Access Bank Updated Fixed Deposit Interest Rates

Access Bank Updated Fixed Deposit Interest Rates

In a time when banks don’t necessarily need money inflow through fixed deposits, Access Bank entice customers with better fixed deposit interest rate. Firstly lets know what fixed deposit is.

A fixed deposit (FD) is a financial instrument provided by banks which provides investors with a higher rate of interest than a regular savings account, until the given maturity date. It may or may not require the creation of a separate account.

The only downside to fix deposit is inflation. Inflation is the general increase in prices and fall in the purchasing value of money. this means that assuming you have $10,000 and you wish to fix it from the month of May 2016 to April 2017, now if there is rise in inflation, the prices of good will increase and the purchasing power of your $10,000 would reduce hence the value of your money has reduced. The other way is also true. If there is decrease in inflation then the purchasing power of the $10,000 would increase hence leading to increase in the value of the money.

Access Bank Plc, commonly known as Access Bank, is a Nigerian multinational commercial bank, owned by Access Bank Group. The bank’s headquarters is located in Lagos, Nigeria’s financial hub. Access Bank has in excess

of 300 bank branches in Nigeria’s major commercial cities. After the acquisition of Intercontinental Bank Plc,

Access Bank became a larger and stronger financial service provider, with an impressive assets base.

Investing in Access Bank means to securely investing in your future. This is because it is one of the youngest banks in Nigeria, hence one of the fastest growing banks in Nigeria.

Fixed deposit with Access Bank is one with assurance and peace of mind. Below are the breakdown of fix deposit rate for one year. N1,000,000 is with the rate 4.75%

Between N1,000,000 and N10,000,000 is 4.75% to 6%

N10,000,000 to N50,000,000 is 6% to 6.25%.

Please note that there is a withholding tax (WHT) of 10% on the interest earned on fixed deposit. This rate is subject to change by the bank.

For more information please leave a comment and we will respond to you appropriately.

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