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Interest Rate On Fixed Deposit Accounts In Nigeria - Investment - Nairaland

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Zenith Bank Fixed Deposit Interest Rate / Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks / Interest Rate On Fixed Deposit Accounts In Nigeria (1) (2) (3) (4)

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Interest Rate On Fixed Deposit Accounts In Nigeria by frenchman(m): 2:42pm On Dec 14, 2009
Can someone who works in the financial sector please tell me in simple terms how much a fixed deposit of =N=1 M, earn per month. Thanks for your anticipated response.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by walestar2(m): 4:25pm On Dec 14, 2009
it will earn you nothing but a chiken change like 9,000 naira monthly if you are fixing with Zenith Bank but probably lower with UBA which will be around 8,500 monthly. they pay chiken change in fixed deposit, its better you have huge some of money to fix, lol

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Re: Interest Rate On Fixed Deposit Accounts In Nigeria by frenchman(m): 8:18pm On Dec 14, 2009
Thats ridiculous!
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by whatalife: 7:28am On Dec 15, 2009
the money is reasonable when the sum is large. a friend got 16.5% with fidelity for 14million naira.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by romero: 12:43pm On Dec 15, 2009
Oceanic Bank wants to give me 10% on N1ml for fixed deposit. I understand FD is subject to negotiations. You will benefit better if your investment is huge.

But on the other hand, i understand one can get 3% per month if it is SAVINGS. This means one can get up to N30,000 in a month on N1ml

We just need to do survey sometimes. I mean we must be inquisitive.

LET US LEARN TO ASK REASONABLE AND RELEVANT QUESTIONS.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by frenchman(m): 1:00pm On Dec 15, 2009
Which bank is that? from the findings I have done the SAVINGs interest rate is even poorer.
The 3% is most probably annual and not per month.

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Re: Interest Rate On Fixed Deposit Accounts In Nigeria by romero: 1:13pm On Dec 15, 2009
Oceanic Bank wants to give me 10% on N1ml for fixed deposit. I understand FD is subject to negotiations. You will benefit better if your investment is huge.

But on the other hand, i understand one can get 3% per month if it is SAVINGS. This means one can get  up to N30,000 in a month on N1ml

We just need to do survey sometimes. I mean we must be inquisitive.

LET US LEARN TO ASK REASONABLE AND RELEVANT  QUESTIONS.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Ben13: 2:28pm On Dec 15, 2009
It varies with the Bank. Different Banks, different percentage.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Ekiti1000: 2:39pm On Dec 15, 2009
Whatever %age is per anum
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by victorazy(m): 2:45pm On Dec 15, 2009
it varies
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by holotee: 3:01pm On Dec 15, 2009
It varies from bank to bank. Some say the higher you go the higher the interest rate you get; that depends on your negotiating skills. Was able to get 12% on a 500K deposit. I still don't see it as good enough. There sholud be something else that is legit that will keep my money for 30 days and above and give my at least 10% of it per month (and not yearly).

How can i fix 14 million and all i get is a mere 16.5% per year. That's terrible.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Suntemi(m): 3:04pm On Dec 15, 2009
I need to monitor this thread. Coz I need bar. grin
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by 4rexpalace: 3:09pm On Dec 15, 2009
frenchman:

Can someone who works in the financial sector please tell me in simple terms how much a fixed deposit of =N=1 M, earn per month.
Thanks for your anticipated response



i am not really giving a direct response to your question but why dont you find an investment you can do with that kind of money instead of putting it in the hands of some banks .there are  investments you can go into that will still give you 30% returns every month.just give it a tot.thx

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Re: Interest Rate On Fixed Deposit Accounts In Nigeria by frenchman(m): 3:14pm On Dec 15, 2009
4rexpalace,
I appreciate what you are saying, but what kind of business can one do that will give you that kind of returns in Nigeria?
Please dont say FOREX trading,
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Dungren(m): 3:14pm On Dec 15, 2009
Hey guys! Don't sweat it.

What ever percentage they tell you, its per annum. If it were to be 10% per month I would have made so much money from FD cos I did the research far back.

When you put in N1million you get 10% per annum from most banks and that is N8,333(0.0083%) per month. Meaning, 10% divided by 12. So ridiculous.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by baron2000(m): 3:18pm On Dec 15, 2009
poster- nowadays since stocks are a no go area. wise investors are beginning to go into bonds,and debentures which can give as much as 24% p/a. these

instruments are  very low risk financial investment windows. next year firstbank would be launching N500B in corporate bonds. this is the way to go. as bond and

debentures are fixed income instruments.

In case you need more explanation pls send me a mail on richard@cavaricapital.com
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by 4rexpalace: 3:20pm On Dec 15, 2009
holotee:

It varies from bank to bank. Some say the higher you go the higher the interest rate you get; that depends on your negotiating skills. Was able to get 12% on a 500K deposit. I still don't see it as good enough. There sholud be something else that is legit that will keep my money for 30 days and above and give my at least 10% of it per month (and not yearly).

How can i fix 14 million and all i get is a mere 16.5% per year. That's terrible.
in as much as you make a whole lot of sense ,you should take into consideration peoples ability to take risk.the higer the risk in biz most times the higer the return .well there are over a million biz that can give 30%andabove  within a month but the risk also will be more than that ofbiz that give 2%a month.i wouldhave love to post some biz here but based on pricinciple i cant but if you are intrested in knowing you might send an email to stphenjames@yahoo.com.IT IS ONLY A SUGESTION YOU GO INTO IT IF YOU FEEL COMFORTABLE I AM NOT LIABLE
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by jaybee3(m): 3:22pm On Dec 15, 2009
Dungren:

Hey guys! Don't sweat it.

What ever percentage they tell you, its per annum. If it were to be 10% per month I would have made so much money from FD cos I did the research far back.

When you put in N1million you get 10% per annum from most banks and that is N8,333(0.0083%) per month. Meaning, 10% divided by 12. So ridiculous.
that's still about 4 -5 % more than banks in the UK will over you so it's still good value for money
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by baron2000(m): 3:23pm On Dec 15, 2009
poster- nowadays since stocks are a no go area. wise investors are beginning to go into bonds,and debentures which can give as much as 24% p/a. these

instruments are very low risk financial investment windows. next year firstbank would be launching N500B in corporate bonds. fixed deposits only help to erode

the value of your money.if you fixe 1M at 11% max and inflation is 15% u have ended up loosing at least 4% of your 1M.so you need to invest in an instrument

that not only shields you from inflation but also guarantees you a margine .this is the way to go. Bond and

debentures are fixed income instruments and they guaranteed.

In case you need more explanation pls send me a mail on richard@cavaricapital.com
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by skfa1: 3:25pm On Dec 15, 2009
Dungren:

Hey guys! Don't sweat it.

What ever percentage they tell you, its per annum. If it were to be 10% per month I would have made so much money from FD cos I did the research far back.

When you put in N1million you get 10% per annum from most banks and that is N8,333(0.0083%) per month. Meaning, 10% divided by 12. So ridiculous.

Well said

jay bee:

that's still about 4 -5 % more than banks in the UK will over you so it's still good value for money

That UK na no go area.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Suntemi(m): 3:27pm On Dec 15, 2009
skfa1:



That UK na no go area.

cant stop laughing I was thinking it will be higher there.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by MUNEER2(m): 3:28pm On Dec 15, 2009
Please, i'm also hear to learn,

Some reasonable comments please.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by frenchman(m): 3:33pm On Dec 15, 2009
4rexpalace,

Just sent an email to you now
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by Dungren(m): 3:34pm On Dec 15, 2009
jay bee:

that's still about 4 -5 % more than banks in the UK will over you so it's still good value for money

I said it was RIDICULOUS because the N100K you will make from the N1million in a YEAR would not cover the rate of inflation for that whole year. So FD is not a form of investment.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by ud4u: 3:37pm On Dec 15, 2009
10% per annum, very ridiculous
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by 4rexpalace: 3:40pm On Dec 15, 2009
i wonder why people are scared of forex trading well that is part of what i do and i find it rewarding but i undertand it is not for everybody.well back to the discussion i amnot talking of forex .if you want us to talk pls send a mail to forexpalace@yahoo.com
frenchman:

4rexpalace,
I appreciate what you are saying, but what kind of business can one do that will give you that kind of returns in Nigeria?
Please dont say FOREX trading,
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by sunboy(m): 3:48pm On Dec 15, 2009
The answer to your question is diamond bank HIDA account, its a savings account designed for people who can maintain atleast 100k in their account. They promise 8-10% monthly depending on the amount in your account. I started last month and hope to earn my interest before end of the month. Walk in any diamon to confirm things yourself or check on their website.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by sunboy(m): 3:49pm On Dec 15, 2009
The answer to your question is diamond bank HIDA account, its a savings account designed for people who can maintain atleast 100k in their account. They promise 8-10% monthly depending on the amount in your account. I started last month and hope to earn my interest before end of the month. Walk in any diamon to confirm things yourself or check on their website.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by MUNEER2(m): 3:53pm On Dec 15, 2009
Dungren:

Hey guys! Don't sweat it.

What ever percentage they tell you, its per annum. If it were to be 10% per month I would have made so much money from FD cos I did the research far back.

When you put in N1million you get 10% per annum from most banks and that is N8,333(0.0083%) per month. Meaning, 10% divided by 12. So ridiculous.

Hen hen!
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by jaybee3(m): 3:59pm On Dec 15, 2009
Dungren:

I said it was RIDICULOUS because the N100K you will make from the N1million in a YEAR would not cover the rate of inflation for that whole year. So FD is not a form of investment.
It's the safest and provides 0% risk.
If you don't have a viable plan for your money then FD is d way forward. Would you rather they just put the money under their bed, or invest in stock market whilst the risk is high and current market trend ain't favourable.
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by 4rexpalace: 4:04pm On Dec 15, 2009
sent you a reply thx
frenchman:

4rexpalace,

Just sent an email to you now
Re: Interest Rate On Fixed Deposit Accounts In Nigeria by frenchman(m): 4:17pm On Dec 15, 2009
sunboy,

just checked up the Diamond HIDA account now, it did not state per month.
What I saw is per annum payable monthly. Can you tell me what I am missing?

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