By Emeka Blast 
The Central Bank of Nigeria (CBN) has mandated that commercial banks offer a minimum interest rate of 30% of the prevailing Monetary Policy Rate (MPR) on customer deposits. Following the CBN’s recent adjustment to the MPR, this translates to a minimum deposit interest rate of 8.18% .
As of November 2024, 19 banks have aligned with this directive, offering the mandated 8.18% interest rate on savings deposits. These banks include:
Access Bank
Ecobank
Fidelity Bank
First Bank of Nigeria
GTBank
Heritage Bank
Keystone Bank
Optimus Bank
Polaris Bank
Premium Trust Bank
Providus Bank
Standard Chartered Bank
Sterling Bank
SunTrust Bank
Titan Trust Bank
UBA (United Bank for Africa)
Unity Bank
Wema Bank
Zenith Bank
However, some banks offer rates below the CBN’s benchmark:
FCMB: 1.15%
Stanbic IBTC: 2.68%
GTBank: 5.55%
SunTrust Bank: 8.00%
It’s important to note that these rates are subject to change based on the banks’ policies and the CBN’s monetary adjustments. Additionally, some banks may have conditions attached to these rates, such as a minimum balance requirement or restrictions on the number of withdrawals per month. For instance, some banks may offer higher interest rates on savings accounts with limited withdrawals or specific account types.
To ensure you benefit from the best available rates, it’s advisable to compare the offerings of different banks and consider any associated conditions. You can visit the official CBN website for the most up-to-date information on deposit and lending rates across banks.
Emmanuel Dominic