How To Open Wema Bank Fixed Deposit Account In Nigeria – Your savings are one of the most important parts of your finances, but many people fail to capitalize on their earning potential because they put all their money in an ordinary bank account or spend it on frivolous things like coffee and lunches out. If you want to make sure that your hard-earned money works as hard as you do, then opening up a Wema Bank fixed deposit account could be the best way to start building wealth for your future. Here’s how you can get started with your first Fixed Deposit account and make the most of it today and every day to come!
What Is A Fixed Deposit Account?
A fixed deposit is a financial product offered by banks which provides customers with a higher rate of interest than a regular savings account, provided the customer agrees to leave the money in the account for a set period of time. How To Open Wema Bank Fixed Deposit Account? You can open a Wema Bank fixed deposit account by visiting any of their branches nationwide and completing the necessary paperwork. The minimum amount required to open an account is N100, 000 for 180 day tenor. What Are The Benefits Of A Fixed Deposit?
The Benefits Of Opening A Fixed Deposit Account At Wema Bank
When you open a fixed deposit account with Wema Bank, you’re doing more than just saving money. You’re also taking advantage of the many benefits that come with this type of account. For example, your money is safe and secure since it’s FDIC insured. Plus, you’ll earn interest on your deposited funds, which can help you reach your financial goals sooner. And if you need access to your money before the maturity date, you can usually do so bases on the Wema bank’s terms and condition.
Requirements For Opening A Fixed Deposit Account At Wema Bank
A prospective customer must have a valid means of identification such as a National ID card, passport, or driver’s license. They will also need to provide their Tax Identification Number (TIN). The minimum amount required to open an FD account at Wema Bank is N100,000. Customers can choose to have their interest paid out at maturity or have it reinvested into their account. Finally, customers will need to fill out and sign a Fixed Deposit Placement Form.
Documents Required To Open A Fixed Deposit Account At Wema Bank
The first step to opening an FD at Wema Bank is to ensure you have the required documents. These include a valid means of identification, your latest utility bill, and your bank statement for the past three months. You will also need to have your initial deposit, which must be a minimum of N100,000. Once you have these documents, you can proceed to the next step.
Procedure For Opening A Fixed Deposit Account At Wema Bank
The first step is to visit any Wema Bank branch and request for the account opening form.
You will be required to provide your personal details such as name, address, date of birth, phone number, and email address.
The next step is to choose the amount you want to deposit and the tenure of the deposit.
After completing the form, you will be required to submit it along with your valid ID (e.g. national identity card or passport) and proof of residence (e.g. electricity bill).
After that, you are expected to take a print out of the completed form for future reference.
How Do I Know If My Application Was Successful?
After you have applied for the account and submitted all the required documents, the bank will review your application. If your application is approved, you will receive a notification from the bank. You can also check the status of your application online or by calling customer service. If your application is not approved, the bank will send you a letter explaining why.
FAQs On Opening A Fixed Deposit Account At Wema Bank
1. What is a fixed deposit account?
A fixed deposit account is an investment account where you can earn a higher interest rate than a savings account.
2. How do I open a fixed deposit account with Wema Bank?
You can open a fixed deposit account by visiting any Wema Bank branch or by calling the bank’s customer service number.
3. How much money do I need to open a fixed deposit account?
The minimum amount required to open a fixed deposit account with Wema Bank is N100,000.
4. Is there a limit on how much money I can put in my FD?
5. How long does it take for my application for opening an FD be processed?
If you apply for an FD at a branch, the processing time would depend on how quickly other customers at the branch complete their transactions and leave. If you apply via phone, we will call back when everything has been processed.
6. Can I withdraw funds from my fixed deposit account? Yes! You can withdraw your full principal plus accumulated interest anytime after one year (12 months) and six months respectively depending on what type of contract you have signed up for (i.e., annual contract vs monthly contract).
For more information please the Wema Bank Fixed Deposit Account opening webpage