I was drawn by a thread stating that Fixed deposit rate has gone down as bad as 3%, please note that this is not entirely true, as banks are looking for ways to increase and mobilise deposit which will put them in a more liquid state.

we have two types of fixed deposit which are listed and discussed below:

1)Time Fixed deposit: this is a fixed deposit booked on minimum of 30 days, the percentage are usually around 7% on funds less than #1million for some banks ( see attached), the interest is credited into customers account at the end of the FD tenure, however, a client can choose to liquidate FD before time, but will be charged higher commission usually 20% of the accrued interest because they defaulted( liquidating before the agreed tenure)

2) Call fixed deposit: this are deposits that are fixed for 7 days and below 30 days,the rates are usually around 2.50% for funds less than #1million in some banks (see attached new rate guide) most clients are not aware of this type of FD, however some clients that are aware will rather treat as Time Fixed deposit with better rate and then liquidate before the agreed 30days which is also possible, thus enjoying the time deposit rate, however clients will be charged higher commission usually 20% as against the normal 10% of the accrued interest.

kindly see attached the new advised rate in one of the leading commercial banks in Africa.

Modified 1: note that its business for the bank, so they might tell u a low rate at first, but push further to convince them that somebody you know did same Fd in same bank in another location and was given a good rate( use the rates shown in the attached guide to bargain).

Modified 2: Have you ever wonder why despite the economy situation in Nigeria, Nigeria banks keep declaring increased profit, the reason is they have decided to act more smartly, thus my reason for opening this thread.

Good luck.

Thanks for the clarification sir,

cc: Seun , Mods please do the needful for others to see

Thanks

this is more like it

Omonomose1:
Thanks for the clarification sir,

cc: Seun please do the needful for others to see

Wo ye

Nice

Sanmel:
Wo ye

Oye se, ko yor,
Urie ehvahe ne?

bigfizh:
I was drawn by a thread stating that Fixed deposit rate has gone down as bad as 3%, please note that this is not true, as banks are looking for ways to increase and mobilise deposit which will put them in a more liquid state.

we have two types of fixed deposit which are listed and discussed below:

1)Time Fixed deposit: this is a fixed deposit booked on minimum of 30 days, the percentage are usually around 7% on funds less than #1million for some banks ( see attached), the interest is credited into customers account at the end of the FD tenure, however, a client can choose to liquidate FD before time, but will be charged higher commission usually 20% of the accrued interest because they defaulted( liquidating before the agreed tenure)

2) Call fixed deposit: this are deposits that are fixed for 7 days and below 30 days, most clients are not aware of this type of FD, however some clients that are aware will rather treat as Time Fixed deposit with better rate and then liquidate before the agreed 30days which is also possible, thus enjoying the time deposit rate, however clients will be charged higher commission usually 20% as against the normal 10% of the accrued interest.

kindly see attached the new advised rate in one of the leading commercial banks in Africa.

please I heed little clarification.
These percentage is it per month or per annum

moderation2020:

please I heed little clarification.
These percentage is it per month or per annum

its per month, see monthly rate in the attached new rate guide, 1-m , 2-m, 3-m, note that Month is abbreviated as m, and interest rate varies, depending on how many months you are booking for in some cases while in other cases interest rate remain the same in respective of the tenure

Op, are you a banker

Omonomose1:


Oye se, ko yor,
Urie ehvahe ne?

Eee

rates are still poor..

will rather go for the bonds or Tbills considering tha fact that these rates are 10% Witholding tax deductible

Omonomose1:
Op, are you a banker

yes

feelamong:
rates are still poor..
will rather go for the bonds or Tbills considering tha fact that these rates are 10% Witholding tax deductible

Treasury bills rates are higher, but don't forget your money will be uprooted for atleast 3 months unlike Fixed deposit where you can book for a month,
one can also bid for treasury bills and fail simply because your bidding rates were higher than the CBN stop rate.

Fixed deposit can be liquidated within a short time, if you ever needed the principal amount for something else

it's your choice bro.

bigfizh:

yes

please assist me with info on any bank with good rates on fixed deposit , i am currently dealing with FCMB. Tnx

Sanmel:
Eee

otenmwen noquo, Ure whatsapp?

Omonomose1:


otenmwen noquo, Ure whatsapp?

Eeee.. Okpia we kin abi okwo

Sanmel:
Eeee.. Okpia we kin abi okwo

Oma matter, but okpia nor

bigfizh:


Treasury bills rates are higher, but don't forget your money will be uprooted for atleast 3 months unlike Fixed deposit where you can book for a month,
one can also bid for treasury bills and fail simply because your bidding rates were higher than the CBN stop rate.

Fixed deposit can be liquidated within a short timebrt, if you ever needed the principal amount for something else

it's your choice bro.

Bros it seems you are not aware of happening in the money marketm

For your info you can even buy Tbills for as low as 7 days in d secondary market.

Yes you can sell your Tbills if you want ur principal anytime!

bigfizh:


its per month, see monthly rate in the attached new rate guide, 1-m , 2-m, 3-m, note that Month is abbreviated as m, and interest rate varies, depending on how many months you are booking for in some cases while in other cases interest rate remain the same in respective of the tenure

You've got jokes! The rates are per annum not per month.

feelamong:

Bros it seems you are not aware of happening in the money marketm
For your info you can even buy Tbills for as low as 7 days in d secondary market.
Yes you can sell your Tbills if you want ur principal anytime!

who is talking about secondary market here, that's not the deal, the rate is low compare to primary auction.

yes you can sell the your Tbs if you want your principal, but how soon can one complete the process, its still not as fast and convenient as liquidating an FD

Omonomose1:

please assist me with info on any bank with good rates on fixed deposit , i am currently dealing with FCMB. Tnx

Guarantee trust bank and Ecobank rate seems okay as well.

sharpman1:

You've got jokes! The rates are per annum not per month.

Depends on how you look at it, the interest are calculated per annual, which breaks down to per month, then days in some cases(call fixed deposit or customer liquidates before time) as you will be credited the accrued interest for the number of days it was fixed with the bank,

bigfizh:

Guarantee trust bank and Ecobank rate seems okay as well.

tnx, i will create time to check with the banks

bigfizh:


who is talking about secondary market here, that's not the deal, the rate is low compare to primary auction.

yes you can sell the your Tbs if you want your principal, but how soon can one complete the process, its still not as fast and convenient as liquidating an FD

you need to get your self better educated on the workings of treasury Bills.

you can always sell your T bills as fast as you want, provided you are working with the right investment house not with all these street bankers that do not even understand why Govt even does the Tbills auction.

Rates in the secondary markets fluctuate and at times even get higher than the last stop rate in the auction....it depends on the level of liquidity in the market at any particular time....go and ask any bank teasurer that is woryh his onions how banks make money trading on T bills in the secondary markets.....

if you are deligent enough, you too canmake the sort of money they make there...

Great stuff...

I tried to bid for the Tbills this morning and my bank told me it was already closed so I opted for a time deposit and they came back with a 4% p.a rate

Well, the actual plan is to do this for like 2weeks and terminate in time for bidding for the November 5th Tbills sale.

Please keep enlightening us on other investment avenues and updates on calendars and such infos would be great.

pompido:
Great stuff...
I tried to bid for the Tbills this morning and my bank told me it was already closed so I opted for a time deposit and they came back with a 4% p.a rate
Well, the actual plan is to do this for like 2weeks and terminate in time for bidding for the November 5th Tbills sale.
Please keep enlightening us on other investment avenues and updates on calendars and such infos would be great.

i visited Ecobank branch in Akure this morning and their rates were similar to what the Op posted. Why not enquire from them

bigfizh:


its per month, see monthly rate in the attached new rate guide, 1-m , 2-m, 3-m, note that Month is abbreviated as m, and interest rate varies, depending on how many months you are booking for in some cases while in other cases interest rate remain the same in respective of the tenure

It is a fat lie its per annum y can't u give d name of d bank u got the attached leaves. Pls dnt misinform ppl. No bank in d world will give u 7percent per month on less than 1m

Omonomose1:


please assist me with info on any bank with good rates on fixed deposit , i am currently dealing with FCMB. Tnx

Please I need more information on fixed deposits. What is the minimum amount one can fix? Must one have an account with the bank to do it?

deltateam:

Please I need more information on fixed deposits. What is the minimum amount one can fix? Must one have an account with the bank to do it?

i heard some banks collect 500k minimum, not sure though, but 100k is the minimum that i am aware of,
you must have an account, because that's where they will pull the money from for fixing and also where they will credit the interest as well

Sanmel:
Eee

Okhuo no mose, vbo ye re?

ogawisdom:

It is a fat lie its per annum y can't u give d name of d bank u got the attached leaves. Pls dnt misinform ppl. No bank in d world will give u 7percent per month on less than 1m

If you were patient enough to read through, u would noticed where this was addressed,
Even a primary school student knows that rate is per annum, In fixed deposit, they are analysed into months and at times days( when liquidating Fd before time) in order to get the accrued interest, If you are doubting banks still offer good rate for funds less than 1m, why not walk into an Ecobank branch and confirm,
note that its business for the bank, so they might tell u a low rate at first, but push further and convince them a friend of yours did same Fd in same bank in another location and was given a good rate( use the rates shown in the guide i attached to bargain)

GudluckIBB:


Okhuo no mose, vbo ye re?

O ye se.. Ba van