposits account

1. Gather the required documents. You’ll need your valid Nigerian passport, a recent utility bill and your Tax Identification Number (TIN) card.
2. Visit any Union Bank branch and request an account opening form.
3. Fill out the form with your personal information. Be sure to include your TIN number where indicated.
4. Attach your passport-size photograph to the form and submit it along with the other required documents to the bank teller. 5. A customer service representative will process your application on the spot and you will be able to use your new fixed deposit account immediately.

Types of accounts available at the bank

The Union Bank of Nigeria offers several types of accounts, including savings accounts, current accounts, and fixed deposit accounts. Each type of account has its own benefits and drawbacks, so it’s important to choose the right account for your needs. A fixed deposit account is a good option for those who want to earn interest on their deposits and don’t need immediate access to their funds.

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