Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,196 members, 7,953,713 topics. Date: Friday, 20 September 2024 at 12:19 AM |
Nairaland Forum / Nairaland / General / Investment / A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) (5799 Views)
Whats The Current Fixed Deposit Interest Rate For Nigerian Banks / Disappointing News! 2% On Fixed Deposits Confirmed / Fixing 30million Naira On Fixed Deposit In A Nigeria Bank In A Period Of 2years (2) (3) (4)
A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by bigfizh(m): 8:27am On Oct 19, 2015 |
I was drawn by a thread stating that Fixed deposit rate has gone down as bad as 3%, please note that this is not entirely true, as banks are looking for ways to increase and mobilise deposit which will put them in a more liquid state. we have two types of fixed deposit which are listed and discussed below: 1)Time Fixed deposit: this is a fixed deposit booked on minimum of 30 days, the percentage are usually around 7% on funds less than #1million for some banks ( see attached), the interest is credited into customers account at the end of the FD tenure, however, a client can choose to liquidate FD before time, but will be charged higher commission usually 20% of the accrued interest because they defaulted( liquidating before the agreed tenure) 2) Call fixed deposit: this are deposits that are fixed for 7 days and below 30 days,the rates are usually around 2.50% for funds less than #1million in some banks (see attached new rate guide) most clients are not aware of this type of FD, however some clients that are aware will rather treat as Time Fixed deposit with better rate and then liquidate before the agreed 30days which is also possible, thus enjoying the time deposit rate, however clients will be charged higher commission usually 20% as against the normal 10% of the accrued interest. kindly see attached the new advised rate in one of the leading commercial banks in Africa. Modified 1: note that its business for the bank, so they might tell u a low rate at first, but push further to convince them that somebody you know did same Fd in same bank in another location and was given a good rate( use the rates shown in the attached guide to bargain). Modified 2: Have you ever wonder why despite the economy situation in Nigeria, Nigeria banks keep declaring increased profit, the reason is they have decided to act more smartly, thus my reason for opening this thread. Good luck. 2 Likes
|
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by Omonomose1: 8:44am On Oct 19, 2015 |
Thanks for the clarification sir, cc: Seun , Mods please do the needful for others to see 2 Likes |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by Nichobabe(m): 8:54am On Oct 19, 2015 |
Thanks this is more like it |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by Sanmel(f): 8:54am On Oct 19, 2015 |
Omonomose1:Wo ye |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by CharlyNick: 8:56am On Oct 19, 2015 |
Nice |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by Omonomose1: 9:14am On Oct 19, 2015 |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by moderation2020: 9:16am On Oct 19, 2015 |
bigfizh: please I heed little clarification. These percentage is it per month or per annum |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by bigfizh(m): 9:35am On Oct 19, 2015 |
moderation2020: its per month, see monthly rate in the attached new rate guide, 1-m , 2-m, 3-m, note that Month is abbreviated as m, and interest rate varies, depending on how many months you are booking for in some cases while in other cases interest rate remain the same in respective of the tenure |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by Omonomose1: 10:12am On Oct 19, 2015 |
Op, are you a banker |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by Sanmel(f): 10:37am On Oct 19, 2015 |
Omonomose1:Eee |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by feelamong(m): 10:40am On Oct 19, 2015 |
rates are still poor.. will rather go for the bonds or Tbills considering tha fact that these rates are 10% Witholding tax deductible |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by bigfizh(m): 4:43pm On Oct 19, 2015 |
Omonomose1: yes |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by bigfizh(m): 4:55pm On Oct 19, 2015 |
feelamong: Treasury bills rates are higher, but don't forget your money will be uprooted for atleast 3 months unlike Fixed deposit where you can book for a month, one can also bid for treasury bills and fail simply because your bidding rates were higher than the CBN stop rate. Fixed deposit can be liquidated within a short time, if you ever needed the principal amount for something else it's your choice bro. 2 Likes |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by Omonomose1: 5:31pm On Oct 19, 2015 |
bigfizh: please assist me with info on any bank with good rates on fixed deposit , i am currently dealing with FCMB. Tnx |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by Omonomose1: 5:38pm On Oct 19, 2015 |
Sanmel: otenmwen noquo, Ure whatsapp? |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by Sanmel(f): 6:56pm On Oct 19, 2015 |
Omonomose1:Eeee.. Okpia we kin abi okwo |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by Omonomose1: 7:39pm On Oct 19, 2015 |
Sanmel: Oma matter, but okpia nor |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by feelamong(m): 8:27pm On Oct 19, 2015 |
bigfizh: Bros it seems you are not aware of happening in the money marketm For your info you can even buy Tbills for as low as 7 days in d secondary market. Yes you can sell your Tbills if you want ur principal anytime! |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by sharpman1(m): 8:56pm On Oct 19, 2015 |
bigfizh: You've got jokes! The rates are per annum not per month. 2 Likes |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by bigfizh(m): 10:03pm On Oct 19, 2015 |
feelamong: who is talking about secondary market here, that's not the deal, the rate is low compare to primary auction. yes you can sell the your Tbs if you want your principal, but how soon can one complete the process, its still not as fast and convenient as liquidating an FD |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by bigfizh(m): 10:08pm On Oct 19, 2015 |
Omonomose1: Guarantee trust bank and Ecobank rate seems okay as well. |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by bigfizh(m): 10:42pm On Oct 19, 2015 |
sharpman1: Depends on how you look at it, the interest are calculated per annual, which breaks down to per month, then days in some cases(call fixed deposit or customer liquidates before time) as you will be credited the accrued interest for the number of days it was fixed with the bank, |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by Omonomose1: 10:47pm On Oct 19, 2015 |
bigfizh: tnx, i will create time to check with the banks |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by feelamong(m): 8:40am On Oct 20, 2015 |
bigfizh: you need to get your self better educated on the workings of treasury Bills. you can always sell your T bills as fast as you want, provided you are working with the right investment house not with all these street bankers that do not even understand why Govt even does the Tbills auction. Rates in the secondary markets fluctuate and at times even get higher than the last stop rate in the auction....it depends on the level of liquidity in the market at any particular time....go and ask any bank teasurer that is woryh his onions how banks make money trading on T bills in the secondary markets..... if you are deligent enough, you too canmake the sort of money they make there... |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by pompido: 10:26am On Oct 21, 2015 |
Great stuff... I tried to bid for the Tbills this morning and my bank told me it was already closed so I opted for a time deposit and they came back with a 4% p.a rate Well, the actual plan is to do this for like 2weeks and terminate in time for bidding for the November 5th Tbills sale. Please keep enlightening us on other investment avenues and updates on calendars and such infos would be great. |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by Omonomose1: 1:15pm On Oct 21, 2015 |
pompido: i visited Ecobank branch in Akure this morning and their rates were similar to what the Op posted. Why not enquire from them |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by ogawisdom(m): 7:30pm On Oct 21, 2015 |
bigfizh: It is a fat lie its per annum y can't u give d name of d bank u got the attached leaves. Pls dnt misinform ppl. No bank in d world will give u 7percent per month on less than 1m |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by deltateam: 5:39am On Oct 22, 2015 |
Omonomose1: Please I need more information on fixed deposits. What is the minimum amount one can fix? Must one have an account with the bank to do it? |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by Omonomose1: 6:07am On Oct 22, 2015 |
deltateam: i heard some banks collect 500k minimum, not sure though, but 100k is the minimum that i am aware of, you must have an account, because that's where they will pull the money from for fixing and also where they will credit the interest as well |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by GudluckIBB(m): 9:30am On Oct 22, 2015 |
Sanmel: Okhuo no mose, vbo ye re? |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by bigfizh(m): 9:34am On Oct 22, 2015 |
ogawisdom: If you were patient enough to read through, u would noticed where this was addressed, Even a primary school student knows that rate is per annum, In fixed deposit, they are analysed into months and at times days( when liquidating Fd before time) in order to get the accrued interest, If you are doubting banks still offer good rate for funds less than 1m, why not walk into an Ecobank branch and confirm, note that its business for the bank, so they might tell u a low rate at first, but push further and convince them a friend of yours did same Fd in same bank in another location and was given a good rate( use the rates shown in the guide i attached to bargain) 2 Likes |
Re: A Thread To Clarify The current Rates On Fixed Deposit In Nigeria Banks(Exposed) by Sanmel(f): 12:04pm On Oct 22, 2015 |
GudluckIBB:O ye se.. Ba van |
See What A Man Did In His Apartment, After Winning N10m From Bet9ja In Edo / Superex Exchange Review – Is Superex Exchange Reliable? / A-Z About Setting Up A Cooking Gas Business And Be A Millionaire In 6 Months
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 47 |