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Nairaland Forum / Nairaland / General / Investment / This Is Bad News For Fixed Deposit Holder (87901 Views)
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Re: This Is Bad News For Fixed Deposit Holder by David0(m): 10:11pm On Oct 18, 2015 |
Amusaopeyemi: It's not true. If CBN have done a thing like dat, u shud hv heard dat in d financial news already. 1 Like |
Re: This Is Bad News For Fixed Deposit Holder by Nobody: 10:13pm On Oct 18, 2015 |
benpedro:why? I know this guys as a reputable business folks for a while now. Give me reasons why I should take my money from them 1 Like |
Re: This Is Bad News For Fixed Deposit Holder by Nobody: 10:13pm On Oct 18, 2015 |
GudluckIBB: It's technically savings. |
Re: This Is Bad News For Fixed Deposit Holder by Nobody: 10:15pm On Oct 18, 2015 |
ogunyooye: There's really nothing here to confirm. The news is fake. |
Re: This Is Bad News For Fixed Deposit Holder by Adesiji77: 10:16pm On Oct 18, 2015 |
David0: I have similar concerns too but decided to keep an open mind. A banker would do "anything" to retain deposits, especially now with the implementation of the TSA. Can CBN unilaterally fix the cap for FD rates? Waiting to see a circular (if any) to that effect. |
Re: This Is Bad News For Fixed Deposit Holder by Chukzyfcb(m): 10:16pm On Oct 18, 2015 |
First, OP I doubt this story. My reason is because, since CBN's directive for the Treasury single account (TSA) and the Increase in banks Cash reserve ratio (CRR), our banks have less cash to operate with. So they only can win cash by enticing us with their interest rates. Moreover Fixed deposits rate cannot be 3% when Inflation is standing at 9% currently, its against the monetary policy school of thought. For those of you criticizing Fixed.deposits, if a bank offers u 11%, u r not foolish as pple are writing here, coz its well above Inflation rate that just rose to 9%. U are not losing money!!!....I know of a bank that offers 12% just as high as in T.bills, everytin lies on INFO. I'm not an economist, but I doubt this story OP! 4 Likes |
Re: This Is Bad News For Fixed Deposit Holder by crazygod(m): 10:17pm On Oct 18, 2015 |
wow. ok, from my lil knowledge of economics, this move has its advantage and disadvantage. advantage in the sense that time deposit investors will now shy away from saving excess cash and invest it in their businesses thereby driving the economy. But then not everybody is business minded which makes their consumption higher than their savings which can result into excess cash in the economy with higher inflation as a resultant effect. that na the lil economics wey i know o. perhaps there are other better analysts here. Yes lest i forget, a lot of bankers will now have suicide tots cos their jobs will be on the line especially 'bank salesmen' just becos more pressure will be on them to shore up more deposits. . 1 Like |
Re: This Is Bad News For Fixed Deposit Holder by pacific05(m): 10:17pm On Oct 18, 2015 |
If u have surplus fund and u r looking for business to invest in and make profit,also create jobs.........................SUIT BIZ is the answer!check my signature |
Re: This Is Bad News For Fixed Deposit Holder by saintneo(m): 10:17pm On Oct 18, 2015 |
This will be a great policy from the CBN; if and only if it is true. 1. This will discourage people from hoarding money. 2. This will discourage government officials from fixing government funds in personal accounts. 3. It will encourage entreprenuers and entreprenuerships. 4. Banks will be forced to loans available since the profit from deposits will be very low. 5. If banks don't give out loans at low interest rates, their profitability will drop. 6. Bank workers such as marketers 3will be driven to pursue deals instead of monetary deposits. 6. Money for innovative people. Bank go beg for creative people to come up with ideas. 7. Banks will no go abroad to borrow excessively from foreign financial institutions. 8. Every business idea will count. 9. No more lazy methods of making money cheaply. 10. Add yours!! Yipeeeeeeeeee! 4 Likes 1 Share |
Re: This Is Bad News For Fixed Deposit Holder by Nobody: 10:18pm On Oct 18, 2015 |
dantti2006: What type of bank sets N5m as the minimum amount for fixed deposit? 2 Likes |
Re: This Is Bad News For Fixed Deposit Holder by tuna4servi(m): 10:18pm On Oct 18, 2015 |
No need of disturbing urself just tell dem u wanr invest in treasure bills,with dis u are dealing with CBN direct and ur money is more secured Dan even fix Dep. We don't tell pple dis in d bank because u have higher interest. 2 Likes 1 Share |
Re: This Is Bad News For Fixed Deposit Holder by nigeriancuban: 10:19pm On Oct 18, 2015 |
ministeriallist:no its not a good move,discouraging savings will only channel money out of the rich's pocket and take it to the poor,and with low tendency for the poor to save and invest,It will deeply retard development which is needed for growth,this was the area I really commended gej'$ effort.... this will also spike up inflation and God help us if it's just a demand pull inflation coz if it's the other one(name withheld) then pmb is up for a mission impossible |
Re: This Is Bad News For Fixed Deposit Holder by nigeriancuban: 10:22pm On Oct 18, 2015 |
Bj5all:which will intirn lead to inflation, trust me if Pakistan couldn't do well with a very high demand pull inflation an I wounder the miracle that can happen here.....gej was a real hero I must say,look the way he arranged the economy's financial stability,wouldn't you agree? 1 Like |
Re: This Is Bad News For Fixed Deposit Holder by nigeriancuban: 10:25pm On Oct 18, 2015 |
this is a very irrational move by the CBN,where iuld now be the source of loan for the business me to run importations and do foreign exchange? I for see a future of $1=#600 if its not quickly reversed |
Re: This Is Bad News For Fixed Deposit Holder by MadCow1: 10:28pm On Oct 18, 2015 |
Bj5all: The rational is that people will be discouraged from just keeping monies in the bank and the money will go back into circulation through investments and business. Cyclic effect is the creation of employment and jobs and control on inflation. |
Re: This Is Bad News For Fixed Deposit Holder by smasher1(m): 10:28pm On Oct 18, 2015 |
Activa: I agree with you Activa. My was maintained at the last Banker's Committee meeting at 13% meaning interest on saving which is 30% of more is 3.9%. For all banks that is the minimum. So fixed deposit should go for above 4% to 10%. 4% is ridiculously low. The op bank may be distressed. Please name the bank and this would be a malicious and dangerous rumor if the info is not true. Thanks 2 Likes |
Re: This Is Bad News For Fixed Deposit Holder by Omooba77: 10:32pm On Oct 18, 2015 |
SleekReek:please read your economics again,fixing money is investment,it help banks to have liquid cash to borrow investors.If this is true wahala dey.God we dey your hands |
Re: This Is Bad News For Fixed Deposit Holder by mechanics(m): 10:35pm On Oct 18, 2015 |
It simply means ur interest wil reduce d dates it was approved by d CBN, all oda ones got b4 dis notice wont be touched, so u get any business idea, u ave to withdraw d money and put it into use. |
Re: This Is Bad News For Fixed Deposit Holder by Nobody: 10:35pm On Oct 18, 2015 |
Don't invest in fixed deposit, only feeble-minded people do. They trade with ur money and give u less dan 1% of what they make. Im an expect forex trader. Visit my blog www.aheadmarket.com call me so we can do business 08060295965 |
Re: This Is Bad News For Fixed Deposit Holder by dblaisepascal(m): 10:44pm On Oct 18, 2015 |
@Op, please, can u tell us the precise bank? |
Re: This Is Bad News For Fixed Deposit Holder by 1love4all: 10:46pm On Oct 18, 2015 |
Ffg |
Re: This Is Bad News For Fixed Deposit Holder by onatisi(m): 10:49pm On Oct 18, 2015 |
January!January!!January!!! Nigerians go hear am!!! I look and laugh |
Re: This Is Bad News For Fixed Deposit Holder by dharn10(m): 10:52pm On Oct 18, 2015 |
I think u are not getting it right @op.... 2.5% u said it's monthly rate, while the initial 10% is a yearly rate. |
Re: This Is Bad News For Fixed Deposit Holder by Smooth51(m): 10:59pm On Oct 18, 2015 |
Which bank pls
|
Re: This Is Bad News For Fixed Deposit Holder by ItsMeAboki(m): 11:00pm On Oct 18, 2015 |
megainvest: Stock market wey dem sabi inside trading? Bought some blue chip stocks: Cadbury, Unilever, Oando & PZ, way back then not knowing that the market was artificially inflated; they had since crashed and worth pittance compared to their former value; I have long given up hope of any recovery, not even bothering to check, maybe one day my children may inherit them in time to make money. 1 Like |
Re: This Is Bad News For Fixed Deposit Holder by Nobody: 11:05pm On Oct 18, 2015 |
fe 1 Like |
Re: This Is Bad News For Fixed Deposit Holder by Nobody: 11:08pm On Oct 18, 2015 |
Bj5all: This doesn't make any sense. But then again I wonder why someone with that much money will choose to do FD. Investments banks are there with their various products. |
Re: This Is Bad News For Fixed Deposit Holder by dantti2006(m): 11:09pm On Oct 18, 2015 |
Diamond Bank has always done 5 mil as her minimum fixed deposit but we do have other products for customers with less than 5 mill like our HIDA account which is a high interest deposit account and you can fix from 1 mill upward with your online banking platform only. |
Re: This Is Bad News For Fixed Deposit Holder by Nobody: 11:12pm On Oct 18, 2015 |
Meanwhile would this also affect banks' lending rates? |
Re: This Is Bad News For Fixed Deposit Holder by AleAirHub(m): 11:21pm On Oct 18, 2015 |
Bj5all:If so i will be half luck and swith to Fbncapital money market fund... thanks for these insight. |
Re: This Is Bad News For Fixed Deposit Holder by AleAirHub(m): 11:23pm On Oct 18, 2015 |
ItsMeAboki: ItsMeAboki: |
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