Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,678 members, 7,955,500 topics. Date: Sunday, 22 September 2024 at 07:42 AM |
Nairaland Forum / Nairaland / General / Investment / Bankers Please Explain (984 Views)
Is Satisfied Bankers App Legit / Bankers Please Help A Brother / I Am About To Lose My Dad's Contributory Pension, Bankers/Lawyers Help! (2) (3) (4)
Bankers Please Explain by StepTwo: 6:33pm On Apr 08, 2020 |
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.
|
Re: Bankers Please Explain by dawnomike(m): 6:38pm On Apr 08, 2020 |
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% 1 Like |
Re: Bankers Please Explain by LOVEGINO(m): 6:44pm On Apr 08, 2020 |
Play 9jabet with 1.10 odd for one week. Tank me later. |
Re: Bankers Please Explain by NIKEDEEDS(m): 11:16pm On Apr 08, 2020 |
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. |
Re: Bankers Please Explain by ojexin(m): 12:01am On Apr 09, 2020 |
NIKEDEEDS: Meaning of AA and AB pls |
Re: Bankers Please Explain by StepTwo: 10:44am On Apr 09, 2020 |
dawnomike: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 |
(1) (Reply)
Livewell Gardens LTD Estate / A Hot Skill You Can Learn And Monetise If You Have A Smartphone / Alert Of A New Estate Along Lekki/epe Expressway Before Alaro City
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 12 |