How To Open a Unity Bank Fixed Deposit Account – The prospect of earning interest on your money while it’s sitting idle in a bank account might seem like the perfect solution to your financial woes, but there are certain things you should know before you open a Unity Bank Fixed Deposit Account in Nigeria. Here’s what you need to know about opening this type of account and how it works, followed by tips on avoiding any potential scams.
What is a Unity Bank fixed deposit account?
A Unity bank fixed deposit account is an account where you can save your money for a set period of time, usually between one and five years. The interest rate on these accounts is usually higher than on savings accounts, but the money is not accessible during the term of the deposit. This makes them ideal for long-term savings goals like retirement or buying a house.
The Benefits of opening a fixed deposit account with Unity Bank.
-A fixed deposit account with Unity Bank offers you the security of knowing your money is in a safe place and is not subject to market fluctuations.
-Your money also earns interest at a higher rate than it would in a savings account, so you can grow your nest egg more quickly.
-With a fixed deposit account, you can choose to have your interest paid out monthly or at the end of the term, whichever suits you best.
Interest rates on Unity bank fixed deposits
The interest rates on Unity bank fixed deposits vary depending on the amount of money you have deposited and the length of time you are willing to keep it in the account. The minimum deposit is usually N100, 000 and the maximum is above N100, 000. The interest rate is Minimum rate is 0.45% and Maximum rate cap is 4% per month.
Documents required to open a Unity Bank fixed deposit account
The first step is to visit your nearest Unity Bank branch with the following documents:
-A completed and signed account opening form
-Your valid ID ( passport, drivers license, national ID card)
-Proof of address (utility bill, bank statement, etc.)
-Initial deposit (the minimum amount is usually 100,000 Naira)
After you have gathered all of the required documents, the next step is to fill out the account opening form.
The process of opening a fixed deposit account with unity bank
The first step is to visit the nearest unity bank branch with the required documents which include your means of identification, account opening form and initial deposit.
The second step is to fill out the account opening form and submit it along with your other documents to the bank teller.
The third step is to make an initial deposit into your new account. The minimum deposit amount for an FD account is N100,000.
The fourth step is to wait for your Fixed Deposit account to be activated. You will then receive an email notification informing you that your account has been activated.
The fifth step is to make all future deposits through ATM’s or by visiting any unity bank branch in person.
For more information please click to visit Unity Bank Fixed Deposit Account webpage