I have some bucks I want to keep in a Fixed Deposit Account for use later in the year, enquiry from FBN gave 3% interest rate while GT gave 6.5, both per annum. My question is, assuming the dough is N500k and the duration is 3months how will I calculate my interest? Someone shd help. In addition, does anybody know any reliable bank with a better interest rate offer. Thangzzzzzzzz

Why not buy Treasury Bills and get about 14% for 91 days!!

@Bolorufem,
Interest payments over deposits are often calculated over actual/360 p.a. Meaning that the amount of interest you get paid over your deposit p.a. will be devided by 360 days and paid over the actual number of days in the months for which you have deposited the funds with the bank. i.e. 500k at 6.5% p.a. over 1 month (30) days will be:

Amount        Interest rate p.a.   Number of days over which int is paid
500,000.00   6.5% p.a.               30 days

On 500k at an interest rate of 6.5% per annum over 30 days, you will receive an interest amount of 2708.34 Naira (for 30 days)

Go to ANY Stanbic IBTC Bank branch, you will be delighted!

How do I invest in treasury bills. Is it through the bank or through a stockbroker. Was is the mininimum amount that can be invested?

For treasury bills try ur bankers or any discount house, if you have any difficulty reach me on feelamong@gmail.com

x-fire:

How do I invest in treasury bills. Is it through the bank or through a stockbroker. Was is the mininimum amount that can be invested?

@All, thanks for contributing.

adesteve:

Go to ANY Stanbic IBTC Bank branch, you will be delighted!

@Adesteve, do you work with Stanbic IBTC? Where is the nearest branck to Adeniyi Jones?

feelamong:

Why not buy Treasury Bills and get about 14% for 91 days!!

@feelamong, pls check your mail box, Ive sent you a mail.
Cheers