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Posted by Felix Okoli on Friday October 17, 2014 at 12:14:40:

This is a brief report on the average deposit rates I got from a CBN publication as at September 2014.

It is basically a breakdown of the average rates used by banks in Nigeria.

Time deposit rates:
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Access Bank: 7.91
Citi Bank Nigeria: 7.87
Diamond Bank: 10.77
Ecobank Nigeria: 9.97
Enterprise Bank Ltd: 7.93
FCMB: 10.00
Fidelity Bank: 11.00
First Bank of Nigeria: 9.14
Heritage Bank: 11.48
Guaranty Trust Bank: 7.40
Keystone Bank Ltd: 5.37
Mainstreet Bank Ltd: 9.58
Skye Bank: 9.87
Stanbic IBTC Bank: 8.76
Standard Chartered Bank: 8.55
Sterling Bank: 8.37
Union Bank: 8.24
United Bank for Africa: 9.90
Unity Bank: 3.5 to 11
Wema Bank: 9.93
Zenith Bank: 8.50

The above shows that Heritage, Fidelity, Diamond and FCMB offered the highest rates on Fixed deposits.

Savings Deposit rates:
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Access Bank: 3.60
Citi Bank Nigeria: 3.60
Diamond Bank: 3.60
Ecobank Nigeria: 3.60
Enterprise Bank Ltd: 3.60
FCMB: 3.60
Fidelity Bank: 3.60
First Bank of Nigeria: 3.60
Heritage Bank: 3.99
Guaranty Trust Bank: 3.60
Keystone Bank Ltd: 2.29.
Mainstreet Bank Ltd: 3.60
Skye Bank 3.60
Stanbic IBTC Bank: 3.61
Standard Chartered Bank: 3.60
Sterling Bank: 3.60
Union Bank: 3.60
United Bank for Africa: 3.60
Unity Bank: 3.60
Wema Bank: 3.80
Zenith Bank: 3.60

The above shows that majority of banks offered a flat rate of just 3.6% on saving accounts.

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Comments:
Re: CBN report on the Average Deposit Rates as at September 2014 Reply by tunde on Thursday November 13, 2014 at 22:41:14:

Dear Felix,
Appreciate your good work. I'd like to know the maximum time for a fixed deposit tenure, can i fix my money for 3 years without a change in the initial interest agreement?
Also, will these banks comply to the stated rates regardless of capital size? e.g. if i have 2 million naira, will i be given the full measure of the interest rate or their will be capital discrimination?

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Re: CBN report on the Average Deposit Rates as at September 2014 Reply by Felix Okoli on Thursday November 13, 2014 at 22:41:14:

You can fix your deposit for up to 1 year at a fixed interest rate. It might not be possible to do that for 3 years straight. Some banks offer a flat rate irrespective of your capital while some offer a graduated interest rate.

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