In this guide, we will set out to find what the various rates of CBG fixed deposit are. But before we do that in the subsequent paragraphs, let us concisely enlighten ourselves on what a fixed deposit account is.
A fixed deposit account refers to a financial package offered by banks to their customers, which permits customers to deposit a specified amount to yield its corresponding interest rate.
Compared to the various savings accounts operated at the various banks, fixed deposit accounts attract high-interest rates. This helps banks to reduce the probability of facing bankruptcy.
Consolidated Bank fixed deposit account is available to all account holders at any of their 114 branches nationwide.
Since CBG fixed deposits are largely cushioned by their interest rate.
It is important to know that these rates are factors of the amount deposited and the duration of the deposition.
The higher the amount invested, it means the greater the interest yield and vice versa.
Most of the time, customers who operate the CBG fixed deposit account are open to some benefits such as loan facilities, financial advisors, and others.
At CBG bank, fixed deposits are not allowed for withdrawal when it has not reached their maturity period.
Unless in situations that need an urgent financial response, a customer will be permitted to make a withdrawal.
Emergency withdrawals sometimes call for penalties, or the amount befitting the customer will not be paid in full as per the terms and conditions surrounding CBG bank’s fixed deposit rates.
What Is CBG Fixed Deposit Rate
The interest rate for Consolidated Bank fixed deposit is characterized as tiered, which means that the amount deposited and time of deposit is the core determiners of the interest yield.
The interest rates for CBG fixed deposits are tabulated below.
100 – 1,000
1,001 – 10,000
10,001 – 50.000
50,001 – 100,000
100,001 – 500,000
1,000,001 – 5,000,000
What Is Minimum Operating Balance for CBG Fixed Deposit
It was GHS100.00 as of the time of writing this article. With this amount, you can start generating interest on your Consolidated Bank fixed deposit account.
Anything less than that is not considered interest rate-driven for a fixed deposit account at CBG.
What Is the Minimum Duration to Earn Interest on CBG Fixed Deposit
The minimum period for operating a fixed deposit account at Consolidated Bank Ghana is 1 month. It really offers you a shorter period to yield a sizeable interest, provided your deposit is enough.
What Is the Maximum Duration Get Interested On Consolidated Bank Fixed Deposit Account
The longest period per every CBG fixed deposit is at 12 months. Depending on how you want to run the account, you choose the time range that will suit you since there are other periods available.
Will I Earn Interest Rate On Consolidated Bank Fixed Deposit If I Terminate the Account Before Time
No, interest is credited on a fixed deposit account at Consolidated Bank Ghana only when the conditions and terms governing the account purchased are fully satisfied.
If you disinvest the account, no interest is calculated on your money.
This is all that time will permit us for now on CBG bank fixed deposit rates for now.
Check the recommended Consolidated Bank guides below:
Flex Plus, App, Savings Account, Priority Black, Classic Current, Loans, Link Ghana Card, Address, Closing Time, Working Days, Careers, Recruitment, SWIFT Code, Headquarters, Working Hours, Mobile Banking, Bank Statement, Customer Care, Classic Savings, Priority Current, Mane Me Account, Yolo, Toll-Free Number, Contact, Which Bank Is CBG, Reset Password, PIN Code, Check Balance, Transfer Money, Give Loan.