gogedda:
Good afternoon house, pls I need candid advice from the Guru in the house about my friend who bought treasury bills at secondary market at13% from Stanbic bank.

Before Tbills purchase
Amount in bank account: 5,010,654.05 (five million, ten thousand)
Face value invested: 5,000,000 (five million)
Tenor: 91 days
Rate: 13%

After T bills purchase transaction:
Amount in bank account:152, 271.85
Tbills amount deducted: 4,857,534.25
Transaction fee: 300
SFKP fee: 547.95

When he approached the bank before he bought the Tbills, he was told that the secondary rate for 91 days was 13% and he filled it in the form and he was dully debited 3 hrs later.



From the look of things above, he is suppose to have more than the above in his bank account as his current balance. From my own calculation, i feel he was charged at a rate lower than what he was told. Pls kindly help out Gurus with the calculation. He is planing on going back to complain at the bank. Correct me if am wrong. Was he really charge a rate of 13% ?

gogedda:
Good afternoon house, pls I need candid advice from the Guru in the house about my friend who bought treasury bills at secondary market at13% from Stanbic bank.

Before Tbills purchase
Amount in bank account: 5,010,654.05 (five million, ten thousand)
Face value invested: 5,000,000 (five million)
Tenor: 91 days
Rate: 13%

After T bills purchase transaction:
Amount in bank account:152, 271.85
Tbills amount deducted: 4,857,534.25
Transaction fee: 300
SFKP fee: 547.95

When he approached the bank before he bought the Tbills, he was told that the secondary rate for 91 days was 13% and he filled it in the form and he was dully debited 3 hrs later.

From the look of things above, he is suppose to have more than the above in his bank account as his current balance. From my own calculation, i feel he was charged at a rate lower than what he was told. Pls kindly help out Gurus with the calculation. He is planing on going back to complain at the bank. Correct me if am wrong. Was he really charge a rate of 13% ?

olujaidi:


Appears to be around 12.18%

Use a simple interest formula and make R the subject of the formula

Acidosis:


He was charged at the rate of 11-11.3%

Rijo02:
Am actually curious to know how you were able to get 12.18%. Is the interest not the difference between the Principal (5m) and the amount debited (excluding the charges)? Please respond!!!

freeman67:


Pple talk about banks mostly because;
1)It is easier to invest in banks because almost everyone here already have a bank account or a requirement to own 1 before attempting to invest.
2)Most people around here have a branch of their preferred bank in @least their state capital. Its not that common with investment houses.. People have more access to investment houses mostly in Lagos, Abuja and Port harcourt.
3) At maturity it is easier to use the money straight from your account as it drops without going through the hassles of moving the money from the investment house to your bank.
4) Some banks have even cheaper custody fee...eg FBN has a Custody fee of 0.1%and a transaction fee of N100 for every transaction.
5)Lot of people coming here for the first do not know much about investment houses. Some even get to know them here.
These are the few reasons I see why it seem people here prefer banks to investment houses.

I'm not in anyway condemning investment houses as people uses have areas they benefit more than using a bank.

bahgo2001:
10% withholding TAX may be applicable

freeman67:
@gogedda First of all you have to get your proof/certificate of investment to know the exact rate of investment he was given. They have to be an explanation for that in the proof if not what my own crude calculator is saying is that the what was left for you as upfront is not complete.
Account Balance = 5,010,654.05 - Amount invested 5,000,000 = Balance =10,654.05

Investment amount : 5,000,000 ÷ 100% = 50,000
50,000 x 13% = 650,000
650,000 ÷ 364days = 1785.7143
1785.7143 x 91day =162500
162500 - 300Transactn fee = 162200
162200 - 547.95 Safe Keeping fee = 161652.05

161,652.05 + 10,654.05 expected Initial Balance after deduction of investment face value = N172,306.1

If everything is as explain in your post, this is what I believe should be your balance. So if you check well they should be something you didn't take note of before or something you didn't understand.

freeman67:
@gogedda First of all you have to get your proof/certificate of investment to know the exact rate of investment he was given. They have to be an explanation for that in the proof if not what my own crude calculator is saying is that the what was left for you as upfront is not complete.
Account Balance = 5,010,654.05 - Amount invested 5,000,000 = Balance =10,654.05

Investment amount : 5,000,000 ÷ 100% = 50,000
50,000 x 13% = 650,000
650,000 ÷ 364days = 1785.7143
1785.7143 x 91day =162500
162500 - 300Transactn fee = 162200
162200 - 547.95 Safe Keeping fee = 161652.05

161,652.05 + 10,654.05 expected Initial Balance after deduction of investment face value = N172,306.1

If everything is as explain in your post, this is what I believe should be your balance. So if you check well they should be something you didn't take note of before or something you didn't understand.

Acidosis:


He was charged at the rate of 11-11.3%

freeman67:


Pple talk about banks mostly because;
1)It is easier to invest in banks because almost everyone here already have a bank account or a requirement to own 1 before attempting to invest.
2)Most people around here have a branch of their preferred bank in @least their state capital. Its not that common with investment houses.. People have more access to investment houses mostly in Lagos, Abuja and Port harcourt.
3) At maturity it is easier to use the money straight from your account as it drops without going through the hassles of moving the money from the investment house to your bank.
4) Some banks have even cheaper custody fee...eg FBN has a Custody fee of 0.1%and a transaction fee of N100 for every transaction.
5)Lot of people coming here for the first do not know much about investment houses. Some even get to know them here.
These are the few reasons I see why it seem people here prefer banks to investment houses.

I'm not in anyway condemning investment houses as people uses have areas they benefit more than using a bank.

EverIncreasing:
Please house,has anyone used an indemnity form for treasury bills before?
Thank you

freeman67:
@gogedda First of all you have to get your proof/certificate of investment to know the exact rate of investment he was given. They have to be an explanation for that in the proof if not what my own crude calculator is saying is that the what was left for you as upfront is not complete.
Account Balance = 5,010,654.05 - Amount invested 5,000,000 = Balance =10,654.05

Investment amount : 5,000,000 ÷ 100% = 50,000
50,000 x 13% = 650,000
650,000 ÷ 364days = 1785.7143
1785.7143 x 91day =162500
162500 - 300Transactn fee = 162200
162200 - 547.95 Safe Keeping fee = 161652.05

161,652.05 + 10,654.05 expected Initial Balance after deduction of investment face value = N172,306.1

If everything is as explain in your post, this is what I believe should be your balance. So if you check well they should be something you didn't take note of before or something you didn't understand.

gogedda:
Good afternoon house, sequel to our conversation yesterday, we came to Stanbic bank today and collected the certificate we realize that it was charged at 13% only for the lady to tell us something about "witholding tax" OR something. I immediately told her there is nothing like "witholding tax" on treasury bills purchase.

Pls note that the only debit alerts on the bank statement was the treasury bill purchased @13% + transaction fee + safe keeping fee. There was no debit alert for witholding tax.

172306 - 152271.85 = 20034.5 (Amount that is missing)

Is this a case of wrong calculation on their side or simply fraud?

I hope this is not some trick to steal people's money. They properly think we don't do calculations.

This is really bad and so wrong.

My people what is the way forward. How do we handle this case and get the balance back?

gogedda:
Good afternoon house, sequel to our conversation yesterday, we came to Stanbic bank today and collected the certificate we realize that it was charged at 13% only for the lady to tell us something about "witholding tax" OR something. I immediately told her there is nothing like "witholding tax" on treasury bills purchase.

We later discovered that she made the mistake of telling us that it was for 91 days. it was done for 80 days and not 91 days. Thanks for all your suggestions

Investnow2017:


Check your account balance. At times you dont receive alert.

yinka2011:
RESULTS FROM TODAYS FGN BONDS PRIMARY MARKET AUCTION from easykobo website.

LINK IS HERE https://www.easykobo.com/News.aspx?id=19907

Investnow2017:


You mean you plan to invest N100k every month in this manner? That is a good strategy. Because by the time it is ripe, you would be reaping N100k every month as they mature.

yinka2011:
RESULTS FROM TODAYS FGN BONDS PRIMARY MARKET AUCTION from easykobo website.

LINK IS HERE https://www.easykobo.com/News.aspx?id=19907

yinka2011:
RESULTS FROM TODAYS FGN BONDS PRIMARY MARKET AUCTION from easykobo website.

LINK IS HERE https://www.easykobo.com/News.aspx?id=19907

TONY56:


What are you waiting for?
With the way rates are going down?
You may not be that lucky tomorrow.
Hope you remember that last week"so stop rate for 91days was 12.1%?
You are missing a fantastic rate and I bet someone else would have taken it before you go back for it

UPDATED

Please always apply immediately if your bank tell you the available tenor and percentage.

I can confirm that you are 100% right. The 87 Days at 12.20% i applied for has been unsuccessful because someone else grabbed it up before i forward my application. They just told me that there is 70 days at 12.5% and i have applied for it immediately. Not even sure if the 70Days at 12.5% is also a good deal

dotcomnamename:



UPDATED

Please always apply immediately if your bank tell you the available tenor and percentage.

I can confirm that you are 100% right. The 87 Days at 12.20% i applied for has been unsuccessful because someone else grabbed it up before i forward my application. They just told me that there is 70 days at 12.5% and i have applied for it immediately. Not even sure if the 70Days at 12.5% is also a good deal

savewelllivewel:
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dotcomnamename:



UPDATED

Please always apply immediately if your bank tell you the available tenor and percentage.

I can confirm that you are 100% right. The 87 Days at 12.20% i applied for has been unsuccessful because someone else grabbed it up before i forward my application. They just told me that there is 70 days at 12.5% and i have applied for it immediately. Not even sure if the 70Days at 12.5% is also a good deal

dotcomnamename:



UPDATED

Please always apply immediately if your bank tell you the available tenor and percentage.

I can confirm that you are 100% right. The 87 Days at 12.20% i applied for has been unsuccessful because someone else grabbed it up before i forward my application. They just told me that there is 70 days at 12.5% and i have applied for it immediately. Not even sure if the 70Days at 12.5% is also a good deal