₦airaland Forum

yungestmoney:
They now deduct during interest payment!

No, they deduct when interest is paid back

Curry30:
Not only GTB other banks (infact all banks) are deducting the WHT. Access debited WHT on my matured TBills today

Yea
I think someone said they invested recently and wht wasn't deducted

talk2tonie:
GTB?

Most definitely GTB. My worries now is the fact they they may still deduct another WHT when you reinvest

Educationalserv:
It seems the WHT on Treasury bill has been suspended quietly due to low subscription and FX outflow .

Really. Have you subscribed to any tenure recently

Good day house. Which bank is ideal for treasury bills considering the WHT charges. Im looking out for banks that won't charge WHT
Gtb wants to finish me with WHT charges

kristien4:
Which Bank?

Its gtb

enque:
Haba
Shouldn't it be going forward 😡

Im still confused. Why would they charge from previous investment

Good day house, my account officer just reached me that they be deducting the 10% WHT on interest from my previous TB investment on maturity following the firs memo

This is rather unfair for previous investment

heavenisreal18:
Good afternoon, pls I invested in T bill
I was paid upfront interest ,when I received the certificate it was stated that maturity value subject to 10percent withholding tax , does it mean they will deduct the 10percent from the face value at maturity.
Or I will received all my money at maturity

They ought to have deducted the 10% WHT already from the interest you were paid

Good day house. Please i need the input of any professional in the house.
I intend to increase the fence (by 3 coach) on the property I and my wife got which is at the back of our current residence. The issue is that one side of the fence wall the land is sharing with a compound, has Cracks on them and if I add more block to it, it may collapse.
What remedy can be done to the fence walls before I set blocks on it to avoid it falling.


I've uploaded a video of the wall Here and pictures below.

OCTAVO:
All I see here is cluelessness! Have you seen any land advert so far here on this thread??
Personally, I'm very heavy on TBills too mind you. It's just one of my portfolios. Key word here is diversification! No body get time to dey market land up and down o.
See, make una forget land matter abeg. Nobody is trying to convince anyone to leave TBills for Land banking. Simply add land banking to your portfolio if you can, that's all! If you can't, then continue your TBills in peace.

Keyword here is diversification. While land returns generates much interest, not everyone would make a great "harvest " on flipping lands.
The goal is grow your money using all medium be it real estates, investment, et al. Let you money work for you

Odunharry:
The standard should be client getting their certificate or proof of investment. Please always request for it.

Yes I always ask for it but they'd tell me they send it via mail which they dont end up doing. I got fed up with their failure I had to call CC

Odunharry:
Please always ask for certificate of investment/Investment letter anytime you invest. Normally, your account officer is even suppose to send to you without you asking.

My acct officer never eve sends mine. I had to call head office and they called the branch I did the treasury bills before they mailed it to me

Bennycollins:
Hi esteemed forumites.
I need help from those that know.
Zenith bank subscribed me for 340+ days Tbills at the rate of about 19+ % . I had chosen 22% rate in the form with instructions that any thing less should not be accepted to me, but the did everything without consulting me.
So I applied that the investment be cancelled.and the have kept back 309k as penalty, according to the Operations Head. Principal amount was 10m and 1703000 had been credited as upfront.
How do I handle this, as 300k is too much for me to lose like that.
Thanks

What was given to you was secondary market. From interest quoted they also removed 10%WHT. I ran away from zenith because of that 10%WHT. I hope you'd be able to get back the 300k they charged as penalty

@dru23 sent you a mail. I need the mobil1

Reelz:
Stanbic bid failed.. we move.. it's like I will change from them..
which other bank is suitable pls.. zenith or Access..

Run away from Zenith. As at yesterday GTB was 19% secondary Market for 364 days

squad1:
Hello. TB guru in the house. I advised a friend to invest in TB. After so much persuasion, she invested N20,000,000 for 3 months @ 16.3%. When I did the calculation for her, I told her to expect interest of about N811k.

She just called me now that's she got 794k then they deducted like 79k for tax and 20k because it is a corporate account and other charges reducing it to like 690k. Please, how come? She did it with Zenith bank. Is it because she used a corporate acct?

I need an explanation.

I also bidded with my zenith corporate and the charges were alarming. WHT was 10% of interest with their own bidding fees.
Next I bidded with gtb and they didn't charge WHT on interest but on charges and total charges including WHT wasn't up to 30k.

I dont know if it's because it was a corporate account that's why they charged so much but one thing I'm sure of is that I'd never bid with zenith again. Their total charges are to the roof

heavenisreal18:
Sincerely I am no longer finding investing in T-bill interesting since June 14, the account officer keep saying it failed ,they said primary is not available I opted for secondary yet they keep sending failed mails.

What do you suggest I do differently, have been calling and mailing the bank is gt

Never heard of secondary Market failing except you dropped your instruction after close of Market for that day but can be treated next day. I'd advise you visit bank, let your account officer check their portal and tell you the available rates and book you in for your desired right there before you leave the bank

Bluekapon:
Thank you for your response.
I applied on Friday via GTB. Didn't get any debit alert whatsoever throughout Friday. Tried calling the account officer but he wasn't picking my calls. I checked my account balance today being Saturday via ATM and noticed that the entire amount is gone including the interest. Still yet to get any alert sms or email. The account officer is still not answering my calls. I'm just kinda confused here.

Usually they leave interest after their own deduction. I'd advise you call customer care or login into your mobile app or internet banking to view your transactions

Escapist:
Good morning all. I was informed by GTB that the minimum they accept for TB primary market is not 50m.

Are other banks still accepting lower and did anyone successfully bid below this amount with GTB?

They just started that last 2weeks citing CBN policies. I just hope other banks don't go that route

uptimum123:
I intend to visit GTbank this week to purchase at the secondary market, is there any particular person I need to speak with when I get there ?


This is my first time

Speak with any account officer there

Odunharry:
Take advantage of secondary rates for 357 still at 23.5 yield

What bank ?

Godspeed0:
i though tbill is a year something abi it don turn monthly something everybody just dey ask for next aution make i follow join

You can subscribe every 2 weeks for primary market with tenure ranging from 3months to 6 months to 1yr or subscribe daily (Monday to Friday) via the secondary market

Itsrm:
Here

Very good. Zenith collects Tax from interest. I was sad when I transacted with them. I had to port to GTB and vat + charges removed wasn't much at all

Current cost

twinskenny:
Did this upgrade yesterday…
From 4 tubular batteries to 7.5kw lithium more juices


For your solar inverter solution let’s talk…

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08051355133

Do you offer solar Pump installation??

drealj:
Morning, will auction take place this week

Yes there's an auction this week. Last for this year. Turn in your bids quickly

shizzy7:
Hello what's the process of investing in a commercial paper? I Already opened a stanbic investment account but I'm not getting info on cp just their mmf and interest is 11%.
OR
Which is the best bank or investment house for treasury bills and at what rate will it be?

CP is different from mmf and Treasury bills.

Last stop rate for primary Market for TB was 16.7%. You can walk into any bank to drop bid. Although not sure any bid will take place this year again as this week's bud will be the last for the year. You can opt for secondary market though

freeman67:
That's good, Afrinvest also does that but they will bill you from all angles possible, they will charge you for the transaction even after the issuer have settled them. Then tell you that the investment is sublet to them because they are stockbrokers and not merchant bank so they have to bill to get their own.

Thus, I prefer merchant banks like FBNQUEST, Coronation and the likes. Coronation usually don't do any other deductions apart from the principal because they are most times either the lead arranger or one of the arrangers and the cost is borne by the issuer from their end. However, on this tax thing, they do not stipulate it on the proof, and when you ask they'll refer you to their mail/advert where it's stated that ' Applicable taxes shall apply except where otherwise exempt'. How I want take the follow up on exempt and none exempted again?

Infact there have been an instance that they have to come me to send them my TIN just when it was close to maturity. That is the only thing I don't fancy about them.

Does FBNQUEST offer CP

This is fairmoney interest rate. How is this rate possible. I'm almost tempted by it

I'm hoping for 20%

freeman67:
It's dicey somehow. The things to consider are;

No 1. is that you have collected interest upfront when you invested. However, if it's just that, plus and minus will settle it.

No 2. Is that rates have gone higher than what you invested. If the bank is to retail OTC, nobody would want to invest at that low rate now knowing that there are better offer available. So if the rate it is to be resold is considered, you will loose money. You didn't mention the rate you got it and rate they are to resale it but that's how it will be. E.g if you got it at 13% about 2 months ago and the prevailing market rate now is about 15-16%. You will definitely loose money.


Going by the 2 reasons above and the possibility that the money might be big, Liquidating now might cost that much. So it's left for you to decide whether to endure the loss or let the investment run its course.

I actually got it at 9.7% and rate is 17.5%. I decided to leave it. I'll invest another. It's just painful if only I had waited. I thought rates will crash to below 5% as it usually does every end of the year