source: http://www.talkasset.com/find-out-how-to-calculate-fixed-deposit-rates-is-it-worth-the-stress/

fixed-deposit
When people hear of fixed deposits rates like 5%, 7%, even double digit 10% for the first time they see it as a business to do and get rich over night. I took interest in fix deposit since i heard that it is one investment portfolio that your money is 100%. I decided to make inquiry on what the interest rate will be for different banks and these are what i found out

GTBank

RATE GUIDE FOR ROLLOVERS ONLY 7 DAYS 30 DAYS 60 DAYS 90 DAYS 180 DAYS
VALUE BAND % % % % %
N100,000 – N1mm 0.01 4.50 4.50 4.50 3.50
>N1mm – N10mm 0.01 5.50 5.50 5.50 4.50
>10mm – N25mm 0.01 6.50 6.50 6.50 5.00
>N25mm – N50mm 0.01 6.75 6.75 6.75 5.50
>N50mm – N100mm 0.01 7.00 7.00 7.00 6.00
>N100mm 0.01 7.00 7.00 7.00 6.00


First Bank of Nigeria

Please see below the fixed deposit rates for N100,000 to 50Million below.

30 DAYS 60DAYS 90DAYS 180 DAYS 365DAYS
2.50% 2.75% 3.00% 3.25% 3.50%


Diamond Bank

₦1M < ₦5M >N50M < N100M >N100M
CALL ​ ​
30DAYS 4.00% 5.00% 5.50%
60DAYS 4.25% 5.25% 5.72%
90DAYS 4.50% 5.50% 6.00%
180DAYS 4.50% 5.50% 6.00%
365DAYS 4.50% 5.50% 6.00%
I was excited that i began to ask more question on how to calculate my profit if i fix N1,000,000 for 9 months with Diamond Bank. they said first the interest rate for that is 4.5% thus the calculation goes this way

N1,000,ooo × 4.5 /100 = N45,000. He said that amount is for 12 months. to get for 1 month he further divided N45,000 by 12 which gave N3,750 per month. then he multiplied N3,750 by 9months which gave N33,750. Then i thought it was over. He said he needs to deduct 10% Withholding tax would be charged which left the remainder at N30,375.

Well after all these, I asked myself if it is worth the waiting. fixing 1million naira for 9 months and all I can get is just N30,375. Mean while bank's interest rate for loan facility is in doubles digits of 25% to 30% per year. The best I think is to invest the money and make money. Even sachet water business can give you atleast 5% interest every month not to talk about other lucrative business. Think before making that big decision of fixing your money. Be wise.

source: http://www.talkasset.com/find-out-how-to-calculate-fixed-deposit-rates-is-it-worth-the-stress

anisalome:
source: http://www.talkasset.com/find-out-how-to-calculate-fixed-deposit-rates-is-it-worth-the-stress/

Think before making that big decision of fixing your money. Be wise.

That's the point.

whitecloth:

That's the point.

You are on point. people are deceived. thinking what they see outside is same as inside.

Nice analysis op.

Fixed deposit is not worth the stress. Sometimes you get to earn more interest on your savings account than fixed. If you want better returns, you should invest in treasury bills. It's secured and yields better returns

whizqueen:
Nice analysis op.

Fixed deposit is not worth the stress. Sometimes you get to earn more interest on your savings account than fixed. If you want better returns, you should invest in treasury bills. It's secured and yields better returns

You are correct man. Fix deposit is not worth any attention

anisalome:


You are correct man. Fix deposit is not worth any attention

What of bonds, do you know anything about it, kindly explain or quote me when answering.