Sanmel:
O ye se.. Ba van

eko we ye ra

GudluckIBB:


eko we ye ra

eeeeh

With this unification of government a/c?

Sanmel:
eeeeh

i hian send a pm gue
u reply mwen

rev2214:
With this unification of government a/c?

The Tsa implementation affected banks liquidity form as trillions of Naira were pulled out of commercial banks to CBN,
at this stage, banks need to increase their efforts in mobilizing deposits, u must have heard when fidelity bank announced that some of their branches will be opening to customer Saturdays 10am to 2pm or so. Banks need all the customers deposit they can get, so be sure to check among banks to see where you can get good rates for fixed deposit

bigfizh:


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)

No bank will give u 7 percent per month fd on1m, stop being an idio.t, I wonder d kind of bank dt employed u, when u r empty on basic things like interest rates. Olodo

ogawisdom:



No bank will give u 7 percent per month fd on1m, stop being an idio.t, I wonder d kind of bank dt employed u, when u r empty on basic things like interest rates. Olodo

must u insult to make ur point? when are we going to grow up?

ogawisdom:



No bank will give u 7 percent per month fd on1m, stop being an idio.t, I wonder d kind of bank dt employed u, when u r empty on basic things like interest rates. Olodo

No bank will even give you 2% interest in a month, the Aliko Dangote can not even get that for his multi billion Naira cash talkless of someone who few millions to put in a fixed deposit.


The current rate by my bank for fixed deposit is 2%.

Thanks a lot for this great insight. Not many Nigerians know this.

ogawisdom:

No bank will give u 7 percent per month fd on1m, stop being an idio.t, I wonder d kind of bank dt employed u, when u r empty on basic things like interest rates. Olodo

Only an immature will insult rather than discuss, yet you named yourself Ogawisdom

kingsab:
Thanks a lot for this great insight. Not many Nigerians know this.

you are welcome

manie:

No bank will even give you 2% interest in a month, the Aliko Dangote can not even get that for his multi billion Naira cash talkless of someone who few millions to put in a fixed deposit.
The current rate by my bank for fixed deposit is 2%.

2% ke, that's cheat deposit not fixed deposit, this is what i do everyday in the office, and i decided to come here and inform my fellow NL, that a banker will tell u a low interest and persuade you to accept it but meanwhile they can offer you more,
banks know that most customers through persuasion will accept any rates for fixed deposit, as no true business man will focus on Fixed deposit when they know what same money can fetch them outside there,

Banks want deposit but cheap deposit, they know that people will not keep their money at home for security reasons, so why pay them good interest on fixed deposit monthly without a fight when there are still customers with millions and billions in their account with no strings attached(just for saving sake and not investment).

bigfizh:


2% ke, that's cheat deposit not fixed deposit, this is what i do everyday in the office, and i decided to come here and inform my fellow NL, that a banker will tell u a low interest and persuade you to accept it but meanwhile they can offer you more,
banks know that most customers through persuasion will accept any rates for fixed deposit, as no true business man will focus on Fixed deposit when they know what same money can fetch them outside there,

Banks want deposit but cheap deposit, they know that people will not keep their money at home for security reasons, so why pay them good interest on fixed deposit monthly without a fight when there are still customers with millions and billions in their account with no strings attached(just for saving sake and not investment).

Try to understand my post, no bank will pay you 2% per month. 2% per month translate to roughly 24% per annum.

Please clarified these issue very well. Per anum or monthly?

manie:



No bank will even give you 2% interest in a month, the Aliko Dangote can not even get that for his multi billion Naira cash talkless of someone who few millions to put in a fixed deposit.


The current rate by my bank for fixed deposit is 2%.

Dnt mind d big fish abi na bigfizh

bigfizh:


Only an immature will insult rather than discuss, yet you named yourself Ogawisdom

When u cant differentiate between pa interests n per month interest dt even juveniles kw n u parade urself as a banker, big fish, big fizh

Whoever employed u as a banker smh

manie:
Try to understand my post, no bank will pay you 2% per month. 2% per month translate to roughly 24% per annum.

Olodo some banks can pay 2percent per month but they r mostly microfinance banks provided u have a minimum of 10m. Try eastgate mf bank, learner

I can bet my right hand dt no commercial bank can give dt rate n u r here telling us abt Eco bank and 7percent per month

OP,

Are you saying that i can fix something like 700K in FD for like 2 months only and get 7% interest each month? And i thought the minimum time you can fix is 1year. Please clarify. I still do not get it

ken4jj:
OP,
Are you saying that i can fix something like 700K in FD for like 2 months only and get 7% interest each month? And i thought the minimum time you can fix is 1year. Please clarify. I still do not get it

the minimum tenure for Time fixed deposit is 30 days, while its 7days for Call fixed deposit, the 7% is per annum but later analysed into months or days, depends.
meanwhile, see an example if you were to book your 700k at 7% for a tenure of 30days in the bank.

Amount Invested: NGN700,000
Effective Date: : October 5, 2015
Interest Rate: : 7% per annum
Tenor: : 30 days
Maturity date: November 4, 2015 Value at Maturity: NGN4,027.39:

this is calculated as : 7 divided by 100 multiply #700,000 divided by 365 days(annum) multiply 30 days(tenor) = NGN4,027.39:

Note that the accrued interest is subject to 10% Withholding tax, and if you liquidate before expiration of the tenure, you will be charged 20%.

wat amount is the minimum for fd? I av small change of less than 500k, can I fix it since I will b needing it by 2nd quarter of next yr

yak:
wat amount is the minimum for fd? I av small change of less than 500k, can I fix it since I will b needing it by 2nd quarter of next yr

The minimum amount is 100k, and yes you can fix it.

bigfizh:


the minimum tenure for Time fixed deposit is 30 days, while its 7days for Call fixed deposit, the 7% is per annum but later analysed into months or days, depends.
meanwhile, see an example if you were to book your 700k at 7% for a tenure of 30days in the bank.

Amount Invested: NGN700,000
Effective Date: : October 5, 2015
Interest Rate: : 7% per annum
Tenor: : 30 days
Maturity date: November 4, 2015 Value at Maturity: NGN4,027.39:

this is calculated as : 7 divided by 100 multiply #700,000 divided by 365 days(annum) multiply 30 days(tenor) = NGN4,027.39:

Note that the accrued interest is subject to 10% Withholding tax, and if you liquidate before expiration of the tenure, you will be charged 20%.

Thanks for clarification. That means N700k for one year will only yield N4k. I have always known that fixed deposit only makes sense for big players with hundreds of millions. just wanted to confirm that.

ken4jj:

Thanks for clarification. That means N700k for one year will only yield N4k. I have always known that fixed deposit only makes sense for big players with hundreds of millions. just wanted to confirm that.

The 4k is not for an entire year, its for a month

bigfizh:


The 4k is not for an entire year, its for a month

Oh sorry, i have read it clearly now. Thanks

I was thinking the op meant 7% per month initially.
Wondered where he got that from.

Hmm, interesting thread. @bigfizh, thanks for d info

pls be form that the bank may try to convince you with low interest rate, just try am be smart.

I have try almost all the banks with respect to their fixed deposit rate, but UBA seems to be the best with good interest rate. though I invested for 3 months with interest rate of 9%. the good thing is that ones my money is been roll over the interest rate increase .

Friday4god:
pls be form that the bank may try to convince you with low interest rate, just try am be smart.

I have try almost all the banks with respect to their fixed deposit rate, but UBA seems to be the best with good interest rate. though I invested for 3 months with interest rate of 9%. the good thing is that ones my money is been roll over the interest rate increase .

You mean 9 / 4?

4 as in 4 x3months makes 1 year.
Let's stop confusing people here. The 9% isn't for 3months but for 1year.

We currently offer 5%


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