Sterling Bank Service Charges and Interest Rates
Looking for a detailed list of our rates and charges? You are in the right place!
Savings Account
At Sterling, we have a bouquet of Savings accounts designed to meet your specific needs with interest rates and charges in line with CBN guidelines.
Charges/Interest | Account Type | Rate | ||||||||||||||||||||||||||||
Interest Rate (Per annum) |
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Debit Card Maintenance Fee (Quarterly) | All Savings Account except Sterling Recurring Deposit | N50 + 7.5% VAT | ||||||||||||||||||||||||||||
Transactional SMS | All Savings Account except Sterling Recurring Deposit | N4/SMS | ||||||||||||||||||||||||||||
Cheque Book and Cost |
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Electronic Money Transfer Levy | All Savings Account except Sterling Recurring Deposit | N50 for deposits or transfers of N10,000 and above | ||||||||||||||||||||||||||||
Operating Minimum Account | Non-Individual Accounts Sterling Recurring Deposit Accounts | N10,000 Sterling Recurring Deposit
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Premature Termination Charge | Sterling Recurring Deposit Accounts | 50% charge of accrued interest |
Some important things to note:
- Your savings account accrues interest every month, but if you make up to four debit transactions in the same month, the interest for that month is forfeited.
- For Sterling recurring deposit, premature termination will attract a 50% charge of accrued interest.
- Electronic Money Transfer Levy (Stamp Duty Charge): Please note that in compliance with the Central Bank of Nigeria (CBN) directive, anytime your account receives a deposit of N10,000 and above, you pay a N50 Electronic Money Transfer Levy.
Current Account
Explore our range of Current Accounts tailored to fit your financial needs, all designed in compliance with CBN guidelines. Benefit from our different account options with transparent rates and charges.
Charges/Interest | Account Type | Rate | ||||||||||||||
Account Maintenance Fee |
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Account Conditions |
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Debit Card Maintenance Fee (Quarterly) | All Current Accounts | N50 + 7.5% VAT | ||||||||||||||
Transactional SMS | All Current Accounts | N4/SMS | ||||||||||||||
Cheque Book and Cost | All Current Accounts | 100 leaved booklets – N3,000
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Transaction charges for all Current Accounts
Sterling to Sterling transactions are free on all Current Accounts, however, there are some charges when you transact to other banks. Kindly see the breakdown below:
Transaction Bands | Fees for transfer to other banks |
N5000 and below | N10 + N0.75 VAT |
N5,001 – N50,000 | N25 + N1.88 VAT |
N50,000 and above | N50 + N3.75 VAT |
Domiciliary Account
Explore our domiciliary accounts for your seamless international transactions.
We have the Domiciliary Current Account and the Domiciliary Savings Account, and each requires a minimum balance of just 100 USD/GBP/EUR.
The Current Account doesn’t earn interest, while the Savings Account offers a 1% annual interest rate.
Offshore charges are 25 USD for both types of account, while for the telex the charges are 25 USD, 20 EUR, 15 GBP or 6,000 Naira.
Transfer-related costs include a 0.5% commission and 7.5% VAT
MOBILE APP AND WEB SERVICES
We value your time and convenience; this is why we have designed our mobile app and web services to help you manage your account seamlessly.
OneBank Mobile Application
On our OneBank Mobile App, you enjoy free airtime top-ups, and bills are charged at N107.5 (VAT Inclusive).
Funds transfer to Sterling accounts is free, while transferring funds to other banks incurs the following charges:
Transaction Bands | Fees for transfer to other banks |
N5000 and below | N10 + N0.75 VAT |
N5,001 – N50,000 | N25 + N1.88 VAT |
N50,000 and above | N50 + N3.75 VAT |
Sterling Pro Website and Mobile Application
Features | Charges | ||||||
Instant Self-Enrolment | Free | ||||||
Account Opening | N10,000 | ||||||
Bills Payment | N107.5 (VAT Inclusive) | ||||||
Funds Transfer |
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USSD BANKING *822#
You can top up airtime, data, or check your balance anytime for free.
Checking your account number costs just N10.
Transferring funds to Sterling accounts is N20, and to other banks, see below:
Transaction Bands | Fees for transfer to other banks |
N5000 and below | N10 + N0.75 VAT |
N5,001 – N50,000 | N25 + N1.88 VAT |
N50,000 and above | N50 + N3.75 VAT |
All bill payments cost N107.5, VAT inclusive, while Cardless withdrawals cost N100.
Debit Cards
Charges/Features | Card Type | Rate |
Card Issuance / replacement cost | All types of debit card | N1,000 + 7.5% VAT |
Card Maintenance fee |
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Daily ATM Transaction limit (Local and International transactions) |
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Daily POS Transaction limit (Local and International transactions)
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Daily WEB/Online Transaction limit (Local and International transactions)
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ATM Withdrawal charge (other banks) | All types of debit card | N35 after 3rd withdrawals within a month |
ATM Withdrawal charge (International) |
| Minimum of $3 or its equivalent
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International Acceptance |
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Credit Cards
We have various credit cards for you, including Ultra Bronze, Ultra Ruby, Ultra Classic, Ultra Gold, Ultra Platinum, Ultra Black, and Infinite.
Only the Infinite Card has a $10 annual fee.
Insurance fee for all cards is 2.5% of the credit limit.
3% charge for local and international ATM withdrawals.
No POS/WEB fees (local and international).
Airtime and data top-ups are free, while checking your account number costs N10.
Kindly note the following charges associated with our different credit cards:
Charges/Interests | Card Type | Rate |
Credit Limit |
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Card Issuance |
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Supplementary/Replacement Card | All types of Credit Card | N1,000, the equivalent in dollars is also acceptable for the Infinite Card |
Late Payment |
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Interests | All types of Credit Cards | 3.5% per month |
Daily ATM Withdrawal Limit (Local) |
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Daily ATM Withdrawal Limit (International) |
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Daily WEB limits local and International |
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Sterling Gift Card
Product | Verve Card |
Cost | N1,000 |
Daily ATM Withdrawal limits (local) | N150,000 |
Daily POS limits (Local) | N250,000 |
Daily WEB limits (Local) | N250,000 |
POS And Agency Banking
Features | Charges |
Cash Deposit | N25 |
Cash Withdrawals | 0.5% |
Bills Payment | Free |
Funds Transfer of any amount to any account | N25 |
LOANS
Our comprehensive loan services are designed to provide the necessary capital for different endeavors, ensuring your financial success and growth. The different types of loans and their rates are as follows:
Specta
Specta offers two choices: Specta Basic for salary customers and business promoters, and Specta Xtreme for everyone.
Find the detailed breakdown of maximum and minimum loan amounts, interests, etc highlighted below.
Features | Specta Type | Rate |
Maximum Loan |
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Minimum Loan |
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Interest Rate | Both types of Specta | 36% – 40% depending on Customer Risk Rating |
Maximum Tenor |
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Insurance Fee |
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Management Fee | Both types of Specta | 1% |
Penalty Fee | Both types of Specta | 1% of the principal interest accrued |
SME LOANS
Charges/Interests | SME Loan | Rate |
Obligor Limit |
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Interest p/a |
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Tenor (Months) |
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Fees |
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Kindly note that the penalty charge for SME Loans is not fixed and is at the bank’s discretion as the same will be stated in the offer letter.
SECTOR LOANS
Education/School Fees Loans – Edubanc
Charges/Interests | Education Loan | Rate |
Applicable Interest Rate |
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Single Obligor Limit |
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Global Limit |
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Credit Insurance |
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Tenor |
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Kindly note that the penalty charge for Education Loans is not fixed and is at the bank’s discretion. This is usually stated in the offer letter.
Agric Finance
- Retail Products
We offer three retail products: Sterling Women and Youths in Agriculture (SWAY-Ag), Broiler Production Finance Scheme, and Sterling Tractor Acquisition Scheme (STAS)/Mechanization Scheme.
If you choose STAS, the tractor is registered in Sterling Bank/Customer’s name until you pay off the loan and then it becomes fully yours.
For SWAY-Ag, collateral options include asset finance, stock hypothecation, insurance, and a 5%-15% cash collateral.
Broiler Production Finance Scheme doesn’t require collateral, but below are other charges and fees associated with our retail products:
Charges/Interests | Retail Product | Rate | ||||||||
Applicable Interest Rate |
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Single Obligor Limit |
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Equity Contribution |
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Fees |
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Tenor |
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Commercial / Corporate Products
Charges/Interests | Commercial/Corporate Product | Rate | ||||||
Collateral |
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Applicable Interest Rate |
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Single Obligor Limit |
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Equity Contribution |
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Fees |
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Tenor |
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Global Limit |
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OTHER PRODUCTS
Charges/Interests | Products | Rate | ||||
Collateral |
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Applicable Interest Rate |
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Single Obligor Limit |
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3. Nil | ||||
Equity Contribution |
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Fees |
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Tenor |
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Kindly note that there are no penalty charges for all Agric finance products. However, defaulters will have their BVNs blacklisted and reported to the credit bureau.
HEALTH SECTOR
Health Template Credit
Health Template Credit offers solutions like Stock Finance Facility, Working Capital Facility, and Asset Finance.
Asset finance requires an equity contribution of at least 20% for new assets and 40% for second-hand assets.
Each product has a distinct global limit of 5 billion naira.
Obligor Limits and tenors for each product are outlined below:
Charges/Interests | Product | Features | Rates |
Obligor Limit | 1. Stock finance facility 2. Working Capital facility 3. Asset finance. | 1. Up to N20m (Uncollateralized) but the >N10m but <= N20m request must be supported with stock hypothecation (where possible) 2. Up to N20m (Retail) but the >N10m but <= N20m request must be supported with stock hypothecation (where possible) 3. Greater than N20m but less than N50m (Collaterized by Legal Mortgage). It can be either Stock Finance or Working capital. 4. Up to N50m (Brand New Assets)
| 1. 36% 2. 34% 3. 34%
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Tenor | 1. Stock finance facility 2. Working Capital facility 3. Asset finance. | 1. Up to 12 months with monthly rentals (principal & accrued interests) 2. Up to 365 days (Maximum of 90 days clean-up cycle for overdraft facilities) 3. Brand new assets: 36 months/48 months (for new vehicles e.g., Ambulances). Certified second-hand assets: 18 months |
One Mama
Products | Terms |
Maximum Obligor Limit | N2.5m |
Minimum Obligor Limit | N100,000 |
Global Limit | N500m |
Maximum Tenor | 12 months |
Repayment Mode | Monthly |
Repayment Source | Yearly |
Disbursement/Utilization | Direct disbursement to the service provider |
Pricing | The interest rate is 20%, subject to money market conditions. There’s a 1% management fee, and an additional 1% for Credit Life & Job Loss Insurance. |
Security |
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Kindly note that the penalty charge for Health Finance Products is not fixed and is at the bank’s discretion as the same will be stated in the offer letter.
Mortgage Loan – One Home
Features | Scheme | Rate |
Applicable Interest Rate |
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Obligor Limit |
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Equity Contribution | Home Acquisition Finance Facility and Diaspora Home Acquisition Finance Facility
| 30% |
Fees |
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Tenor |
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Kindly note that the penalty charge for Mortgage Loans is not fixed and is at the bank’s discretion. This is usually stated in the offer letter.
Auto Finance
Features | Auto Finance Type | Rate | |||
Applicable Interest Rate |
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Single Obligor Limit |
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Equity Contribution |
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Fees |
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| Commitment Fee | Management Fee | Asset Insurance: Cars |
Auto Loan (New Vehicles) | 0.25 upfront | 1% upfront | 3.5% annually | ||
Auto Loan (Fairly Used Vehicles) | 1% upfront | 1% upfront | 3.5% annually | ||
Altdrive | N/A | N/A | 5% of the value of the vehicle | ||
Tenor |
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Penalty Fee | Only Altdrive | 1% of monthly repayment |
INVESTMENTS
We give you the chance to make your money work for you through smart investments. Our investment options help you grow your wealth, plan, and achieve financial success. Below are the investments you can explore:
Doubble
Features | Doubble Type | Terms | ||||||||||||||||||||||||||||||||
Pre-mature Termination |
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Minimum Opening Target |
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Period |
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Interest Rate |
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2. Doubble Fixed: Interest rates vary according to the bank’s approved rate card |
Doubble Reward
Features | Doubble Reward Type | Terms |
Minimum Opening Target |
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Period |
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Interest Rate |
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Pre-Mature Termination |
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Money Market
Features | Terms |
Minimum Opening Target | N50,000 |
Period | periodicity varies as stated per instrument |
Interest Rate | ranges from 14%-20% p/a |
Pre-Mature Termination | 30% loss on interest accrued (Pre-termination only after 30 days) |
I-Invest
Features | Investment Type | Terms |
Pre-mature Termination |
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Minimum Opening Target |
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Period |
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TRADE SERVICES AND PAYMENTS
Exports
Charges | Rates |
Form NXP Processing Fee | N5,000 CBN Charge N3,000 Commission + 7.5% VAT |
Inward LC Advising Commission | N5000 Commission + 7.5% VAT |
Document Handling Charge – Courier Fees | Subject to Courier Pricing fees |
PRE-ARRIVAL ASSESSMENT REPORT (PAAR)
The PAAR Charge is N2,500 + 7.5% VAT.
Letters of Credit
Charges | Rates | ||||||||
LC Establishment Commission | 1% of LC Value + Telex N10,000 + VAT | ||||||||
Amendment Commission |
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LC Facility Utilization Fee:
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Subject to corresponding bank’s pricing fee | ||||||||
Outward LC Advising Commission | Subject to corresponding bank’s pricing fee (fee is usually for the account of the beneficiary) | ||||||||
Discrepancy Waiver Charge | N6,000 Telex |
Bills of Collection
Charges | Rates |
Bill of Exhange | N3,000 |
Swift Charge | N6,000 |
Documentary Bill Commission | 0.5% of FX Remitted + Telex N6,000 + VAT |
Approval for extension of expired Bills (CBN) | N10,000 (Courier Charge) + N3,000 (after Approval) |
Internal extension of expired Bills | N3,000 |
INVISIBLES (Others) | 0.5% of FX Remitted + Telex N6,000 + VAT + N5,000 (Form A Charge) + N9,000 (Offshore Charge) |
SME | N6,000 Telex |
FORM ‘A’
Charges | Rates |
CBN Form A Charge | N5,000 |
Form A Commission | N3,000 |
Telex Charge | USD $25/ GBP £15/ EUR €20/ CAD $40/ N6,000 |
Invisible Offshore Charge (Optional) – Medical, School Fees, PHR | USD $25/ GBP £15/ EUR €20/ CAD $40/ N9,000
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FUNDS TRANSFER
Dom Transfer:
Charges on Outward Telegraphic Transfer | Rates |
Commission | 0.5% on transfer amount |
VAT | 7.5% of Commission |
Telex Charge | USD $25/ GBP £15/ EUR €20/ N6,000 |
Invisible Offshore Charge (Optional) – Medical, School Fees, PHR | USD $25/ GBP £15/ EUR €20/ N9,000
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Amendments for processed transactions | USD $25/ GBP £15/ EUR €20/ N6,000
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BONDS AND GUARANTEES
These include Bid/Tender Bonds (Bid Security), Performance Bonds, Advance Payment Guarantee, Bank Guarantee, and other Bonds & Guarantees. Kindly note that Performance Bonds and Advance Payment Guarantee are chargeable from date of contingent liability.
In addition, All Bonds and Guarantees above are Negotiable, subject to a maximum of 1% of the Bond Value. For the Advance Payment Guarantee, fees shall be charged based on the value of Advance Payment received by the Bank.
OTHER SERVICES
Salary Processing: |
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Inter-bank | N15 per credit item |
Intra-bank |
All is VAT inclusive |
Bank Draft | Rate |
Current Account | N300 + 7.5% VAT |
Savings Account | N500 + 7.5% VAT |
Non-Customer | Dependent on amount + N50 (Postage Stamp) |
Standing Order | Rate |
Sterling to Sterling | N/A |
Other Banks |
All is VAT inclusive |
Cheque | Rate |
Cheque book (50 leaves) | N2,500 + 7.5% VAT |
Cheque book (100 leaves) | N5,000 + 7.5% VAT |
Counter Cheque | N50 |
Stopped Cheque Charge | N500 + 7.5% VAT |
Retuned Cheque Charge (Due to the account being unfunded) | 1% or N5,000 (Whichever is higher) |
Others | Rate |
Banker’s Signature Verification | N500 + 7.5% VAT |
Printing of Statements | N21 per page (VAT inclusive) |
Reference Letter | N500 + 7.5% VAT |
Status Enquiry Letter | N500 + 7.5% VAT |
Confirmation of Overseas Enquiry to Correspondent Bank/Agencies | N500 + 7.5% VAT |
RTGS | N950 + 7.5% VAT |