Kindly help.

It depends. Ask your bank

Platinum007:
Kindly help.

Seriously the most foolish thing to do financially in Nigeria is to do a fixed deposit, our inflation rate is higher than any interest rate any bank will give you in fixed deposit, meaning your money will come back to you devalued, the purchasing power will be less then when you first fixed it. Contact me let me direct you on what to do with the 1 million and get a much higher dividends than fixed, but if you still want to fix,it is usually for a year and Standard Chartered Bank Nigeria will give you 7.90% for your fixed deposit for 1 year, the lower the amount and any fixed below 1 year will be even accumulate a lower interest rate.

With Stanbic IBTC Money Market Fund (from the Asset management arm) you can get up to N60,000. The current rate is about 12% per annum

SleekReek:


Seriously the most foolish thing to do financially in Nigeria is to do a fixed deposit, our inflation rate is higher than any interest rate any bank will give you in fixed deposit, meaning your money will come back to you devalued, the purchasing power will be less then when you first fixed it. Contact me let me direct you on what to do with the 1 million and get a much higher dividends than fixed, but if you still want to fix,it is usually for a year and Standard Chartered Bank Nigeria will give you 7.90% for your fixed deposit for 1 year, the lower the amount and any fixed below 1 year will be even accumulate a lower interest rate.

linus, current inflation is 9.2%, u can fix for 30,60,90,120,180 to 360 days, interest will be prorated, he can get 11-12% from some banks. @op u can get 45k-60k from Fixed deposits, tbills or mutual funds

Thanks a lot for these information. I will take them under advisement.