TermLock Product FAQs
1.1 What is TermLock Savings?
TermLock is a savings product that allows you to lock money for a fixed period while receiving your interest upfront immediately after creation.
1.2 Who can use TermLock?
All VBank customers with an active Universal Savings Account can create a TermLock.
1.3 What is the minimum amount I can save with TermLock?
The minimum amount is ₦1,000.
1.4 What is the duration/tenor range for TermLock?
You can choose from different tenors including: 90, 180, 270 and 365 days.
Interest & Earnings
1.5 How is the interest paid?
Your interest is calculated based on your amount and selected duration, then paid instantly into your Universal Savings Account once your TermLock is successfully created.
1.6 Can I earn more if I leave my money longer?
Yes. Longer tenors come with higher interest rates.
1.7 Will I earn interest on the locked principal again at maturity?
No. Interest is credited upfront. The amount released at maturity is just your principal.
1.8 Is withholding tax deducted from interest?
Yes. Applicable withholding tax (WHT) will be deducted from your interest payout in line with regulatory requirements.
1.9 Can I lose my upfront interest?
No. Once your interest has been credited successfully, it remains yours.
Access & Locking
2.0 Can I withdraw before maturity?
No. Funds locked in TermLock cannot be withdrawn until the maturity date.
2.1 Why is early withdrawal not allowed?
TermLock is designed as a strict savings product to encourage disciplined savings habits.
2.2 Can I add more money to an existing TermLock?
No. Once created, a TermLock cannot be topped up. You’ll need to create a new TermLock if you wish to save more.
2.3 Can I cancel my TermLock after creating it?
No. Once your TermLock has been successfully created and interest paid, it cannot be cancelled.
Maturity & Rollover
2.4 What happens at maturity?
Your full principal amount will either:
Be returned to your Universal Savings Account, or
Be automatically renewed if Auto-Rollover is enabled.
2.5 Is there an auto-rollover option?
Auto-Rollover automatically renews your TermLock for the same duration after maturity.
2.6 Will I receive interest again after rollover?
Yes. If Auto-Rollover is enabled, a new upfront interest payment will be credited for the new cycle.
2.7 Can I turn the Auto-Rollover off?
Yes. You can choose whether to enable or disable Auto-Rollover during setup.
2.8 What happens if I turn the Auto-Rollover off?
Your principal will be credited back to your Universal Savings Account on maturity.
2.9 Will I be notified before maturity?
Yes. You’ll receive reminders before your TermLock matures.
Halal Mode
3.0 What is Halal Mode?
Halal Mode is a non-interest option for customers who prefer savings without interest earnings.
3.1 What happens when Halal Mode is enabled?
You won’t receive monetary interest, but you’ll still earn VPoints for maintaining your savings.
3.2 Can I switch between Halal and regular mode later?
No. Your selected mode applies to that specific TermLock once created.
Notifications & Reward
3.3 Will I receive notifications for my TermLock?
Yes. You’ll receive notifications for:
Successful creation
Interest credit
Upcoming maturity
Maturity completion
Auto-rollover activities
3.4 Do I earn VPoints with TermLock?
Yes. You earn VReward points for every TermLock created.
3.5 Are there any charges for using TermLock?
No. There are no setup or maintenance charges.
Troubleshooting & Edge Cases
3.6 Why can’t I create a TermLock?
Possible reasons include:
Insufficient balance
Temporary network issues
Account restrictions
Invalid account name format
3.7 Why was my account name rejected?
TermLock account names:
Must not contain only numbers
Must not contain special characters only
Must stay within the allowed character limit
3.8 What happens if my app closes during setup?
If your TermLock setup is not completed successfully, no funds will be locked.
3.9 What happens if my interest is credited but I can’t see my TermLock immediately?
Please refresh the app or try again later. If the issue persists, contact support@vbank.ng or call 0201 227 1705
4.0 Can I create multiple TermLocks?
Yes. You can create multiple TermLocks with different amounts and durations.
5.0 Steps to Create a TermLock Savings Account
- Open the app.
- Tap Save Now.
- Select TermLock Savings.
- Tap Create TermLock.
- Enter a name for the TermLock.
- Enter the amount you want to lock.
- Select the preferred duration.
- Review the details and accept the Terms and Conditions.
- Authorize the transaction with your PIN or Passcode.