Heritage Bank’s Fixed Deposit Rates

Heritage Bank’s Fixed Deposit Rates

Fixed deposit has been one of the most reliable means of investing money without fear of losing your money to market volatility or fluctuation. However, although it is safe, it also has its shortcomings. For instance if you are fixing

let’s say N,1000,000 for six months. If within these six months there is rise in inflation then the value of your money goes down but if inflation reduces then they value of you money goes up. This is the only side effect to fixed deposit. Here we want to take a look at what Sterling Bank has to offer in terms of fixed deposit.

The applicable rate for Fixed Deposit in Heritage Bank is dependent on the amount involved and the tenor (period) of investment. The tenors available are 30, 60, 90, 180 and 360 days respectively.
The minimum amount you can invest is one million (N1 000,000)

30 days (2.50%),

60 days (2.75%),

90 days (3.00%),

180 (3.00%) and

360 (3.00%)

However, if you would like to fix a higher amount, the interest rates can be negotiated.

Please note that there is a withholding tax (WHT) of 10% on the interest earned on fixed deposit.

Please kindly leave a comment for further questions. Thank you

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