Pls can someone tell me what the interest rates on fixed deposits are, especially on a 60 days tenure.

oceanic is max of 24%per annul

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.

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.

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

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

Thanks for the clarification.

i work with it a bank.Interest rates are negotiable but u rarelly get a deal of 10%.Trust me

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!

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.

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

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

Thanks all,you have taught me more than i ever expected.

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.

I work in an insurance firm and we offer as high as 13% for just a million and its reviewed upwards to 16% for 5 million. Though u can negotiate if u're not comfortable with these rates. Hola.

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.

The name of the firm I work for is UNIC Insurance PLC.
The branch office I work at is the City Office, 2 Tinubu Square, Lagos. Do pop in.
I am a Financial Planner there. Do visit our branch.
Just hola and we can schedule an appointment for a presentation if u so desire. Cheers.

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.

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

Like I said earlier on, we offer as high as 16 %/annum for 5 million Naira. Above this figure, its negotiable and I must stress, there are no hidden charges unlike what the banks offer. Pop in @ Unic Insurance PLC, 2 Tinubu Square, Lagos… The world of investment is such that if u don`t know, boy you don`t period! Well hola.

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

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.

lilmadam:
Pls can someone tell me what the interest rates on fixed deposits are, especially on a 60 days tenure.

.

Why fix your hard earned money in fraud ridden Nigerian banks? Invest in some short or long term business. I am yet to recover my investment in Main Street bank. Nothing will make me leave more than 50k in anyone bank. Why is government ordering ministries and parastatals back to central bank? Some of them have started delay tactics that will delay withdrawals. others will soon follow.