Fixed Deposit Agreement Form

Complete the form below to begin your Saverite fixed-deposit process.

PART A - CUSTOMER INFORMATION
PART B - FIXED DEPOSIT DETAILS
Minimum deposit amount is ₦1,000,000 for a minimum tenor of 12 months. Fixed interest rate is 24% per annum.
PART C - PROJECTED INTEREST SUMMARY (ILLUSTRATIVE)
Deposit Amount (₦) Tenor Rate (p.a.) Interest Earned (₦) Maturity Value (₦)
1,000,000 12 months 24% 240,000 1,240,000
5,000,000 12 months 24% 1,200,000 6,200,000
10,000,000 12 months 24% 2,400,000 12,400,000
20,000,000 12 months 24% 4,800,000 24,800,000
PART D - TERMS & CONDITIONS
  1. The minimum deposit amount is One Million Naira (₦1,000,000) for a minimum tenor of 12 months.
  2. The fixed deposit earns interest at 24% per annum, computed on a simple interest basis. Interest is paid gross with no deductions from the customer's returns.
  3. Early withdrawal before maturity attracts a penalty of 50% of accrued interest. The principal deposit remains fully intact and shall be returned.
  4. At maturity, the deposit may be automatically renewed at the prevailing rate unless written notice is given at least 5 working days before maturity.
  5. The Society reserves the right to vary interest rates on rollover. Customers will be notified in advance via the Saverite App or registered phone or email.
  6. This agreement is governed by the laws of the Federal Republic of Nigeria and the provisions of the Cooperative Societies Act.
  7. Any dispute shall first be resolved through mutual negotiation. Failing that, it shall be referred to the relevant Cooperative Tribunal.
  8. This form must be duly completed, signed, and submitted with a proof of deposit transfer.
PART E - DECLARATION & SIGNATURES

I/We, the undersigned, hereby confirm that all information provided is true and correct. I/We have read, understood, and agreed to the Terms and Conditions of this Fixed Deposit Agreement.

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