FCMB Fixed Deposit Interest Rate (2026)
The average fixed deposit rate FCMB reported to the Central Bank of Nigeria, what it means for ₦100,000 to ₦5,000,000 after withholding tax, and how it compares with every other Nigerian bank.
13.00%
Week ended 3 July 2026 · ref. BSD/DIR/GEN/DLR/007/001 · all tenors combined
19 / 32
−0.83 pp vs industry average (13.83%)
4.25%
Fixed deposit pays 8.75 pp more
What ₦1,000,000 earns at FCMB's CBN-reported rate
Simple interest at 13.00%, with the 10% withholding tax banks deduct at source. Because the CBN figure is an average across tenors, the same rate is applied to each tenor here; your actual quote will usually rise with tenor and amount.
| Tenor | Gross interest | WHT (10%) | Net interest | You receive at maturity |
|---|---|---|---|---|
| 30 days | ₦10,685 | − ₦1,068 | ₦9,616 | ₦1,009,616 |
| 90 days | ₦32,055 | − ₦3,205 | ₦28,849 | ₦1,028,849 |
| 180 days | ₦64,110 | − ₦6,411 | ₦57,699 | ₦1,057,699 |
| 1 year | ₦130,000 | − ₦13,000 | ₦117,000 | ₦1,117,000 |
One-year returns by amount
| Principal | Gross interest | Net interest | Net per month (year ÷ 12) | You receive at maturity |
|---|---|---|---|---|
| ₦100,000 | ₦13,000 | ₦11,700 | ₦975 | ₦111,700 |
| ₦500,000 | ₦65,000 | ₦58,500 | ₦4,875 | ₦558,500 |
| ₦1,000,000 | ₦130,000 | ₦117,000 | ₦9,750 | ₦1,117,000 |
| ₦5,000,000 | ₦650,000 | ₦585,000 | ₦48,750 | ₦5,585,000 |
FCMB fixed deposit calculator
Opens on the 13.00% CBN-reported average shown above, so the calculation matches the page. Or enter the rate FCMB actually quotes you. Pick an amount preset or use the slider.
Start from:
Fixed Deposit Calculator
FCMB's average across all fixed deposits it booked in the week ended 3 Jul 2026, as published by the CBN. Edit it to run your own quote instead.
Results
Maturity Value (after tax)
₦1,117,000.00
Net interest: ₦117,000.00
Gross Annual Rate
13.00%
Net Annual Yield (after 10% WHT)
11.70%
Per 30 days (net equivalent)
₦9.6K
Tenure
1yr
Rate Used
CBN-reported average — 13.00% p.a.
Applied to 1yr: 13.00% p.a.
Simple vs Compound — Interest Earned (before tax)
Maturity Value Across Banks (1yr)
Bank Rate Comparison
Bank | 6-Month Rate | 12-Month Rate | 24-Month Rate |
|---|---|---|---|
Sterling Bank | 14.8%Best | 16.0%Best | 16.5%Best |
GTBank | 14.5% | 15.5% | 16.0% |
Fidelity Bank | 14.2% | 15.2% | 15.8% |
Zenith Bank | 13.5% | 15.0% | 15.5% |
Access Bank | 14.0% | 15.0% | 16.0% |
First Bank | 13.5% | 14.8% | 15.5% |
UBA | 13.0% | 14.5% | 15.5% |
Want to compare every bank at once? Open the full fixed deposit calculator or the CBN rate directory.
Where these rates come from
Every rate on this page is traceable to a named official or published source. Rates can change between updates — always confirm the binding figure with the issuer or your provider before investing.
Bank fixed deposit rates — CBN-reported weekly averages
- Source organisation
- Central Bank of Nigeria (CBN), Banking Supervision Department
- Source document
- Deposit and Lending Rates in the Banking Industry, week ended 3 Jul 2026 (ref. BSD/DIR/GEN/DLR/007/001)
- Source published
- Week ended 3 Jul 2026
- Last verified
- Manually transcribed 4 Sept 2026
- Update method
- Manually transcribed from the CBN weekly PDF — no machine feed. Figures are each bank’s average across all tenors, not a tenor-specific quote
- Next expected update
- Next CBN weekly table
Calculation Assumptions & Methodology
Exactly how this calculator produces its results — the formulas, where they come from, and what is and is not included.
Formulas used
Principal × (Annual Rate ÷ 100) × (Days ÷ 365)Principal × (1 + Rate ÷ 400) ^ (4 × Years) − Principal10% × Gross InterestPrincipal + Gross Interest − WHTGross Effective Annual Rate × (1 − 10%)- Source of formulas
- Standard simple-interest and quarterly-compound term-deposit arithmetic (actual/365). The compound option assumes quarterly compounding; individual banks may compound at other frequencies.
- Tax assumptions
- 10% withholding tax on interest, deducted at source by the bank; all net figures shown are after WHT.
- Regulatory assumptions
- Bank rates are indicative — actual FD rates are negotiated per customer and tenor; early-liquidation penalties are outside scope; NDIC deposit insurance limits apply per bank, not per deposit.
Methodology v1.0 · Last methodology review: 8 Sept 2026 · Versioning introduced 24 Jul 2026. The version number and review date change whenever a formula or tax treatment above changes.
How FCMB compares with all 32 Nigerian banks
CBN-reported average fixed deposit rates, week ended 3 July 2026, highest first. “pp” is percentage points above or below the industry average.
| # | Bank | Avg. fixed deposit | vs. industry avg. | Avg. savings |
|---|---|---|---|---|
| 1 | Ecobank | 22.40% | +8.57 pp | 7.20% |
| 2 | Keystone Bank | 19.08% | +5.25 pp | 7.95% |
| 3 | Alpha Morgan Bank | 18.00% | +4.17 pp | 7.95% |
| 4 | FSDH Merchant BankMerchant | 18.00% | +4.17 pp | — |
| 5 | Greenwich Merchant BankMerchant | 17.50% | +3.67 pp | — |
| 6 | Rand Merchant BankMerchant | 17.27% | +3.44 pp | — |
| 7 | 17.04% | +3.21 pp | 7.95% | |
| 8 | Unity Bank | 16.50% | +2.67 pp | 7.95% |
| 9 | Providus Bank | 16.00% | +2.17 pp | 7.95% |
| 10 | Coronation Merchant BankMerchant | 15.50% | +1.67 pp | — |
| 11 | 15.00% | +1.17 pp | 7.95% | |
| 12 | Premium Trust Bank | 15.00% | +1.17 pp | 7.95% |
| 13 | 14.75% | +0.92 pp | 8.10% | |
| 14 | Tatum Bank | 14.66% | +0.83 pp | 7.95% |
| 15 | Globus Bank | 14.51% | +0.68 pp | 7.95% |
| 16 | SunTrust Bank | 13.90% | +0.07 pp | 8.00% |
| 17 | Nova Bank | 13.77% | −0.06 pp | 8.00% |
| 18 | Standard Chartered | 13.74% | −0.09 pp | 7.95% |
| 19 | FCMBThis page | 13.00% | −0.83 pp | 4.25% |
| 20 | Signature Bank | 12.77% | −1.06 pp | 7.95% |
| 21 | Parallex Bank | 12.73% | −1.10 pp | 7.95% |
| 22 | 12.57% | −1.26 pp | 7.95% | |
| 23 | Union Bank | 11.24% | −2.59 pp | 7.95% |
| 24 | 11.05% | −2.78 pp | 8.25% | |
| 25 | Wema Bank | 10.77% | −3.06 pp | 7.95% |
| 26 | Polaris Bank | 10.50% | −3.33 pp | 7.95% |
| 27 | 10.20% | −3.63 pp | 2.65% | |
| 28 | 10.00% | −3.83 pp | 7.95% | |
| 29 | Quest Merchant BankMerchant | 9.92% | −3.91 pp | — |
| 30 | Optimus Bank | 9.04% | −4.79 pp | 7.95% |
| 31 | Citibank | 8.07% | −5.76 pp | 7.95% |
| 32 | 8.00% | −5.83 pp | 7.95% |
Risk profile — Bank Fixed Deposit
An obligation of a commercial bank, not the Federal Government. NDIC deposit insurance covers up to ₦5 million per depositor per bank; balances above that limit are exposed to the individual bank’s solvency. Investors may still face inflation risk, reinvestment risk and liquidity risk, since early termination usually forfeits part of the accrued interest.
| Risk type | Assessment | Why |
|---|---|---|
| Credit / default risk | Low | Bank obligation, NDIC-insured to ₦5m per depositor per bank; the excess carries bank-specific risk. |
| Inflation risk | Present | The rate is locked for the tenor, so rising inflation erodes your real return. |
| Interest-rate / market-price risk | Present | If market rates rise during your tenor, your money stays locked at the older, lower rate. |
| Liquidity risk | Moderate | Breaking a deposit early typically forfeits a substantial share of the accrued interest. |
| Reinvestment risk | Present | On rollover the bank re-prices to prevailing rates, which are negotiable and may be lower. |
These are CheckInvestNg’s own qualitative assessments for retail investors, not credit ratings from a rating agency and not personalised investment advice. Risk levels can change with market conditions.
Fixed deposit rates at other banks
See the full ranking of all 32 banks or compare fixed deposits with treasury bills, money market funds and the tax-free FGN Savings Bond.
Original publication: CBN — Banks' Deposit and Lending Rates, transcribed 4 Sept 2026. CheckInvestNg is not affiliated with FCMB or the CBN.
FCMB fixed deposit — frequently asked questions
What is FCMB's fixed deposit interest rate in 2026?
FCMB reported an average time (fixed) deposit rate of 13.00% to the Central Bank of Nigeria for the week ended 3 July 2026 (ref. BSD/DIR/GEN/DLR/007/001). That is the bank's average across every tenor and deposit size it booked that week, so the rate offered on a specific amount and tenor can be higher or lower. It ranks 19 of 32 banks in the CBN table, 0.83 percentage points below the industry average of 13.83%.
How much will ₦1,000,000 earn in a FCMB fixed deposit for one year?
At the CBN-reported average of 13.00% with simple interest, ₦1,000,000 placed for 365 days earns ₦130,000 gross. The bank deducts 10% withholding tax (₦13,000) at source, leaving ₦117,000 net interest and a maturity payout of ₦1,117,000. That is equivalent to ₦9,750 per month net when the annual net interest is divided by 12; this is an average equivalent, not a monthly payout schedule. A negotiated rate for this amount would change the result, so use the calculator above with the figure FCMB quotes you.
How much is FCMB fixed deposit interest per month?
Nigerian banks usually pay fixed deposit interest at maturity rather than monthly, so this is an equivalent, not a payout schedule. On ₦1,000,000 at 13.00% for one year, the net interest after 10% WHT is ₦117,000, which is about ₦9,750 per month (one-twelfth of the year's net interest). A 30-day placement at the same rate earns ₦9,616 net for that month. Ask FCMB whether a monthly-interest-payment option is available on your tenor.
Why is the rate FCMB quoted me different from 13.00%?
Because 13.00% is a weekly average, not a rate card. Fixed deposit rates in Nigeria are negotiated per customer and depend on the amount (larger placements earn more), the tenor, the bank's liquidity needs that week and the CBN Monetary Policy Rate. The CBN figure also shifts week to week as the bank's deposit mix changes. Use it as the benchmark to negotiate from and confirm the binding rate with FCMB before placing funds.
Is a FCMB fixed deposit safe?
FCMB is a CBN-licensed deposit money bank, so deposits are covered by the Nigeria Deposit Insurance Corporation (NDIC) up to ₦5 million per depositor per bank. Fixed deposits are contractually fixed and not traded, so there is no market-price risk, but the return is fixed in naira and can lag inflation. Amounts above the NDIC limit depend on the bank's own financial strength.
How does FCMB compare with other Nigerian banks on fixed deposits?
FCMB ranks 19 of 32 in the CBN table for the week ended 3 Jul 2026. The highest average was 22.40% at Ecobank, 9.40 percentage points above FCMB. The full ranking of all 32 banks is on this page, and the fixed deposit calculator lets you compare maturity values across banks for your own amount and tenor.