Zenith Bank Nigeria Fixed Deposit Account: How To Open One – If you’re looking to open up a fixed deposit account, then you’ll be happy to learn that Zenith Bank Nigeria offers such accounts, which are also known as term deposits and time deposits in other banks. In this article, we’ll explain what these terms mean and how you can open one of these accounts with Zenith Bank Nigeria.
What Is A Fixed Deposit Account?
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. In return, Zenith bank agrees to pay you a higher interest rate than what you’d earn on a regular savings account.
Feature of Zenith Bank Fixed Deposit Account in Nigeria
The Central Bank of Nigeria (CBN) recently raised the interest rates on fixed deposits, making it more attractive for investors. Here’s how to open a Zenith Bank Nigeria fixed deposit account and take advantage of the new rates.
Maintain a Minimum deposit of ₦100,000.00
Earns higher interest than a savings account
Liquidation before maturity attracts a penalty charge of 20% of accrued interest or ₦2,000 (whichever is higher)
Accrued interest is subject to 10% withholding tax upon maturity
Who Can Apply For A Fixed Deposit Account
To open a fixed deposit account with Zenith Bank, you must be an individual or joint account holder with the bank. You can also open an account on behalf of a minor. The minimum amount required to open an account is N10,000. Once your account is opened, you will need to maintain a minimum balance of N100,000.
Documents Required To Open A Zenith Bank Fixed Deposit Account
If you are looking to open a fixed deposit account with Zenith Bank in Nigeria, you will need to provide the following documents:
-Your valid means of identification (National ID card, International passport, Driver’s license)
-A completed and signed application form
-Proof of income or source of funds
-Initial deposit (this can be in the form of cash, cheque, or bank transfer) -Relevant documentation for opening an FD account with Zenith Bank Nigeria
Where And How To Apply For Fixed Deposit Account
You can open a fixed deposit account with a minimum deposit of N100,000 at any Zenith Bank branch in Nigeria. You will need to fill out an application form and provide some personal details, like your name, address, phone number, and email address. You will also need to provide your bank account details so that the money can be transferred from your account to the new FD account. Once the money is in the account, it will start earning interest at the agreed-upon rate.
Types Of Fixed Deposit Account You Can Choose From
-Term deposits: This is when you deposit money for a set period of time, usually between 30 days and 10 years. The longer you leave your money in, the higher the interest rate.
-Structured deposits: This is when you tie your deposit to a specific investment, such as shares or bonds.
-Retirement annuity: This is when you open a fixed deposit account with the intention of using it as an income during retirement. You can also use this account as collateral for loans.
This type of account offers two benefits: 1) high rates of return on your investments and 2) low-risk because there are few penalties if you withdraw from the account before maturity date.
To open a Zenith Bank Nigeria Fixed Deposit Account, you will need to provide some personal information including; name, address, phone number and email address so that they can process your application form.