Fixed Deposit is an investment account which allow customers to place a fixed amount of money for a fixed period at an agreed interest rate. Interest earned is paid at maturity.
Features
- Investment period is a minimum of 30 days and a maximum of 360 days
- Upon customer’s instructions, fixed deposit can be rolled over or paid out at maturity
Benefits
- Attractive interest rates
- Can be used as collateral for loans from the Bank
Required Documentation
- 2 Passport size photographs
- Valid Photo ID (Voter’s ID, Driver’s License, Passport, National Identification card)
- Proof of address; Utility Bill
- Complete FirstBank Account opening form
Who Can Apply?
- Individuals 18 years and above with funds that do not require immediate use.
To open a Fixed Deposit account,
- Download the Fixed Term Deposit Form
- Complete the form and submit at the nearest FirstBank branch
1) What is the tenor for fixed deposit?
- It varies between 30 days and 360 days.
2) Can the investment be rolled over?
- Yes, based on an instruction from the customer.
3) Can the investment be terminated before maturity?
- Yes, investment can be terminated before maturity; however a portion of accrued interest will be forfeited.
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