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Nairaland Forum / Nairaland / General / Investment / This Is Bad News For Fixed Deposit Holder (87884 Views)
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Re: This Is Bad News For Fixed Deposit Holder by Mopolchi: 9:50pm On Oct 18, 2015 |
k |
Re: This Is Bad News For Fixed Deposit Holder by GentleYoung(m): 9:50pm On Oct 18, 2015 |
This wnt be good |
Re: This Is Bad News For Fixed Deposit Holder by Dexpro: 9:50pm On Oct 18, 2015 |
I'm confused. You visited the bank today Sunday ? 3 Likes |
Re: This Is Bad News For Fixed Deposit Holder by j4sure(m): 9:53pm On Oct 18, 2015 |
ok |
Re: This Is Bad News For Fixed Deposit Holder by kinibigdeal(m): 9:53pm On Oct 18, 2015 |
The problem is from the TSA. The TSA policy is affecting every bank, they have no choice than to cut their expenses against the profit in other to remain in business. The implication is, some banks will whine down because customers will divert their money from fixed deposit to other account. Its gonna have a serious consequence on the banks and not the economy per say 1 Like |
Re: This Is Bad News For Fixed Deposit Holder by Nobody: 9:53pm On Oct 18, 2015 |
This doesn't make any sense, first because there are not enough Government policies and infrastructure to help potential investors/fixed deposit account holders who might wanna invest in the already dwindling economy, this might just push so many investors out of the country to rather invest in a much more credible economy where they can be certain of their ROI 3 Likes |
Re: This Is Bad News For Fixed Deposit Holder by Amebo123: 9:54pm On Oct 18, 2015 |
This will force some of the money been used for business or real estate in the county but most of the money will leave the country some west africa countries still give high interest rate Most fixed deposit money belong to investors that don't want to do or not interested in Business. 1 Like 1 Share |
Re: This Is Bad News For Fixed Deposit Holder by Mbediogu(m): 9:56pm On Oct 18, 2015 |
[quote author=Bj5all post=39045991]I was at the bank this morning to monitor one of my fixed deposit accounts and also to open another one when a news came to the bank via their mailing portal that CBN as changed the fixed deposit rate for all deposit holder. The interest rate for deposit between 100k to 50 million is now 2.5% for 30 days and 2% for 60 days and above. For deposit from 50 million and above is 3% as against the 10% ihave been dealing with the bank. I don't know if this is the same for other banks but i think it is bad news for Fixed Deposit holder. Please i will want our financial analyst here on nairaland to explain the implications of this decision on the economy. Nigerian banks are fraudulent. I learnt my lesson from Allied Bank and Afribank. Now I invest everything and leave minimal in the banks. I use them for clearing mainly. 3 Likes |
Re: This Is Bad News For Fixed Deposit Holder by hansad: 9:57pm On Oct 18, 2015 |
The lending rate by banks must also come into consideration here. |
Re: This Is Bad News For Fixed Deposit Holder by Nobody: 9:58pm On Oct 18, 2015 |
I don't know if I'm suppose to be happy or sad about this news. I have an investment with an investment company or should I call it "SME" and they'v being paying me steady..... |
Re: This Is Bad News For Fixed Deposit Holder by hardbody: 9:58pm On Oct 18, 2015 |
Bj5all: Not a problem at all. If this is true, i will terminate all my fixed deposits and put them on Tbills |
Re: This Is Bad News For Fixed Deposit Holder by bumi10(m): 9:59pm On Oct 18, 2015 |
hmmmm, now let's see those that have brains and who can take risk. I have always liken people who do fixed deposit with the bank as people who lack risk taken ability and dull brain people. I meant no offense guys but how can you give bank your money to make huge interest while they give you peanuts? it is stupidity or u r not informed. Now is time u get creative as cbn is making FD not attractive again. take risk ok Yet on the other hand I blame our so called government. How can government fail to provide infrastructure for SME to strive and yet force people to go into it.? as if dey delibrately want people to lose their money. ROI is not our govt. concern I must tell u. they will end up chasing investors into other countries were they can at least break even and have better chances of ROI. stupid govt. 2 Likes |
Re: This Is Bad News For Fixed Deposit Holder by Nobody: 9:59pm On Oct 18, 2015 |
The Nigeria economy is ailing and our policy makers are still looking for ways to worsen the situation. With the crashing of deposit rates, there is going to be scarcity of funds for banks to lend out. This will cause lending rate to increase. Investors will be discouraged from borrowing, as a result, we may witness slow down in new investment vis-a-vis capital accumulation. If investment falls, economic growth falls and unemployment rises. In the end, the economy suffers more because there is already of shortage of investible funds so I don't see why Emiefele will seek to discourage savings at this time. But what do I know? Nigeria has always been a place where theories don't work because of too many imperfections. Lets wait and see. 7 Likes |
Re: This Is Bad News For Fixed Deposit Holder by Nobody: 9:59pm On Oct 18, 2015 |
Bj5all: CBN does not fix the interest rate on fixed deposit for banks. It only sets the MPR and banks take a cue from there. How do you 'monitor' your fixed deposit accounts? Were you at the branch or the head office when the news came? Now to other issues. Given the current inflation rate of over 9%, the rates you've quoted aren't possible. If those rates happen with the inflation rate like that, the 'savings' side of the income equation will collapse. If everybody spends his money what do u think to the bank's ability to lend? Conclusion: the story you've written here appears fake. 14 Likes 1 Share |
Re: This Is Bad News For Fixed Deposit Holder by Nobody: 9:59pm On Oct 18, 2015 |
megainvest:don't make me LAUGH..... 1 Like |
Re: This Is Bad News For Fixed Deposit Holder by dantti2006(m): 9:59pm On Oct 18, 2015 |
Take this from a banker with an apex bank. It's not true. Although at my bank the minimum you can fix is 5 million. Rates have dropped but not to the ridiculous levels stated here. Contact me if you need to do a fixed deposit with your amount and tenor let's discuss. 1 Like |
Re: This Is Bad News For Fixed Deposit Holder by Youpele52: 9:59pm On Oct 18, 2015 |
SleekReek: Learned that from entrepreneur and investor Robert Kiyosaki, inflation is one of biggest enemies to savings. It's financial wiser to invest than save. 2 Likes |
Re: This Is Bad News For Fixed Deposit Holder by malonephill(m): 10:00pm On Oct 18, 2015 |
Dexpro:you rush to comment without proper checking, sorry anyway you need glasses, he open the thread on 16th which is friday 1 Like |
Re: This Is Bad News For Fixed Deposit Holder by Nobody: 10:01pm On Oct 18, 2015 |
Dexpro:check the date he created this thread. Friday, 16-10-2015 |
Re: This Is Bad News For Fixed Deposit Holder by ogunyooye(m): 10:01pm On Oct 18, 2015 |
Call me tomorrow 09032756181
I'll find out once I get to the office.
I work with Sterling Bank.
Its Adeyemi 2 Likes |
Re: This Is Bad News For Fixed Deposit Holder by yomi007k(m): 10:02pm On Oct 18, 2015 |
eddiebruk:Outta d country is d way. |
Re: This Is Bad News For Fixed Deposit Holder by David0(m): 10:04pm On Oct 18, 2015 |
It's not true please. Am a banker, n I can confirm it's not true. It is possible d bank op visited wants to play a fast One on him, by reducing d interest rate so d bank gains more from his investment. 3 Likes |
Re: This Is Bad News For Fixed Deposit Holder by aperture11: 10:05pm On Oct 18, 2015 |
Amebo123:How exactly do you plan to move the money out? You need dollars to do that. It is easier to look for other means to invest the money here by acting as a venture capitalist than moving the money out. That was the first thing the CBN did. Stiffle capital outflow. 1 Like |
Re: This Is Bad News For Fixed Deposit Holder by time82: 10:05pm On Oct 18, 2015 |
It is a positive news, it will help in ensuring proper use of deposit for industrialization. |
Re: This Is Bad News For Fixed Deposit Holder by mrkels(m): 10:07pm On Oct 18, 2015 |
Wetin this kind lie dey do for front page? It's not true jare. As at 7pm when I left the office on friday one could still get 11% on some amounts. Lairs lairs lairs. |
Re: This Is Bad News For Fixed Deposit Holder by mrkels(m): 10:08pm On Oct 18, 2015 |
Except maybe if you are talking about domiciliary deposits but that was increased form 2.5% to 3% just last 3 weeks. So brother, which account officer of which bank lied to you? |
Re: This Is Bad News For Fixed Deposit Holder by Nobody: 10:09pm On Oct 18, 2015 |
gayman99: the story is not true. before I left office on friday the rate advice i received was far better than what the op posted |
Re: This Is Bad News For Fixed Deposit Holder by Nobody: 10:10pm On Oct 18, 2015 |
David0:I really hope it's not true o. |
Re: This Is Bad News For Fixed Deposit Holder by benpedro(m): 10:11pm On Oct 18, 2015 |
sweetboiy:take your money away from them now anf run as fast as you can to avoid had i known |
Re: This Is Bad News For Fixed Deposit Holder by Amebo123: 10:11pm On Oct 18, 2015 |
aperture11: Another reason why naira will continue to fall to the dollar. Why do you think parallel market dollar price is higher everyday? |
Re: This Is Bad News For Fixed Deposit Holder by youngalex(m): 10:11pm On Oct 18, 2015 |
Youpele52:When people talk about investment I will like us to be more factual on the businesses that yields 15-20% ROI,most businesses with huge profit margin requires huge capital investment b/w 5m and above 3 Likes |
Re: This Is Bad News For Fixed Deposit Holder by Nobody: 10:11pm On Oct 18, 2015 |
Youpele52: Even when the inflation rate is equal to the interest rate? |
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