Fixed Deposit Calculator — Nigeria
Calculate your fixed-deposit maturity value and interest in NGN at current rates. No signup, no account needed.
Enter a deposit amount, a rate between 0% and 100%, and a term above zero (up to 50 years) to see results.
Fixed deposit rates in Nigeria (2026)
Tier-1 banks such as GTBank, Zenith and First Bank set fixed-deposit rates for 30–365 days per customer (check on each bank's site or branch), with higher rates negotiated for large sums. Merchant banks such as FSDH typically quote more (check on FSDH's site), and Providus Bank was reported at about 23.7% in mid-2026, before the CBN's September 2026 rate cut.
At around 12%, the fixed-deposit rate in Nigeria is very high in nominal terms - but rates this large usually track higher local inflation, so your real, after-inflation return can be far smaller than the headline suggests.
Reference figures, ~2026. FD interest is often taxable and rates vary by bank and tenure - verify the current rate before depositing.
Worked example
For every ₦6,000,000 deposited at 12.00% for 5 years (quarterly compounding):
- Maturity value: ₦10,836,667
- Interest earned: ₦4,836,667
Scale to your deposit amount. Longer tenures and higher rates grow the maturity value; compare banks before locking in.
How to get the best fixed-deposit return in Nigeria
- Compare several banks - smaller and digital banks often pay more than the big high-street names.
- Ladder your deposits across different tenures so some matures regularly and you can reinvest at new rates.
- Check how often interest compounds; more frequent compounding grows the maturity value.
- Factor in tax on the interest, and compare against short-term government bills or bonds.
A named-bank rate check: GTBank and Zenith Bank (2026)
GTBank and Zenith Bank do not post a public fixed-deposit rate table, so check on each bank's site or branch for current 30–365 day offers; merchant banks such as FSDH usually quote higher. At its 21–22 September 2026 meeting the Central Bank of Nigeria cut the Monetary Policy Rate by 350 basis points, from 26.5% to 23%, so deposit offers may fall further. Banks deduct 10% withholding tax on interest.
Frequently Asked Questions
How is FD maturity calculated in Nigeria?
Maturity = P × (1 + r/4)^(4n) for quarterly compounding, where P is the deposit, r the annual rate and n the years. fin·calc uses this standard method.
What is the current FD rate in Nigeria?
As a 2026 reference, fixed-deposit rates are around 12% per year, varying by bank and tenure. Tier-1 banks such as GTBank, Zenith and First Bank set fixed-deposit rates for 30–365 days per customer (check on each bank's site or branch), with higher rates negotiated for large sums. Merchant banks such as FSDH typically quote more (check on FSDH's site), and Providus Bank was reported at about 23.7% in mid-2026, before the CBN's September 2026 rate cut.
Is FD interest taxable in Nigeria?
Since the Nigeria Tax Act 2025 took effect on 1 January 2026, banks deduct 10% withholding tax on interest, and for individual savers this is treated as a final tax.
Is a fixed deposit safe in Nigeria?
Fixed deposits carry no market risk. The Nigeria Deposit Insurance Corporation (NDIC) covers commercial-bank depositors up to ₦5,000,000 per depositor per bank (raised from ₦500,000 in 2024); microfinance and merchant banks have lower ceilings. They trade higher safety for lower long-term returns than equities.
Should I choose a fixed deposit or invest instead in Nigeria?
A fixed deposit gives a guaranteed return and suits money you cannot afford to risk. Investing targets higher long-term growth but can fall in value. Many people keep an FD for safety and invest separately for growth.
What fixed deposit rate can I get in Nigeria?
Rates at tier-1 banks such as GTBank and Zenith depend on amount and tenor, and merchant banks usually quote higher — check each bank's own site or branch for its current offer. The CBN cut the MPR to 23% in September 2026, so check your bank's current offer.
Is fixed-deposit interest taxed in Nigeria, and is it insured?
Banks deduct 10% withholding tax, which is final for individual savers under the 2026 tax laws. NDIC insures commercial-bank deposits up to ₦5 million per depositor.
Related calculators
More money tools
Sources
Deposit rates are compiled from each country's central-bank publications and the typical offerings of its major banks, reviewed for 2026 and subject to change — always confirm the current rate with your bank before depositing. See our methodology and editorial policy for how we source and update this data.
Additional sources for this page
Central Bank of Nigeria, Monetary Policy Decisions (307th MPC, 21-22 September 2026: MPR 23.00%) (accessed 15 October 2026). Nigeria Housing Market (accessed 12 October 2026): CBN Cuts Interest Rate to 23% After September MPC Meeting. WithinNigeria (accessed 12 October 2026): Best Fixed Deposit Rates in Nigeria 2026 After CBN Monetary Policy Decision. BusinessDay (accessed 12 October 2026): Why was Withholding Tax deducted from savings interest. IRIS RegTech (accessed 12 October 2026): Deposit Insurance in Africa.