Fidelity Bank Fixed Deposit Calculator
30 Days
60 Days
90 Days
180 Days
365 Days (1 Year)
Custom Days
Current rates typically range 3% – 15%
Please enter valid numeric values for amount and rate.
Principal Amount:
₦0.00
Tenor:
0 Days
Gross Interest:
₦0.00
Withholding Tax (10%):
-₦0.00
Net Interest Earnings:
₦0.00
Total Maturity Payout:
₦0.00
Understanding Fidelity Bank Fixed Deposits
A Fixed Deposit (FD) account with Fidelity Bank allows you to invest a specific sum of money for a predetermined period at a fixed interest rate. This calculator helps you estimate your returns based on the principal amount, the duration of the deposit (tenor), and the prevailing interest rate.
How the Calculation Works
This tool uses the simple interest formula, which is the standard calculation method for Fixed Deposits in Nigeria.
- Principal: The initial amount of money you deposit.
- Tenor: The number of days your money is locked. Common periods include 30, 90, 180, or 365 days.
- Interest Rate: The annual percentage rate provided by the bank. Note that rates are per annum, meaning a 10% rate for 30 days is calculated proportionally.
- Withholding Tax (WHT): By regulatory standards, a 10% Withholding Tax is usually deducted from the accrued interest before the final payout.
Formula Used
The calculation logic follows this mathematical approach:
Interest = (Principal × Rate × Days) / (365 × 100)
For example, if you invest ₦1,000,000 for 90 days at 10%:
- Gross Interest = (1,000,000 × 10 × 90) / 36,500 = ₦24,657.53
- WHT (10%) = ₦2,465.75
- Net Payout = ₦1,022,191.78
Why Choose Fixed Deposits?
Fixed deposits are low-risk investment vehicles perfect for capital preservation. Unlike variable savings accounts, the rate is locked in at the beginning of the tenor, protecting your earnings from market fluctuations during the investment period.