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Can Someone Withdraw Money From Fixed Deposit Before Maturity? - Business (2) - Nairaland

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Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by raphy(m): 3:42pm On Jan 17, 2022
I go like try this thing o.. year end I park neeed to build house o
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by MrImole: 3:42pm On Jan 17, 2022
I don't think so
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by Lemmy123(m): 3:42pm On Jan 17, 2022
Eweeeeeey!

Don't think so, my niece was denied withdrawal when she once attempted..

I'm available for your writing and design jobs, thanks
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by Powerbroker: 3:43pm On Jan 17, 2022
Sure. But you will lose part of the interest so far yielded.
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by maxzzo1(m): 3:44pm On Jan 17, 2022
Yes but they will charge
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by Rawtruth1: 3:47pm On Jan 17, 2022
How much is a yearly interest of fixed deposit of one million?
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by amba2017: 3:48pm On Jan 17, 2022
LagosEmir:
Is it possible to withdraw money from fixed deposits from Nigerian bank before it's maturity?
yes but terms and conditions apply(charges)
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by ppogba: 3:51pm On Jan 17, 2022
If you are bouyant enough to have a Fixed Term Deposit, you will :

1. Have an account officer.
2. Your account officer must have told you it is possible.
3. You will not come to Nairaland to ask.

If you are asking for knowledge sake then, you are pardoned.

1 Like 1 Share

Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by tonieguy(m): 3:51pm On Jan 17, 2022
Partial liquidation of a fixed deposit is allowed.

You would just lose a part of the interest you otherwise would have earned.
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by ppogba: 3:52pm On Jan 17, 2022
Rawtruth1:
How much is a yearly interest of fixed deposit of one million?

Go to the bank and not Nairaland.

2 Likes

Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by Lamasta(m): 3:52pm On Jan 17, 2022
OP the bubu effect is real grin sapa don't hold my brother grin na to go break savings remain now
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by bmdmix11: 3:52pm On Jan 17, 2022
so if i deposit 100k how much will that b in a yr?
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by Germi9: 3:52pm On Jan 17, 2022
Fixed deposit is a scam,invest your money on profit yielding businesses

1 Like

Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by EZENDIZUOGU(m): 3:55pm On Jan 17, 2022
Yes, it is called partial termination . you can part terminate your investment but however, you wont earn interest on the amount part terminated.
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by Davefed(m): 3:57pm On Jan 17, 2022
DubaiLandLord2:
Who is fraustrating your life?

It seems you think I give a dam about anybody on this Nairaland?

Please swerve

I do not have the time for meaningless talk.

Who's upsetting you?
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by GEEBITE: 4:00pm On Jan 17, 2022
Stop misinformation. The penalty is on the accrued interest so far even if it is just a day so interest get paid definitely. I know some banks in Nigeria that charge up to 20% on accrued interest .
ILoveDemMANNA:
Usually, banks impose a penalty of premature withdrawal.
This means if you committed to keeping the Fixed Deposit for one year, but had to withdraw it after 2 months, the bank may impose a penalty.
Even, partial withdrawals attract penalty.

Banks are allowed to charge their own penalty fee in the case of premature withdrawal of Fixed Deposit.
However, most banks charge from 0.5% to 1% of the interest rate and this has to be communicated to the investor before the Fixed Deposit account is opened.

Do remember that no interest will be paid if the Fixed deposit is prematurely withdrawn within 1 year of deposit creation.

I hope this helps OP?
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by Nobody: 4:00pm On Jan 17, 2022
sonnie10:
What is the current interest rate for fixed deposits above #10M?

Ridiculous rate I tell you. Your 10 million will turn to 10,005,005
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by Sandralight(f): 4:02pm On Jan 17, 2022
Bank can give but piggyvest wont give out in their safelock.
I am so broke

1 Like

Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by RillJ(m): 4:04pm On Jan 17, 2022
Sure thing.

1. Liquidate the invested (fixed) sum
1a. the bank will charge you for premature liquidation but the charges is only against the interest you were supposed to earn for the period (not on your capital)

2. Withdraw (remove) whatever amount you want to.

3. Fix the balance in a new arrangement.

Na u get your money biko.
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by magzey: 4:11pm On Jan 17, 2022
Yes but you will loss some interest value are charges.
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by LydayBobo(m): 4:13pm On Jan 17, 2022
LagosEmir:
Is it possible to withdraw money from fixed deposits from Nigerian bank before it's maturity?

Yes....I think some banks charge like 5k max
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by lexo4real(m): 4:17pm On Jan 17, 2022
Yes, but the bank will penalise you. They will deduct pre- liquidation charge on investment accrued interest
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by Nobody: 4:19pm On Jan 17, 2022
Sandralight:
Bank can give but piggyvest wont give out in their safelock.
I am so broke
grin grin, You dn go do pass your self, i also locked my money on safe lock, funny enough just after a day, i started regretting because i needed instant cash grin, walaihi this life isn't easy oh. I would have placed it on piggy bank, but it had just 10%, but safelock had more interest, it is well sha, i know when my money matures, i will be so happy i saved such amount.

1 Like

Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by yusluvad(m): 4:25pm On Jan 17, 2022
Not advisable...
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by seankafor(m): 4:26pm On Jan 17, 2022
DubaiLandLord2:
Who is fraustrating your life?

It seems you think I give a dam about anybody on this Nairaland?

Please swerve

I do not have the time for meaningless talk.

e don reach you like this my boy grin
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by ignis: 4:26pm On Jan 17, 2022
LagosEmir:
Is it possible to withdraw money from fixed deposits from Nigerian bank before it's maturity?


Yes it's possible but you will forfeit a percentage of the accrued interest.
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by donolatunji(m): 4:27pm On Jan 17, 2022
You can do that with ease
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by sonnie10: 4:33pm On Jan 17, 2022
Miroslavv:


Ridiculous rate I tell you. Your 10 million will turn to 10,005,005

Its a good thing thou. People should be encourage to invest their money to create employment instead of staching it in the bank just for interest

1 Like

Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by slimanyd: 4:38pm On Jan 17, 2022
LagosEmir:
Is it possible to withdraw money from fixed deposits from Nigerian bank before it's maturity?


Yes. But u will loose ur interest
Re: Can Someone Withdraw Money From Fixed Deposit Before Maturity? by slimanyd: 4:45pm On Jan 17, 2022
sonnie10:
What is the current interest rate for fixed deposits above #10M?

Fixed deposit for 5m give me around 25k per month via my bank . So, with your 10m , Your are sire of 50k per month or perhaps more assuming u wanna fixed it for more than 2months.
Got about 200k plus for fixing for 4months straight last year . So, There's Joy in fixing.

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