Save and Earn Cash Rewards

Sterling Recurring Deposit Account (SRDA)

Turn your financial dreams to reality with a target savings account that offers competitive interest rates.

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Earn up to N1,000,000 in Cash Rewards!

Active SRDA customers stand a chance to win cash prizes in our bi-annual draws! To qualify:

Increase your SRDA balance by at least ₦250,000 within 6 months

Save consistently for at least 3 months before the draw

Ensure your account remains active and funded

Terms & Conditions Apply

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Earn up to N1,000,000 in Cash Rewards!

 Active SRDA customers stand a chance to win cash prizes in our bi-annual draws! To qualify:

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Terms & Conditions Apply

Choose your SRDA

SRDA Naira

Designed for individuals that want to save towards a specific financial target in Naira

  • Tenor: 6 months – 5 years
  • Minimum monthly deposit: N5,000
  • Competitive monthly interest rates: 9.1% p.a.
  • Free partial withdrawal once a month (50% forfeiture of interest applies for more than one withdrawal within the same month)
  • Completed account opening form 
  • Once your account is successfully created, complete the online SRDA form here
  • Existing Tier 3 savings or current account.
  • Proceed to open your SRDA , kindly complete the form here.

SRDA FCY

Designed for individuals that want to save towards a specific financial target in Foreign Currency (Dollar, Euro, Pounds)

  • Tenor: 1 – 5 years
  • Minimum monthly deposit: $200, €200, or £200
  • Competitive monthly interest rates:  2% p.a.
  • Free partial withdrawal once a month (50% forfeiture of interest applies for more than one withdrawal)
  • Completed account opening form.
  • Bank Verification Number (BVN) and National Identification Number (NIN)
  • One recent passport photograph
  • Valid Means of Identification
  • Recent Documentary Evidence of Address in Nigeria
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Standing Order Updated

Savings Goal Calculator

Interest Rate Annually: 9.1%

Summary

Estimated Total Interest: ₦0.00

Total Savings + Interest: ₦0.00

Daily Savings to Achieve Set Goal: ₦0.00

Weekly Savings to Achieve Set Goal: ₦0.00

Monthly Savings to Achieve Set Goal: ₦0.00

Interest Rate Annually: 8.25%

Interest Summary

Estimated Total Interest: ₦0.00

Daily Savings to Goal: ₦0.00

Weekly Savings to Goal: ₦0.00

Monthly Savings to Goal: ₦0.00

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Account Information

Personal Information

Next of Kin Information

SRDA Funding Details

If yes, please provide the following details below:

Terms and Conditions

By opening a Sterling Recurring Deposit Account (SRDA) with Sterling Bank Ltd, you agree to the following:

  1. Account Information & Agreement
    • You confirm all provided information is accurate.
    • You agree to follow all terms and conditions governing your primary account and this SRDA, and any amendments thereto.
  2. SRDA Account Features & Responsibilities
    • Free partial withdrawal once a month (50% forfeiture of interest applies for more than one withdrawal within the same month).
    • Current interest rates are reflective of the monetary policy decisions of the Central Bank of Nigeria (CBN). The bank may alter
      the applicable rates subject to the prevailing economic policies.
    • It is your responsibility to provide and maintain the necessary funds for the execution of your standing order instructions.

Declaration


I/We hereby request for the opening of an additional account(s) with Sterling Bank Ltd. I/We understand that the information given herein, and the document supplied are the basis for opening such account(s) and therefore warrant that such information is correct.

I/We have read the terms and conditions governing the operations of the account(s) which are presented and agreed to be bound by them.

FAQ

Frequently Asked Questions

What is the Sterling Recurring Deposit Account (SRDA)?

SRDA is a target saving account designed to help you save consistenly and
earn competitive interest. Whether you are saving for a specific goal or just looking to grow your
funds, SRDA offers a flexible way to build your savings.

I don't have a Sterling Bank account, can I open SRDA?

Yes, you can.

  • Visit any Sterling Bank branch near you to open your SRDA account or open your Sterling Bank account here.  
  • Upon getting your account number, click here to open your SRDA account. 
I have submitted the SRDA request, when do I get my SRDA account number?

Your SRDA account number will be sent to you via email or SMS within 24 working hours.

What is the interest rate on SRDA?
  • Naira SRDA – 9.1% p.a. on your deposits.
  • Foreign Currency (FCY) SRDA – 2% p.a. when you save in USD, GBP, or EUR.
Can I automate my savings?

Yes! You can set up a standing instruction on the OneBank App to ensure your savings grow effortlessly. Simply:

  • Log in to OneBank App
  • Go to “Send Money” → “Schedule”
  • Choose your SRDA account and set your deposit frequency
  • Confirm the transaction, and you’re done!
What is the minimum deposit amount?
  • Naira SRDA: ₦5,000 per month.
  • FCY SRDA: $200 / €200 / £200 per month.
How do I withdraw from my SRDA?

Visit any Sterling Bank branch closest to you to make a withdrawal or transfer from your SRDA to your primary account.

Can I have multiple SRDA accounts?

Yes! You can open multiple SRDA accounts to save for different financial goals.

How do I check my savings progress?

You can monitor your savings and track your progress anytime on the OneBank App.

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