most banks advertise 17.5% on N1OO,000,000 and above

Guys all this depends on how much you put in.
I got 13% on 1.2m for a 90days renewable fixed deposit account,and i'm running it for one year straight.
Thats a total of 156k per 90days.
But what i heard,it all depends on the amount you put in,something lower than 1m gives you low interest,higher than 1m gives you high interests

@brianromel

hey bro,
which bank offered you tis rate ?
Thanks

brianromel:

Guys all this depends on how much you put in.
I got 13% on 1.2m for a 90days renewable fixed deposit account,and i'm running it for one year straight.
Thats a total of 156k per 90days.
But what i heard,it all depends on the amount you put in,something lower than 1m gives you low interest,higher than 1m gives you high interests

Bro, you cant get that in 90 days. The 13% is per annum, so that figure- N156k- is all you'll get in 1 year.

Which can is the best for fixed deposit and how can one get the best fix rate

fyneguy:

Bro, you cant get that in 90 days. The 13% is per annum, so that figure- N156k- is all you'll get in 1 year.

You are right.
156/12 = 13K in a month
That is a bad investment, 1.2M Naira for 13K a month?

fixed deposit investment is free investment where you have nothing to loss except Bank Liquidate which we make most investors, savers and companies losss but apart from that, you have nothing to loss but in other investment, its is not risk free

walestar:

fixed deposit investment is free investment where you have nothing to loss except Bank Liquidate which we make most investors, savers and companies losss but apart from that, you have nothing to loss but in other investment, its is not risk free

I rather invest the money into other things that i can take care of.

I have been reading all that is being said about fixed deposit, rates, in nigeria, my thing is that, even if the intrest rate is under the inflation rate, i think it would be wise to still invest your money, especially if you have in the millions, then you take the intrest rate being payed out to you and you invested that in something else, this way you know that you are getting a fixed revenue on either a monthly basis or every three months or howeva long you fix your money for. so god forbit, if anything happen, you know u still got that fixed money and its still bring u something to invest. You cant get rich off fixed deposit accounts, you can only add to your money. the way i see it, its like wearing a financial condom, to make sure, ur dont get yourself into any major trouble.

Nigerians!!!

You lot are something else!! A bank is offering you 10% and you call that rate of return laughable?? In America and the UK there is NO bank that would offer you anything more than 4% on your investment. Heck, with the current economic climate, be thankful if you even get 2% and at the end of the day, the tax man cometh for your meagre returns.

Don't mind these jokers. They know much more than what is at their doorsteps.

During the economic boom of the mid 90s to 2004, the best CD Rates you could get in the U.S or Europe was 4.2% APY.
Today that figure is 1.59% tops.

10-13% return on a deposit is a gold mine of a return.

It's Nigeria's best kept secret to the foreign world.

can somebody avail us d rates of various categories and the banks?

@sir-p2007 ,
interest rates across bank now is as good as zero %.some banks like gt offers btw 4%-5% perannum if you are luck to negotiate well,bank like uba i think is 0.5% per year . So hurry widthdraw your fund and just invest in your business or something else.

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I heard interest rates are starting to inch up.

How much can you get for 10-30m on 1 month deposits?

The days of relying on commercial banks for attractive returns on money fixed are gone, we are in the era of asset management companies and porfolio managers, these are the only people that can guarantee you returns above the inflation rate. The inflation rate in nigeria is around 10.5%, you can get around 15% to 17% from asset management companies and porfoli managers depending on the amount you wanna fix and your negotiating power. you can contact me @ ikudayenu@yahoo.com if you wanna learn more or simply ask your questions on this thread.

Kelvikk, Can you recommend a reliable assest management company?

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In Europe and America the interest rates, on loans and deposits, are close to zero.

In Iceland we know 30-90% inflation. We also know bank accounts, and other financial instruments, that offer very good interest rates - but risky, and in an uncertain world, dangerous. 18% is not good interest on worthless currency. The Icelandic Króna is worthless.

We also know how it feels when a currency devalues by 50% in one month. It is not a good feeling.

I think the world monetary system is flawed. Africa, Iceland and many other countries and continets are getting the short end of the stick. There must be a better way?

so any ideas on going rates if I was to invest 40m naira for 1 month or 3 months?

@Serious1,Where did you get that kind of money at a go?

@saridon p,
somewhere in your post you talked about buying things from turkey and reselling for profit.Please what can $7000 buy from turkey and to resell here in nigeria with some profit, please share with me , catfishnigeria@yahoo.com

@Confluence,Check the first post with mutual fund for reply.

I need to be enlightened more on this fixed deposit account in Nigeria.

It's nothing to write home about at present.Its about 2% per annum. I have one with UBA which i started last year.

@Its definitely more than 2%,the current rate is above the MPR which is 6.50%.From 5M upward currently you can get 8-9% with some banks and the rate may increase soon.The only reason you can have your money fixed is to generate more interest till the time that you are ready to use it.Its not the best but definitely better than allowing your money to be idle.But those four big banks offer less than 3% actually,its better not to fix money with them.

Please which four banks are you referring to?

Firstbank,UBA,GTB and Zenith.

i think i now have enough information at my disposal an i can now make my decision,i reside in Ghana and i have about GHC 10,000 (about NGN 1,000,000 equivalent) to be put in a FD account here in Ghana,but i was contemplating bringing the same to Nigeria maybe i can get a better deal,base on the information i've got here i found out that Ghana is better. Ghana inflation rate is presently @ 8.4%, and my banker told me that i can get FD deal @11.6 a month, is that not fair enough considering my alternative?