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Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks - Investment - Nairaland

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Interest Rate On Fixed Deposit Accounts In Nigeria / Nigerian Banks, Stockbrokers, And Services For Nigerians Abroad / Interest Rate On Fixed Deposit Accounts In Nigeria (1) (2) (3) (4)

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Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by lilmadam(f): 12:14pm On Sep 26, 2007
Pls can someone tell me what the interest rates on fixed deposits are, especially on a 60 days tenure.
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by coollove: 10:06am On Sep 28, 2007
oceanic is max of 24%per annul
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by mrtunde(m): 10:33am On Sep 28, 2007
Its not true!
I think we should differentiate between Interest rate charged when you borrow from the bank (now about 18% across board excluding fees) and interest rate paid when you fix you money for a specified period of time (term deposit or fixed deposit). fixed deposit rates will vary depending on the amount of money you want to fix. usually, the higher the volume of money, the higher the rate but not exceeding 13% or so. please note that all rates are per annum.
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by abasiedi(m): 10:44am On Sep 28, 2007
I think u guys have to look into the interest rate on deposit. From my experience, there is no bank in Nigeria that can pay u that much. 30% is mission impossible 2007.
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by my2cents(m): 10:53am On Sep 28, 2007
This just in from my "sources" in Nigeria (chei! information super-highway sweet o! As soon as I hear tory, na im I kuku confirm via online chatting and double confirm by visiting various bank sites lol):

1) Zenith bank is currently paying 12%

2) a rate of 30% is impossible. For a loan, maybe, but definitely not for time deposit.

Perhaps pmone meant "as low as 3%"? It could also depend on how much you are depositing. I didn't go that far in my questioning grin
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by RichyBlacK(m): 5:42pm On Sep 28, 2007
my2cents:

This just in from my "sources" in Nigeria (chei! information super-highway sweet o! As soon as I hear tory, na im I kuku confirm via online chatting and double confirm by visiting various bank sites lol):

1) Zenith bank is currently paying 12%

2) a rate of 30% is impossible. For a loan, maybe, but definitely not for time deposit.

Perhaps pmone meant "as low as 3%"? It could also depend on how much you are depositing. I didn't go that far in my questioning grin

Thanks for the clarification.
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by yankidelta(m): 5:33pm On Sep 30, 2007
i work with it a bank.Interest rates are negotiable but u rarelly get a deal of 10%.Trust me

grin
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by chokit(m): 6:40pm On Sep 30, 2007
I had an amount fixed with uba trustee now asset management or something which i have recently closed.They started with 13% with me and later on the rate reduced to 8% i asked a why and the answer i got was that the rate administaration in nigeria is not stabble so as in the western world.So the regualtory authority (cbn)and federal gov controls it.But for you to get anything above 8% anywhere is not possible.That doesnt mean that you cannot negotiate if it clicks, your luck!
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by chokit(m): 6:44pm On Sep 30, 2007
If you are serious fixing it with uba then i can give you the the link to the officer that handled my for me then.
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by razameen(m): 6:41am On Oct 01, 2007
Thanks for the information. Can you please link me with the officer or anybody in UBA that can handle the investment for me and I would like to know if the interest is paid monthly or quarterly? Thanks
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by tboius(m): 1:37pm On Oct 01, 2007
on the interest rate on fixed deposit
the interest rate differs as the principal amount
but believe me no bank in Nigeria will give as high as 14% not to talk of 30%
much as the rate differs as the amount,it also varies with the tenor,i.e the duration of deposit.
usually ranging from 30days,60days,90days and call which is negotiable
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by lilmadam(f): 8:39am On Oct 02, 2007
smileyThanks all,you have taught me more than i ever expected.
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by jimmyjam: 11:28pm On Nov 19, 2008
actually CBN fixes a maximum on fixed deposit interest rates i beleive its currently at 13.50% meaning no bank can give you more than 14% per annum on a fixed deposit.
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by mumfutout(m): 11:21am On May 18, 2009
i work in an insurance firm and we offer as high as 13% for just a million and its reviewed upwards to 16% for 5million.thogh u can negotiate if ure not comfortable with these rates.hola on demyarts@yahoo.com.
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by Nimshi: 11:59am On May 18, 2009
mumfutout:

i work in an insurance firm and we offer as high as 13% for just a million and its reviewed upwards to 16% for 5million.thogh u can negotiate if ure not comfortable with these rates.hola on demyarts@yahoo.com.

What's the name of your insurance firm?

And, if your firm has got a website, could you please povide the link/address?

Cheers.
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by mumfutout(m): 12:13pm On May 21, 2009
the name of the firm i work with is UNIC INSURANCE PLC.THE BRANCH OFFICE I WORK AT IS THE CITY OFFICE, 2 TINUBU SQUARE, LAGOS. POP IN AND ASK FOR SAMUEL JAMES. AM A FINANCIAL PLANNER.OR BETTER STILL U CAN CALL ME ON 08065764888 OR 08050537336.I WILL BE EXPECTING UR CALL OR A VISIT AT OUR BRANCH.THE WEB SITE IS WWW.UNIC INSURANCE PLC,BUT U CANT GET DETAILS OF THE INTEREST RATES THEIR.JUST HOLA AND WE CAN SCHEDULE AN APPOINTMENT FOR A PRESENTATION IF U SO DESIRE.
TANX
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by j2much: 12:23pm On Jul 09, 2009
Hi where i work,an investment banking firm ,Skyview Capital,we do 13-14% per annum,on a 30,60 or 90 day call but i would advice you do 90 days.Banks do at most 12% or lower,i know this cause we relate with different banks daily.We are also into stocks and asset management.Check our site www.skyviewcapitalng.com
or hala me on 08025877792 for more details.
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by Fhemmmy: 1:12pm On Jul 09, 2009
j2much:

Hi where i work,an investment banking firm ,Skyview Capital,we do 13-14% per annum,on a 30,60 or 90 day call but i would advice you do 90 days.Banks do at most 12% or lower,i know this cause we relate with different banks daily.We are also into stocks and asset management.Check our site www.skyviewcapitalng.com
or hala me on 08025877792 for more details.

That is big time highway robbery.
If i fix 10M naira for 90 day at interest rate of 12% per annum, that will give me 100K per month and that will be before all fees are deducted?
Meaning, leaving my 10M in your hands for 90 days, i will make 300K for the entire period and i wonder how much your fees would be and all that, and not sure if i will have to pay tax on the money made.
So why wont i go and invest my money into some kinda biz then?
Although, there is hardly any bank in Canada and USA that can pay u that much - - correct me if i am wrong people
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by mumfutout(m): 3:34pm On Jul 15, 2009
like i said earlia on, we offer as high as 16percent/annum for 5million naira and above this figure,its negotiable.and i must stress, THERE ARE NO HIDDEN CHARGES,UNLIKE WHAT THE BANKS OFFER.JUST CALL ON +2348065764888 or pop in @ UNIC INSURANCE PLC, 2 TINUBU SQUARE, LAGOS AND ASK FOR SAMUEL JAMES, THE WORLD OF INVESTMENT IS SUCH THAT IF U DON`T KNOW, BOY YOU DON`T PERIOD.WELL HOLA
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by stelinlind: 5:44am On Nov 25, 2010
Hi,
    This is stelin lindsey,
Watch your money grow when you open a fixed deposit account with us. A Fixed Deposit account gives you the opportunity to invest a fixed amount over a fixed period at fixed interest. You have the option of re-investing your funds on maturity or just your principal and having the interest paid into your account.You can invest for a three month, six month or one year term. Click here to see our current rates. You can also use your deposit as a guarantee for a loan.

Best Interest Rates
Re: Interest Rates On Fixed Time/tenure Deposits In Nigerian Banks by KeyA1: 4:09pm On Nov 25, 2010
Have you considered the inflation rate of the country? You do not make money in fixed deposit for goodness' sake. The interest paid cannot cover the rate at which your money devalues.

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