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How Do I Structure Weekly Standing Order Payments From A Fixed Deposit? - Business - Nairaland

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How Do I Structure Weekly Standing Order Payments From A Fixed Deposit? by hedonistical: 12:51am On Jan 08, 2018
I'm not sure what this kind of arrangement is called, but here is the thing.

Let's say I have N200 million right now, and I prefer to have it fixed in a bank, with weekly standing order payments of N100k drawn from it to another account in another bank - for the next couple of years and beyond. I want it in such a way that under no circumstances would I be able to withdraw anything from that account except the stipulated weekly standing order debits. How do I structure this arrangement, and what kind of interest rate regime would the bank apply?

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