Finance

GTBank Fixed Deposit and Interest Rates: Everything you Need to know

Have you heard of GTBank fixed deposit? Or you might want to ask, what is the interest rate for gtb fixed deposit. If yes,  in this post you will learn more about the GTBank Fixed Deposit and Interest Rates.

GTBank offers you the opportunity to have a fixed deposit account where you can earn monthly deposit interest based on the amount fixed, term duration as well as the interest rates.

Related: Complete Guide to GTbank Mobile Money Transfer

A fixed deposit is a financial tool used by banks to offer customers with higher interest rate more that ordinary saving. In fixed deposit, you don’t need to open a new bank account if you already have an account with the bank you intend to fixed your money.

GTBank Fixed Deposit and Interest Rates

I was actually interested in opening a fixed deposit account with GTBank. So, I was involved in the Facebook conversation on how to own GTBank fixed deposit and interest rates. In the conversation, the GTBank customer care representation outlined the details concerning the interest rates.

I know other people apart from will needs this information. See the snapshot below.

According to the information, you can make serious money every month if you fix a reasonable amount of money in GTBank fixed deposit. He said that you will need of have at least NGN100,000 [Hundred Thousand Naira] to get a foxed deposit account.

Related: How to Do GTBANK Online Banking: Everything you Need to Know

See the deposit amount the the breakdown of the expected commissions.

NGN100,000 – NGN1Million: If you fix from NGN100,000 to NGN1Million, the interest rate are as follows;

7 days – 0.5%

30 days – 6.75%

60 days – 6.75%

180 Days – 6.75%

What this mean is that if you fix NGN500,000 [Five Hundred Thousand Naira] for 30 days, the interest rate will be 6.75% of NGN500,000. This is Thirty Eight Thousand Seven Hundred and Fifty Naira [NGN38,750].

This is a fat sum of money to get every while doing nothing. It’s a good way to save money.

If you fix from one million naira, the interest rate for 30 days is 7.75%. See the breakdown below;

7 days – 0.5%

30 days – 7.75%

60 days – 7.75%

180 days – 7.75%

This mean that if you fix NGN1,000,000 for 30 days, you could get  whooping NGN77,500 [Seventy Seven Thousand Five Hundred Naira]

If you fix from NGN10Million [Ten Million Naira] from 30 days, you could get an interest rate of 8.75%. See the breakdown below.

7 days – 0.5%

30 days – 8.75%

60 days – 8.75%

180 days – 8.75%

This means that you can make a whooping NGN875,000 from fixing NGN10Million for just 30 days.

There was no confirmation if there are hidden charges. If these figures about the interest rates are true, you will surely agree with me that its a good business.

Your thoughts!

Do you have any experience about GTBank fixed deposit? If yes, do well to share your experience and help others to learn. If you have other support information, kindly submit them to us. Use the comments section below.

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Ifiokobong Ibanga

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15 Comments

  1. I fixed 230,000 thousand since 2011 to run for 3months and be renewed, but till today I don’t get update or even alert I didnt change my phone number please what is happening to my account

  2. I seriously need fixed account and am ready to start at least with 100k but am afraid, if I should invest is their any risk involve like may be if the bank is experiencing lost will it affect my money or what is the possible risk involve? pls educate on this.

  3. Interest cannot be calculated that way. The interest on 500,000 is less than 3000 per month. PRT/100, that’s the real calculation

    1. I think you should visit your local GTBank and inquire. Don’t opt out because fix deposit is a say of saving money especially now that we are fighting against inflation.

  4. I wanted to know more about GTbank of Nigeria fixdeposit account as follows.1 what is the interest rate 2 is their income tax on the fix 3 can one be allow to fix for 1 and half year?.

  5. Your profit can make from N10 Million for a 30 days fixed deposit at interest of 8.75 would be N72, 917. I consider this interest rate so low because other banks like stanbic IBTC does better.

    1. Sure, GTBank have to do something if they will want to stay afloat with the competitors. Thanks Darlington for visiting our site.

  6. Errr .. there is an error in your calculations – the percentages quoted are per annum, so if u invest for 30 days, you get your quoted figure divided by 12 approximately. Please note that.

    1. Thanks for this clarification. That’s why I said any interested investor should visit GTBank customer centre for details.

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