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Sterling Bank Service Charges, and Interest Rate

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) 
  • Kia Kia, Regular Savings, Youth-Savings, Hybrid Savings, Non- individual Savings 
  • Sterling Recurring Deposit 
  • 7.875% 
  • Sterling Recurring Deposit: 
Naira Dollar 
Tenor Rate per annum Tenor Rate per annum 
6 months 2% 1 year 4% 
1 year 2% 2-3 years 4% 
2 – 3 years 4% 4 years 4.5% 
4 years 4.5% 5 years 5% 
4 – 5 years  5%   

 

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 
  • Hybrid Accounts 
  • Non-Individual Accounts 
  • 50 leaved booklets – N1,500 
  • 100 leaved booklets – N3,000 

 

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 

Naira Dollar 
N5,000 200 

 

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 
  • Individual Current Account and Business AMF Corporate Account 
  • Business Minimum Balance Account 
  • Business Turnover Account 
  • N1 per mille 
  • No AMF is charged on Business Minimum Balance Account if the minimum balance is maintained monthly. 
  • Business Turnover Account 
Turnover Band Charges 
N0 – N999,999 N0 
N1m – N3.99m N1,500 
N4m – 20m N2,500 
N20.01m – N99.99m N5,000 
N100m – N249.9m N20,000 
N250m – N500m N40,000 

 

Account Conditions 
  • Business Minimum Balance Account 
  • Business Turnover Account 
  • No service of AMF charges if agreed minimum balance is maintained. 
  • Operated within different turnover bands as highlighted under “Account Maintenance Fee”. 
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 

 

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 

  1. Free to Sterling Bank Accounts 
  2. For other banks (NIP/NAPS): 

N5,000 and below 

N10 + N0.75 VAT 

N5,001 – N50,000 

N25 + N1.88 VAT 

N50,000 and above 

N50 + N3.75 VAT 

  1. For other banks (RTGS): N950 for transactions above N1m 

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 
  1. Sterling Verve Debit Card (NGN), Standard Mastercard Debit Card (NGN), and World Elite debit card (NGN) 
  2. Gold Debit Card (GBP)  
  3. Platinum Debit Card (USD) and World Debit Card (USD) 
  1. N50 + 7.5% VAT (Savings account only) – This charge is taken quarterly 
  2. $10 per annum (Pound equivalent) 
  3. $10 per annum 
Daily ATM Transaction limit (Local and International transactions) 
  1. Sterling Verve Debit Card (NGN), Standard Mastercard Debit Card (NGN), and World Elite Debit Card (NGN)
  2. Gold Debit Card (GBP)  
  3. Platinum Debit Card (USD) and World Debit Card (USD) 

 

  1. N150,000 
  2. £800 
  3. $1000 

Daily POS Transaction limit (Local and International transactions) 

 

  1. Sterling Verve Debit Card (NGN) 
  2. Standard Mastercard Debit Card (NGN) 
  3. Gold Debit Card (GBP) 
  4. Platinum Debit Card (USD) 
  5. World Debit Card (USD) 
  6. World Elite Debit Card (NGN)
  1. N2,000,000 
  2. N2,000,000 
  3. £4,000 
  4. $5,000 
  5. $50,000 
  6. N300,000 (Nil for International) 

Daily WEB/Online Transaction limit (Local and International transactions) 

 

  1. Sterling Verve Debit Card (NGN) 
  2. Standard Mastercard Debit Card (NGN) 
  3. Gold Debit Card (GBP) 
  4. Platinum Debit Card (USD) 
  5. World Debit Card (USD) 
  6. World Elite Debit Card (NGN)

 

  1. N1,000,000 
  2. N1,000,000
  3. £2,000 
  4. $2,500 
  5. $50,000 
  6. N1,000,000 (Nil for International) 

 

ATM Withdrawal charge (other banks) All types of debit card N35 after 3rd withdrawals within a month 
ATM Withdrawal charge (International) 
  1. All types of debit card except Sterling Verve Debit Card (NGN), Standard Mastercard Debit Card (NGN), and World Elite Debit Card (NGN)

Minimum of $3 or its equivalent 

 

International Acceptance

  1. Sterling Verve Debit Card (NGN)
  2. Standard Mastercard Debit Card (NGN) and World Elite Debit Card (NGN)
  3. Gold Debit Card (GBP), Platinum Debit Card (USD), and World Debit Card (USD).
  1. Limited to the following global merchants only: Google Play, Netflix, Spotify, Uber, Amazon Prime, Microsoft, Showmax, Emirates, Facebook & Flywire.
  2. NIL
  3. No Restriction

 

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 

  1.  Ultra Bronze
  2. Ultra Ruby
  3. Ultra Classic 
  4. Ultra Gold  
  5. Ultra Platinum  
  6. Ultra Black  
  7. Infinite  
  1.  N10,000 – N199,999
  2.  N200,000 – N699,999
  3. N200,000 – N299,999 
  4. N300,000 – N499,999 
  5. N500,000 – N700,000 
  6. N2m – N4,999,999 
  7. $10,000 (As approved) 

Card Issuance 

  1. All Credit cards except Infinite card 
  2. Infinite Card 
  1. N1,000 + 7.5% VAT 
  2. N1,000 or its equivalent in dollars 

Supplementary/Replacement Card 

All types of Credit Card 

N1,000, the equivalent in dollars is also acceptable for the Infinite Card 

Late Payment 

  1. All Credit Cards except Ultra Black and Infinite Card
  2. Ultra Black and Infinite Card
  1. N2,000 
  2. 1% of Outstanding Balance 

Interests 

All types of Credit Cards 

3.5% per month 

Daily ATM Withdrawal Limit (Local) 

  1. All Credit cards except Infinite card (USD)
  2. Infinite Card

 

  1. N150,000 
  2. $1,000 

 

Daily ATM Withdrawal Limit (International) 

  1. All Credit Cards except Ultra Black and Infinite Card (USD)
  2. Ultra Black and Infinite Card

 

  1. N2,000,000
  2. Limitless (International) 

Daily WEB limits 

local and 

International 

  1. All Credit Cards except Ultra Black and Infinite Card (USD)
  2. Ultra Black and Infinite Card

 

  1. N1,000,000
  2. Limitless (International) 

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 

  1. Basic 
  2. Xtreme 
  1. N5,000,000 
  2. N2,000,000 

Minimum Loan 

  1. Basic  
  2. Xtreme 
  1. N1,000 
  2. N1,000 

Interest Rate 

Both types of Specta 

36% – 40% depending on Customer Risk Rating  

Maximum Tenor 

  1. Basic 
  2. Xtreme 
  1. 48 months 
  2. 12 months 

Insurance Fee 

  1. Basic 
  2. Xtreme 
  1. 1% per annum 
  2. 2.5% per annum 

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 

  1. Overdraft  
  2. Business Support Facility 
  3. Asset Finance  
  4. Distributorship Finance 
  5. Contracts  
  1. N5m, N50m 
  2. N5m-10m, 50m 
  3. Up to N50m 
  4. Up to 10m Unsecured > N10m – N100m 
  5. N5m – Up to N50m 

Interest p/a 

  1. Overdraft  
  2. Business Support Facility 
  3. Asset Finance  
  4. Distributorship Finance 
  5. Contracts 

 

  1. 37% Unsecured, 34% Secured 
  2. 37% Unsecured, 34% Secured 
  3. 29% 
  4. 29.5% Unsecured, 28% Secured 
  5. 37% Unsecured, 34% Secured

Tenor (Months) 

  1. Overdraft  
  2. Business Support Facility 
  3. Asset Finance  
  4. Distributorship Finance 
  5. Contracts 
  1. 12 (with 30 days cleanup cycle), 12 (with 90 days cleanup cycle) 
  2. 12, 24 
  3. 12 – 36 
  4. 12 
  5. In line with the contract 

Fees 

  1. Overdraft, Business Support Facility and Contracts 
  2. Asset Finance  
  3. Distributorship Finance 

 

  1. Management fee 1% 
  2. Management fee = 1% insurance on asset 
  3. Manage fee = 1% Insurance fee 

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 

  1. Edpay 
  2. Sterling Edu Loan 
  3. Other Education Template Credit Loans, i.e. Working capital, development finance & Asset Finance
  1. 36% per annum (This is based on the school’s discount rate)
  2. 36% per annum (Term loan)
  3. 36% per annum

Single Obligor Limit 

  1. Edpay
  2. Sterling Edu Loan
  3. Other Education Template Credit Loans, i.e. Working capital, development finance & Asset Finance
  1. N100,000 – N5m
  2. N5 million for new customers N10million for returning customers
  3. Working Capital: N50m Asset Finance: N50 million Development Finance: N100 million

Global Limit 

  1. Edpay
  2. Sterling Edu Loan and Other Education Template Credit Loans, i.e. Working capital, development finance & Asset Finance
  1. N1.5 billion 
  2. N10 billion 

Credit Insurance  

  1. Edpay
  2. Sterling Edu Loan
  3. Other Education Template Credit Loans, i.e. Working capital, development finance & Asset Finance
  1. 1% flat
  2. 0.75% flat
  3. 0.5% p.a.

Tenor 

  1. Edpay
  2. Sterling Edu Loan
  3. Other Education Template Credit Loans, i.e. Working capital, development finance & Asset Finance
  1. 4 – 12 months
  2. 12 months (3 terms) 20 months (5 terms)
  3. Working Capital: 12 months* Asset Finance: 36 months* Development Finance: 60 months* (*=maximum tenor).

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

  1. 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 

  1. SWAY-Ag 
  2. Broiler Production Finance Scheme 
  3. STAS 
  1. 9% per annum 
  2. 21.5% per annum (40% IDP) 
  3. Commercial rate with 50% IDP 

Single Obligor Limit 

  1. SWAY-Ag 
  2. Broiler Production Finance Scheme 
  3. STAS 
  1. SWAY-Ag: 

Small Holder Farmers 

N250,000 

Retail/Individual  

N5m 

SME Businesses 

N20m 

Anchor/Aggregators 

N50m 

  1. Broiler Farmer – N10m  

     

  2. N10m

Equity Contribution 

  1. SWAY-Ag 
  2. Broiler Production Finance Scheme 
  3. STAS 
  1. Nil 
  2. 30% 
  3. 20% of the tractor value  

Fees 

  1. SWAY-Ag 
  2. Broiler Production Finance Scheme 
  3. STAS 
  1. 0.5% flat 
  2. 1% 
  3. 1% CRG Fee 

Tenor 

  1. SWAY-Ag 
  2. Broiler Production Finance Scheme 
  3. STAS 
  1. Maximum of Two (2) years 
  2. One (1) year (90 days per cycle) 
  3. Maximum of Three (30) years 

Commercial / Corporate Products

Charges/Interests 

Commercial/Corporate Product 

Rate 

Collateral 

  1. Fertilizer Product Finance 
  2. Gold Purchase Facility Product Paper 
  3. SABEX 
  1. Stock 
  2. Nil 
  3. Commodity Financed 

Applicable Interest Rate 

  1. Fertilizer Product Finance 
  2. Gold Purchase Facility Product Paper 
  3. SABEX 
  1. Commercial Rate 
  2. 9% per annum  
  3. 18% per annum 

Single Obligor Limit 

  1. Fertilizer Product Finance 
  2. Gold Purchase Facility Product Paper 
  3. SABEX 
  1. N500 million 
  2. N1 billion 
  3. SABEX:   

Small Holder Farmers 

Up to N1m 

Cooperatives/Aggregators 

Up to N20m 

Agro dealers/Tender Millers/Feed Millers 

Up to N100m 

 

Equity Contribution 

  1. Fertilizer Product Finance 
  2. Gold Purchase Facility Product Paper 
  3. SABEX 
  1. 25% 
  2. Nil 
  3. Nil  

Fees 

  1. Fertilizer Product Finance 
  2. Gold Purchase Facility Product Paper 
  3. SABEX 
  1. 1%/loan per cycle 
  2. 1% MGT Fee 
  3. 1% MGT Fee 

Tenor 

  1. Fertilizer Product Finance 
  2. Gold Purchase Facility Product Paper 
  3. SABEX 
  1. Maximum of 12 months (120 days per cycle) 
  2. Maximum of 180 days per cycle 
  3. Maximum of 12 months 

Global Limit 

  1. Fertilizer Product Finance 
  2. Gold Purchase Facility Product Paper 
  3. SABEX 
  1. Nil 
  2. N10 billion  
  3. N2 billion 

OTHER PRODUCTS

Charges/Interests 

Products 

Rate 

Collateral 

  1. Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) 
  1. NIRSAL CRG Legal Mortgage Asset Financed 

Applicable Interest Rate 

  1. NIRSAL  
  1. Commercial rate with 20% – 50% IDP  

Single Obligor Limit 

  1. NIRSAL 
  1. Up to N 2 billion 
  2. Agricultural Credit Guarantee Scheme:   

Individuals 

N5m 

Cooperative Societies and Corporate bodies 

N50m 

           3. Nil 

Equity Contribution 

  1. NIRSAL 
  1. 30% 

Fees 

  1. NIRSAL 
  1. 1% CRG Fees, 1% MGT Fees 

Tenor 

  1. NIRSAL
  1. Project based 

 

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%

 

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 

  • Salary Domiciliation/Postdated Cheques 
  • Credit Life & Job Insurance 

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 

  1. Rent Finance Scheme 
  2. Home Acquisition Finance Facility 
  3. Diaspora Home Acquisition Finance Facility 
  1. 2.125% flat per month 
  2. 19.5% per annum 
  3. 19% per annum 

Obligor Limit 

  1. Rent Finance Scheme 
  2. Home Acquisition Finance Facility and Diaspora Home Acquisition Finance Facility 
  1. Maximum of N5m 
  2. Maximum of N50m 

Equity Contribution  

Home Acquisition Finance Facility and Diaspora Home Acquisition Finance Facility 

 

30% 

Fees 

  1. Rent Finance Scheme 
  2. Home Acquisition Finance Facility 
  3. Diaspora Home Acquisition Finance Facility 

 

  1. 1% Insurance fee (Security Cover) and 1% Management fee 
  2. 1% Upfront commitment fee, Insurance premium – Credit Life& Job loss: 1% per annum of mortgage loan exposures and Fire Insurance: 0.5% per annum 
  3. 1% Commitment Fee, 0.2% Fire and Allied Perils Insurance covering the FSV of the property, and 0.5% Keyman Assurance Policy of the facility amount to cover against death, permanent disability and critical Illness. 

Tenor 

  1. Rent Finance Scheme 
  2. Home Acquisition Finance Facility and Diaspora Home Acquisition Finance Facility 
  1. One (1) year 
  2. Ten (10) years 

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 

  1. Auto Loan (New Vehicle) 
  2. Auto Loan (Fairly used vehicles) 
  3. Altdrive: altdrive.ng 
  1. 30% per annum 
  2. 28% per annum 
  3. 0% per annum 

Single Obligor Limit 

  1. Auto Loan (New Vehicle) 
  2. Auto Loan (Fairly used vehicles) 
  3. Altdrive 
  1. Subject to Obligor’s capacity to repay considering DSCR of 33.3% 
  2. N5m 
  3. Maximum of 20M for salaried individual and MSME, 30M for HNIs, and 40M for corporates (Repayment of up to 33.33% monthly income

Equity Contribution  

  1. Auto Loan (New Vehicle) 
  2. Auto Loan (Fairly used vehicles) 
  3. Altdrive 

 

  1. Minimum of 20% (40% for vehicles above N10m) 
  2. 30% (Salary Domiciled), 50% (Self Employed Professionals) 
  3. Minimum of 15% Security Deposit 

Fees 

 

 

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 

  1. Auto Loan (New Vehicle) 
  2. Auto Loan (Fairly used vehicles) 
  3. Altdrive 
  1. Maximum of four (4) years 
  2. Maximum of three (3) years 
  3. Maximum of five (5) years for brand new cars, Maximum of four (4) years for foreign used cars and Maximum of three (3) years for Nigerian used cars. 

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 
  1. Doubble Target 
  2. Double Fixed  
50% loss on interest accrued 
Minimum Opening Target 
  1. Doubble Target 
  2. Double Fixed  
  1. N250,000 or $1,000 
  2. N20,000 or N500 
Period  
  1. Doubble Target 
  2. Double Fixed  
  1. Minimum of 6 months, Maximum of 61 months and above 
  2. Minimum of 30 days, Maximum of 360 days 
Interest Rate 
  1. Doubble Target 
  2. Double Fixed  

 

  1. Doubble Target:  
NAIRA DOLLAR 
Tenor Rate per annum Tenor Rate per annum 
6-12 months 7.50% 6-12 months 2.0% 
13-24 months 7.0% 13-24 months 2.25% 
25-36 months 7.50% 25-36 months 2.25% 
37-48 months 8.0% 37-48 months 2.85% 
49-60 months 8.0% 49-60 months 3% 
61 months and above 10.0% 61 months and above 4.0% 

      2. Doubble Fixed: Interest rates vary according to the bank’s approved rate card 

Doubble Reward 

Features Doubble Reward Type Terms 
Minimum Opening Target 
  1. Doubble Lumpsum 
  2. Other types of Doubble Reward
  3. Money Market  
  1. N100,000 
  2. N5,000
  3. N100,000 
Period  
  1. Doubble 5 and Doubble Lumpsum  
  2. Doubble 3 
  3. Doubble 10 
  4.  Money Market
  1. 10 years 
  2. 6 years 
  3. 15 years 
  4.  Per annum
Interest Rate 
  1. Doubble 10
  2. Doubble Lumpsum 
  3. Doubble 3 
  4. Doubble 5 
  1. Returns earned is 56% on invested funds 
  2. Returns earned is 60% on invested funds 
  3. Returns earned is 15% on invested funds 
  4. Returns earned is 30% on invested funds
Pre-Mature Termination 
  1. Doubble 3, 5, 10 and Lumpsum
  2. Money Market
  1. 50% loss on interest accrued
  2. 30% loss on interest accrued (Pre-termination only after 30 days)

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 
  1. Treasury Bills and Commerical Paper
  2. Equity Shares
  3. Fixed Deposit Note, Ethical Investment and Euro-bond.
  4. Savings plan
  1. 30% loss on interest accrued after a withholding period of 30 days (in case of pre-termination).
  2. Orders placed for shares are filled based on the available market and are matched at prevailing market price as at the time of order.
  3. Pre-terminations are not available until the investment matures.
  4. Loses of interest accrued for that quarter aside from the withdrawal date.

 

Minimum Opening Target 
  1. Treasury Bills 
  2. Euro Bonds 
  3. Fixed Deposits
  4. Commercial Paper 
  5.  Ethical Investment
  6.  Savings Plan
  1. N10,000 
  2. $1,000 
  3. N100,000
  4. N50,000 
  5.  N100,000
  6. N1000
Period 
  1. Treasury Bill and Fixed Deposits  
  2. Euro Bonds 
  3. Equity Shares 
  4.  Commercial Paper
  1. Minimum of 30 days 
  2. Minimum of 5 years, Maximum of 30 years 
  3. 4 business days holding period before the customer can sell the shares
  4. Minimum 30 days 

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 

Dates (Shipment dates, Expiry dates etc.) 

N5,000 + VAT + N6,000 

Other Amendments 

N2,000 + VAT + N6,000 

Acceptance of discrepancies 

Telex N6,000 

Where there is an increase in the amount of LC within LC validity 

1% per annum on the increased amount + N6,000 

 

LC Facility Utilization Fee: 

  • Pre-negotiation interest 
  • Post-negotiation interest 

 

 

 

 

 

 

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 

 

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 

 

Amendments for processed transactions 

USD $25/ GBP £15/ EUR €20/ N6,000 

 

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: 

 

Inter-bank 

N15 per credit item 

Intra-bank 

  • N53.75 for amounts above N50,000 
  • N26.88 for amounts above N5,000 but less than N50,000 
  • N10.75 for amounts below N5,000 

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  

  • N53.75 for amounts above N50,000 
  • N26.88 for amounts above N5,000 but less than N50,000 
  • N10.75 for amounts below N5,000 

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