INVEST IN ROSABON FINANCIAL SERVICES FIXED DEPOSIT ACCOUNT.

A while ago, I audited my finances and realised that I had a small sum of money sitting in my savings account, which I was receiving less than N1,000 monthly interest on. Since I didn’t need this money immediately, I decided to research fixed deposit accounts offering higher interest rate in the short term, until I needed the money back. Fixed deposits are a very popular investment option in Nigeria, and you’ll hear about them 8 times of out 10 if you do happen to ask for advice regarding how to invest money. A fixed deposit investment is an attractive option if you do not want to encounter the risks involved in starting a new business venuture as returns are guaranteed, and the duration of your investment is flexible. I have done this sort of research before, comparing fixed deposit interest rates between Rosabon financial services and GTBank .

What is a fixed deposit?
A fixed deposit is a lump sum deposited with a bank for a fixed period amount of time, in exchange for interest. Our Fixed Deposit Account is an investment account and a type of savings account where deposits are made for a specified period. The account attracts higher interest rates than savings accounts.
How to put your money in a fixed deposit
You will need to have an existing account with the bank of your choice. You will then need to speak to your bank manager, telling them how much you want to “fix”, and for how many days. Most banks allow you to fix your money for 30 days, 60 days, 90 days, 180 days and 1 year. It is very important that you check with different banks to compare rates, as you can open a new account for this purpose if your banks rates are not competitive enough. Rosabon gives as high as 12% ---- 15% interest on placement between 1- 2 million and 14% from 3million and above. The higher the placement, the higher the interest rate.

How do I get paid?
Usually, the money you want to fixed is removed from your account and the interest is paid into your account monthly. So for example, you want to fix N500,000 for 60 days and the bank has offered you an interest rate of 7%. You have N550,000 in your account. Once you confirm you’re making the arrangement and sign all the necessary documentation, the N500,000 “disappears” from your account to be “fixed”.

How is fixed deposit interest calculated?
Multiply the interest rate by your fixed amount. In the example above, 9% x N500,000 = N45,000.
Divide the result by 12 months: (N45,000/12 months) to get your monthly payments (N3,750).
Subtract 10% tax: N2,916 – N375= N3,375 payable month
N3,375 * 12 months gives you 40,500 yearly.

How can I open this account
The requirement to open this account are: utility bill( LAWMA or
NEPA bill) identity card (voter’s card, driving license or National ID
card) and a passport photograph

For more enquiries, contact
Treasury officer
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o.isaac@rosabon-fianance.net