1.1. What is a Fixed Deposit?

A Fixed Deposit (FD) is a savings option that allows you to lock a specific amount of money for a set period and earn a fixed interest rate. The longer you lock your funds, the more you earn.

1.2 How do I set up a Fixed Deposit on the app?

  • Open your VBank app.

     
  • Go to Invest Now > Fixed Deposit.

     
  • Enter the amount, duration, and choose if you want to lock the savings.

     
  • Review the summary and confirm.

1.3 What is the minimum amount I can save?

You can start a Fixed Deposit with as little as ₦10,000.

1.4 Can I lock my Fixed Deposit for higher interest?

Yes. You can toggle on the Locked Savings option during setup to earn an extra 2% interest.

1.5 What happens if I try to withdraw my locked savings before maturity?

You’ll still be able to withdraw, but 50% of your accrued interest will be forfeited. You'll get your capital and 50% of the interest earned so far.

1.6 When will I get the extra 2% interest from Locked Savings?

The extra 2% interest is now applied immediately once you activate Locked Savings. It will show in your plan summary.

1.7 Can I have more than one Fixed Deposit plan?

Yes, you can create multiple FD plans with different amounts and durations.

1.8 Can I top up an existing FD plan?

Yes, you can top up an existing Fixed Deposit plan. Simply go to your active FD plan, tap on it, and select the Fund account option to add more funds.

1.9 Where do I see my active Fixed Deposit plans?

On the app dashboard, swipe sideways through your account cards carousel to find your active savings. Tap the view to view full plan details.

2.0 What happens when my Fixed Deposit matures?

At the end of the selected duration, your principal and total interest will be credited automatically to your universal savings account.

2.1 Will I get notified when my FD matures?

Yes. You’ll receive an email once your FD matures and the payout is completed.

2.2 Can I use Halal (interest-free) mode for Fixed Deposit?

No. Halal (interest-free) savings is only available for Target Savings at this time.

2.3 Can I cancel a Fixed Deposit plan?

You can liquidate the plan early, but you’ll forfeit 40% of the interest earned so far.

2.4 Can I do a partial liquidation?

Yes. You can choose to liquidate part of your FD plan instead of the full amount. A 40% interest penalty will apply to the amount you withdraw.