Recall that the Central Bank of Nigeria (CBN) in a circular dated August 31, 2020, instructed deposit money banks operating in the country not to pay less than 1.25 percent in interest on savings deposit accounts.
What this means is that when you keep money in your savings deposit accounts you will be paid at least 1.25% per annum by your banks. And when you consider that the inflation rate is more than 13 percent, then this is almost like paying banks to keep the money for you.
But that is not the case with a Fixed deposit account as you can get far more than that. A good example is what V Bank is offering both new and old customers- a 15 percent interest rate- meaning more money in your hands or accounts, and of course, you are immune to inflation.
So why should you put your money in a savings account at 1.25 percent interest when you can get up to 15 percent as you open a fixed deposit account with V Bank?
More importantly, since the introduction of the upgraded V Bank app3.0, it is relatively easy now for any investor to liquidate his or her fixed deposit account even before the maturity date
The procedure for liquidating and stopping the fixed deposit is simple and much faster than many believe with the new V Bank app 3.0.
However, to liquidate your fixed deposits account, here is what you need to do, Just send a mail to [email protected] stating that you would like to liquidate your fixed deposit account.
Also, remember to add your full name, account to be liquidated, account to be funded, your phone number, and a valid means of identification. Please note that a 40% surcharge on interest accrued is applied for liquidating before the maturity date.
How to invest with V Bank Fixed deposit
You can earn a big interest rate by fixing your money with V. It works like a fixed deposit in banks but this one is more flexible. And the interest rate is 14 percent.
However, here is how to create a fixed deposit account.
To open a V bank fixed deposit account: open your V by VFD app, click on ‘more’ at the bottom of the screen. Then click on “open target/fixed deposit account,’ next you select ‘Fixed deposit account. Set up how much you want to invest and for how long.
After clicking on Target Saving/Fixed Deposit Account under more, proceed with the following:
- Enter debit amount.
- Select duration, Select account source.
- Click on open account.
- Click on confirm with a pin.
- Enter pin.
- Receive ‘your fixed deposit account has been created successfully’ notification on the app.
In summary, Opening Fixed Deposits with Vbank is one of the most popular ways to save money. It’s a safe investment, offers good returns, easy to open and now you can liquidate or stop your investment by yourself whenever you so wish. It’s also Insured by NDIC.
So, make a smart and safe move. Book a Fixed Deposit with V Bank today and start earning.
However, if you need to know more about the VFD Mobile Bank App? Click https://vbankng.onelink.me/VL90/blog for more information.