Fixed Deposit Calculator Nigeria
Calculate maturity value, gross interest, and net return after 10% withholding tax — compare rates from Nigeria's top banks.
How to Use This Calculator
Calculate Return Tab
Enter your deposit amount, the annual interest rate offered by the bank, the tenor in months, and the WHT rate (10% standard). The calculator shows gross interest, WHT deducted, net interest, and the maturity value you receive when the deposit matures.
Compare Banks Tab
Enter the same deposit amount and tenor for three different banks with their respective rates. The bank offering the highest net return is automatically highlighted. Useful when shopping around for the best fixed deposit rate in Nigeria.
The Formula
Note: This calculator uses the simple interest formula. Some banks compound interest periodically (monthly or quarterly) for longer tenors — confirm with your bank whether their quoted rate is simple or compound. Compound interest will give slightly higher returns than simple interest at the same nominal rate.
Example
Scenario: Ngozi places a ₦1M fixed deposit for 12 months at 20%
At an inflation rate of ~15%, a 20% FD yields a real return of approximately 3–5% — modest but positive. Always compare the net yield (after WHT) with inflation.
Best Fixed Deposit Rates in Nigeria 2026
Fixed deposit rates change frequently. As a guide for 2026, here is what various institution types are offering:
- Tier 1 commercial banks (GTBank, Zenith, Access, First Bank, UBA): Typically 18–20% for 12-month FDs. Negotiate for ₦5M+ deposits.
- Tier 2 commercial banks (Fidelity, FCMB, Sterling, Wema): Often 20–23%, more competitive to attract deposits.
- Digital/mobile banks (Kuda, Moniepoint, VFD Microfinance): 15–22%, variable, check their apps.
- Investment companies (Stanbic IBTC Investments, ARM): FD-like products at 20–25%, higher minimums.
- Microfinance banks: Up to 25–30% but with higher credit risk — ensure NDIC coverage.
Always confirm the current rate directly with the bank. Rates listed above are indicative for early 2026 and subject to change with CBN policy movements.
NDIC Insurance Limits
The Nigeria Deposit Insurance Corporation (NDIC) insures deposits at licensed banks up to:
- Commercial banks: ₦5,000,000 per depositor per bank
- Microfinance banks: ₦2,000,000 per depositor per institution
- Primary mortgage banks: ₦2,000,000 per depositor
- Payment service banks: ₦500,000 per depositor
If you have more than ₦5M to place in fixed deposits, spread it across multiple banks to maximise NDIC coverage.