Fidelity Bank offers diaspora customers up to 12.5% deposit rate

Dollar deposits attract up to 7% interest per annum

By Adebola Muili

Fidelity Bank Plc has unveiled a refreshed fixed deposit proposition for Nigerians living abroad, offering eligible customers interest rates of up to 12.5 per cent per annum on Naira deposits and seven per cent on US Dollar placements.

The bank said the proposition allows eligible diaspora customers to invest funds in Naira, US Dollars, British Pounds and Euros, with different deposit periods to accommodate their financial plans and liquidity needs.

Under the arrangement, Naira deposits can be placed for 30, 60, 90, 180 and 365 days, while deposits in US Dollars, British Pounds and Euros are available for 30, 60, 90 and 180 days.

Fidelity Bank explained that the initiative was designed to help Nigerians abroad earn returns on money set aside for future commitments, including property acquisition, education, business investments and retirement planning.

The applicable interest rates depend on the deposit amount and tenor, while pricing for qualifying US Dollar placements exceeding 10 million dollars may be negotiated, subject to Treasury approval.

The bank said the proposition also provides access to its Diaspora Banking team for assistance with enquiries, account opening, funding and fixed deposit placement.

According to the bank, the service is intended to make it easier for customers whose earnings and financial obligations span different countries to manage their funds in Nigeria.

The initiative comes amid sustained remittance inflows from Nigerians living abroad, creating opportunities for financial institutions to expand services beyond money transfers to savings, investment and long-term wealth management.

Fidelity Bank said the refreshed proposition would enable eligible customers to select a preferred currency and deposit period that align with their financial objectives and the time they expect to need their funds.

The bank added that the initiative was part of efforts to help diaspora customers make more purposeful use of their money held in Nigeria, rather than leaving funds uninvested while awaiting future commitments.

It stated that all advertised rates were per annum and subject to applicable taxes, Treasury confirmation, prevailing market conditions, approval and other terms and conditions.