A fixed deposit account is a financial instrument provided by financial institutions such as banks which gives an investor a fixed rate of interest after the investor must have deposited the money for a specified period of time.
A fixed deposit account works and applies when the investor must have kept the money in the monetary institution for a fixed period of time (30 days or more).
The investor receives his interest after agreeing to the condition that he will not have access to his funds until the fixed period of time specified in the account elapses or expires. The interest rate gotten from a fixed deposit account is quite higher compared to that of a savings account.
A major advantage of fixed savings account over a savings account is that it helps the investor to grow his or her money as the interest rate gotten from a fixed deposit account can be used to achieve a dream target or goal because it is huge and it comes with big rewards.
In Ghana, there are quite a number of banks which offers the option of a fixed deposit account for its customers. There are:
Standard Chartered Bank Ghana Limited
Standard Chartered Bank Ghana Limited is a subsidiary of Standard Chartered. It happens to be one of the reliable banks in the gold coast and oldest as well. It was founded in 1896 and currently spanning for a period of over 118 years. The headquarters of Standard Chartered Bank Ghana Limited is located in Accra, Ghana.
Deposits are being booked for a little sum of GHS 1,000. Deposits are kept for a period of 3 months upwards. Standard Chartered Bank Ghana Ltd offers a 5.4 percent interest rate.
Stanbic IBTC Ghana Limited
Stanbic IBTC also offers the option of a fixed deposit account for its customers and investors. There is no maximum for deposits but it requires a minimum sum of GHc 5000 (Ghanaian Cedi)for investment. The funds are being kept and invested until when due to maturity. The deposit amount is fixed during the investment period and it doesn’t change.
The investment rate is also fixed during the investment period, the investment rate will be calculated until it is paid when due. Stanbic IBTC Ghana Limited offers an 8.9 percent interest rate on it’s fixed deposits.
HFC Bank Ghana Limited
Home Finance Company is a licensed bank in Ghana, popularly known as HFC Bank was founded in 1990.It has its headquarters in the in Accra, the capital city of Ghana. For its fixed deposit account, it requires a minimum of GH¢ 1,000 (Ghanaian Cedis). The time for investment runs from 30 days to 1 year. HFC Bank offers a percentage rate of 8.4% on fixed deposit accounts.
Fidelity Bank Ghana Limited
Fidelity Bank Ghana Limited is a licensed commercial bank in Ghana. It was founded in 2016 with its headquarters in the capital at Accra, Ghana. The investment period and time range from a period of 30 days to a year (365 days). Their interest rate is slated at 10.0 percent for fixed deposit accounts.
National Investment Bank
National Investment Bank is known as NIB. It is a government-owned commercial bank in the country as it was set up by the Government of Ghana with the national headquarters at Accra. The investment of a customer or the fixed deposit is calculated on daily basis during the course of time of the investment (30 days to 365 days). The interest rate of the National Investment Bank of Ghana is at 11.4 percent.
GCB Bank Limited
GCB Bank is a financial institution licensed by the Bank of Ghana. It was founded in the year, 1953, During its establishment in 1953, it was known as Ghana Commercial Bank but presently is it been recognized legally as GCB Bank Limited. It happens to be the largest indigenous commercial bank in the Gold Coast. It has its headquarters in Accra, Ghana. The interest rate of GCB Bank Ltd is at 9.3%.
Guarantee Trust Bank Ghana Limited
Guarantee Trust Bank styled as GTB or GT Bank is a financial institution which has its headquarters in Victoria Island, Lagos. Although it is a Nigerian company, it has offices in other countries and parts of Africa.
The fixed deposit account of GT Bank Ghana is an investment account opened with a specific amount which will be invested at an agreed rate and a fixed period of time (30 days, 60 days, 91 days, 182 days, and 365 days). The investment rate is 7.3 percent.
Zenith Bank Ghana
Zenith Bank is a major financial institution in the banking sector in Africa. It is headquartered In Lagos, Nigeria and it has branches in all parts of Nigeria and in some Anglophone countries of which Ghana is part of. Interests are paid on the maturity of the investment. Tenors available are 30 days, 91 days, 182 days, 1 year and 2 years. The interest rate of Zenith Bank of Ghana is 12.0 percent.
First National Bank Ghana Limited
Fixed deposit investments in the First National Bank is opened with a minimum deposit or a minimum opening balance of GHS 10,000. The investment period runs from a period of 1 month (30 days) to 60 months (5 years). The interest rate of First National Bank of Ghana is 11.4 percent.
Unibank Ghana Limited
Unibank as a financial institution is one of the licensed commercial banks which do day-to-day business transactions in Ghana. The investment of the fixed deposit is paid at maturity. The investment period ranges from 30 days, 60 days, 91 days, 182 days to 365 days. The minimum deposit for a fixed deposit account is GHS 200.00. The interest rate of the bank is at 13.4%.