I am sure many of us who have interest in savings would want to know how this is calculated. I chose to save in a fixed deposit and from what is explained, interest rate is 7.5% per month, I chose to use 500k but this is the percentage I got. Please bankers in the house, help out.

A bank's interest rate is per annum not per month... If it were to be per month, we all would fix our money with the bank and be smiling monthly .

To get your interest rate per month... divide 7.5 by 12. That gives you 0.625!
Multiply 0.625 by your capital and that will give you your monthly profit.

Owealth on Opay Platform pays 10% per annum
Kolomonie pays 12%
Cowrywise pays i think 15%

Play 9jabet with 1.10 odd for one week. Tank me later.

Calculate the interest on your fixed deposit using

P x R x T = 500,000 x 0.075 x 30/365

NB: for naira FD, 365 days is used for a calendar year
For dollar FD, 360 days is used for a calendar year

**Also note that WHT tax applies for AA but are exempted for BA.

NIKEDEEDS:
Calculate the interest on your fixed deposit using

P x R x T = 500,000 x 0.075 x 30/365

NB: for naira FD, 365 days is used for a calendar year
For dollar FD, 360 days is used for a calendar year

**Also note that WHT tax applies for AA but are exempted for BA.

Meaning of AA and AB pls

dawnomike:
A bank's interest rate is per annum not per month... If it were to be per month, we all would fix our money with the bank and be smiling monthly .

To get your interest rate per month... divide 7.5 by 12. That gives you 0.625!
Multiply 0.625 by your capital and that will give you your monthly profit.

Owealth on Opay Platform pays 10% per annum
Kolomonie pays 12%
Cowrywise pays i think 15%

thank you all for your responses. This bank have options for 30-60days and 60-90days. I even spoke with them to confirm. Sure I miscalculated the rates. Thanks again