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Nairaland Forum / Nairaland / General / Business / Guaranty Trust Bank’s Updated Fixed Deposit Rates 2016 (2217 Views)
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Guaranty Trust Bank’s Updated Fixed Deposit Rates 2016 by anisalome(m): 5:18pm On Jan 31, 2016 |
source: http://www.talkasset.com/guaranty-trust-banks-updated-fixed-deposit-rate The only downside to fix deposit is inflation. Inflation is the general increase in prices and fall in the purchasing value of money. this means when if you have $10,000 and you wish to fix it from the month of January to December. If there is rise in inflation, the prices of good will increase and that will in turn mean that the quantity of things your money can buy will reduce and because prices of good will increase. This article we aim at covering the the latest fixed deposit rate for Guaranty Trust Bank GTB. RATE GUIDE FOR ROLLOVERS ONLY 7 DAYS 30 DAYS 60 DAYS 90 DAYS 180 DAYS VALUE BAND % % % % % N100,000 – N1mm 0.01 4.50 4.50 4.50 3.50 >N1mm – N10mm 0.01 5.50 5.50 5.50 4.50 >10mm – N25mm 0.01 6.50 6.50 6.50 5.00 >N25mm – N50mm 0.01 6.75 6.75 6.75 5.50 >N50mm – N100mm 0.01 7.00 7.00 7.00 6.00 >N100mm 0.01 7.00 7.00 7.00 6.00 Rate concession should be sought from Treasury for funds above N5.00bn. costumers with cumulative investments above N5.00bn booked within a week are also affected. In GTB fix deposit start with as little as N100,000 and they have minimum period of 7 days and maximum of 180 days. Please note that there is a withholding tax (WHT) of 10% on the interest earned on fixed deposit. source: http://www.talkasset.com/guaranty-trust-banks-updated-fixed-deposit-rate |
Re: Guaranty Trust Bank’s Updated Fixed Deposit Rates 2016 by Nobody: 8:54pm On Jan 31, 2016 |
Why did I go to one of their branches in Port-Harcourt and was informed 4% and was going 2moro 2 fix some money abi na internal arrangement. |
Re: Guaranty Trust Bank’s Updated Fixed Deposit Rates 2016 by pinkyruledworld(m): 10:09pm On Jan 31, 2016 |
I still don't know how this thing works, if I want to fix 100k for 90days, how much will b my interest? |
Re: Guaranty Trust Bank’s Updated Fixed Deposit Rates 2016 by anisalome(m): 10:28pm On Jan 31, 2016 |
100k for 90 day is 4.5% THIS MEANS 4.5 X N100000 /100 = N4500, NOW THIS N4500 DIVIDED BY 12 MONTHS EQUALS N375 PER MONTH THEN MULTIPLY IT BY 9 MONTHS WHICH IS EQUALS N3375. AFTER THAT, TAKE AWAY 10% TAX WHICH IS N337.5. THE AMOUNT LEFT IS N3037.5. |
Re: Guaranty Trust Bank’s Updated Fixed Deposit Rates 2016 by whitecloth: 10:36pm On Jan 31, 2016 |
This your calc get as he be o, why dividing 4500 by 12 months again when 90 days factor u use is 3 month. anisalome:me too I want to know how it works, can someone please explain in lay man language. |
Re: Guaranty Trust Bank’s Updated Fixed Deposit Rates 2016 by chiboy11(m): 10:57pm On Jan 31, 2016 |
I did a 1 miilion fixed deposit wit Gtb n on d 3rd month belive me I stil did nt get more dan 3k on it its,I just cald my acct officer to liquidate d rubish,dis country is funny |
Re: Guaranty Trust Bank’s Updated Fixed Deposit Rates 2016 by anisalome(m): 11:23pm On Jan 31, 2016 |
That is why it is hard to understand them. but I tell you that is how it is being calculated. the longer you keep it the higher the interest rate whitecloth: |
Re: Guaranty Trust Bank’s Updated Fixed Deposit Rates 2016 by pinkyruledworld(m): 11:38pm On Jan 31, 2016 |
anisalome:Thanks for your responce but where did the 12months and months surface from? |
Re: Guaranty Trust Bank’s Updated Fixed Deposit Rates 2016 by anisalome(m): 11:48pm On Jan 31, 2016 |
pinkyruledworld:from my understanding, I think the 12 months is their default calculating formula. every period has already been multiplied by 12. this means 4.5% for 9 months is actually 3.375%. you can still find out from your account officer for clarification. |
Re: Guaranty Trust Bank’s Updated Fixed Deposit Rates 2016 by whizqueen(f): 11:50pm On Jan 31, 2016 |
pinkyruledworld:The 4.5% is a yearly interest rate. He divided by 12 to get monthly returns then multiplied by the number of months you fixed your cash for |
Re: Guaranty Trust Bank’s Updated Fixed Deposit Rates 2016 by Nobody: 8:52am On Feb 05, 2016 |
So this is how it works. 4.5% is a yearly interest. Thanks 4 d clarification |
Re: Guaranty Trust Bank’s Updated Fixed Deposit Rates 2016 by bedfordng(m): 10:46am On Feb 05, 2016 |
whitecloth:this means if you want to fix 100k for 90 days, then the calculation is 100k x 4.5/100 which is = 4500. Since its 90days you want to fix it, then the interest should be in prorata bases. This becomes 4500 divided by 365days = 12.328767.your interest daily is 12.328767. Now multiply it by the 90days you wish to fixed it . It becomes 12.328767 X 90days = #1109. that is your interest for the 90days. Now you can remove 10% withholding from it to get final interest |
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