₦airaland Forum

Is it possible to withdraw money from fixed deposits from Nigerian bank before it's maturity?

Yes

Yes

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.

Wa

Check the terms and conditions first because you may have to kiss some of your interest goodbye.

Yes

You can part liquidate

Well it depends

Yes but you will pay some charges

If Sapa hold you.....YES

Naso you go para for account manager wey no gree make you collect your last 1k for Access bank

Yes you can always liquidate.

What is the percentage ROI for a fixed deposit per Yr?

Yes.

Apply for partial liquidation. But just note that, at maturity your accrued interest will be affected.

Ok

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Do remember that no interest will be paid if the Fixed deposit is prematurely withdrawn within 1 year of deposit creation.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

Here to read comments

It depends on your agreement with your bank.

What is the current interest rate for fixed deposits above #10M?

Yes. However you may forgo a portion of your interest earned as penal charge.

Yes yes

You can do so but with condition of losing interest on maturity.

Why can't you? It's your money

Detty December doings

Yes but at reduced interest rate.

Yes, but you will not get the interest again, because you default in the date

terms abd conditions applies... possible with uba thou

Yes but with a penalty

Yes
You are withdrawing at a discount