CBN Revises Savings Deposit Rates for GTB, Zenith, UBA, Access, FCMB, and Other Banks

The Central Bank of Nigeria (CBN) has announced updated savings deposit rates for Deposit Money Banks (DMBs) and Merchant Banks.

The new rates reflect adjustments made following the Monetary Policy Committee (MPC) meeting held on July 21 and 22, 2025.

CBN MPC Decision
At its meeting on Tuesday, September 18, 2025, the MPC resolved to maintain the current monetary policy stance and retain all policy parameters.

In a statement, the apex bank said it would:

Retain the Monetary Policy Rate (MPR) at 27.50%

Maintain the asymmetric corridor around the MPR at +500/-100 basis points

Keep the Cash Reserve Ratio (CRR) for Deposit Money Banks at 50.00% and for Merchant Banks at 16.00%

Maintain the Liquidity Ratio at 30.00%

According to the CBN, this decision was aimed at sustaining disinflation momentum and containing price pressures. The committee emphasized that holding the current stance would help tackle both existing and emerging inflationary challenges while continuing to review economic conditions and outlook to guide future policies.

Savings Deposit Rates by Banks
The CBN’s latest data shows that the average savings deposit rate across the banking sector now stands at 8.25% as of September 9, compared to 7.88% in the previous period.

The published rates are as follows:

Access Bank: 8.25%

Alpha Morgan Bank: 8.25%

Citibank: 8.25%

FCMB: 4.25%

Fidelity Bank: 8.25%

First Bank of Nigeria: 8.25%

FSDH Merchant Bank: –

Globus Bank Ltd: 8.18%

Guaranty Trust Bank (GTB): 8.00%

Keystone Bank Ltd: 8.25%

Nova Bank: 8.00%

Optimus Bank: 8.25%

Parallax Bank: 8.25%

Premium Trust Bank: 8.25%

Providus Bank: 8.25%

Signature Bank: 8.25%

Stanbic IBTC: 2.75%

Standard Chartered Bank: 8.25%

Sterling Bank: 8.25%

Suntrust Bank: 8.30%

Tatum Bank: 8.25%

United Bank for Africa (UBA): 8.25%

Union Bank: 8.25%

Unity Bank: 8.25%

Wema Bank: 8.25%

Zenith Bank: 8.25%

Customer Deposits Rise in Top Banks
Meanwhile, total customer deposits in 10 commercial banks listed on the Nigerian Exchange rose to N108.50 trillion, representing an increase of N35.03 trillion or 47.67% from N73.47 trillion recorded last year.

The figures, captured in the third-quarter reports submitted to the NGX, highlight the competitiveness of customer deposits, which remain a primary funding source for loans and other investments in the Nigerian banking sector.