₦airaland Forum

Deducted interest on Stanbic MMF

For those who got their last quarter accrued interest deducted from their MMF, check your bank account, interest are already being credited to customers registered bank account.

If you wish to opt out and want your accrued interest reinvested going forward, send a mail to customer care to give the desired mandate.

RonuMiscreant:
Thanks. Is my original capital preserved like fixed deposit and tbills? And the interest rate is guaranteed at the year end?

@RonuMiscreant for MMF to qualify as low risk investment the first consideration is safety of capital. Any investment that capital is not preserved or guaranteed cannot be regarded as low risk.

Capital and interest guaranteed. However, interest
is daily valued not fixed.
One thing is guaranteed, no investor loses money invested in any MMF.

By the way I hope you have opened account already using the first link on my signature.
Sometimes MMF operations get clearer once you start operating an account.

RonuMiscreant:
How do i use compounding with this MMF ? Say i want to be adding 10 naira every month to the already purchased mmf

Compounding is automatic once u pick the option to reinvest your interest.

You can decide to top up the capital in your MMF at anytime you have money to invest from 5k and above. Interest always accrues on the available balance - capital at anytime.

enque:
Cc emmasoft come and carry your prospect

@enque thank you. We don connect.

RonuMiscreant:
Please how is the interest in this mutual fund calculated. is it like fixed deposit?

Yes, to a large extent but applied differently. MMF calculates simple interest on your current balance (capital) and prorate to daily and it accrues then at the end of each quarter it's either reinvested/paid to your bank account depending on your option during registration.

Chat me up if you need more clarity on mutal funds generally.

mikeapollo:
For most companies (non-banking and non-financial institutions), the deadline for filing previous year financial results is 6 months after the company's financial year end, which means Oando is expected to file its results on or before June 30.
However, the banks have an exception and they must file their results on or before Mar 31.

No, the rule is for all companies not only banks. For companies that has December as year end, they are expected to submit their audited account 3months after year end which is
31st March and companies that have March as year end are required to submit by June 30th.

The rule is, submit your audited report three months after your year end

RonuMiscreant:
How long does it take to get an approval from the stanbic Mmf after opening the account?

When you complete the form, account is opened Within 24 working hours

damiflex:
Please advise which Stanbic Investment I can select.

If you are risk averse, select money market fund and click Buy Now and follow the instruction to fill the online form. Click the first link on my signature to start.

Registragsas:
I called and it was concisely explained. Upon registration I requested that my annual accrued interest within the last 3months of the year be paid to my bank account. So in the next 5 business days, it will reflect on my account

I thought as much, It was only because you mentioned WHT I made my post.
If you wish to opt out of interest being paid to your bank account at the end of each quarter, you can send a mail requesting for your interest to be reinvested going forward.

Registragsas:
Hi guys, I just woke up and saw a debit of over 280k on my stanbic mutual funds account,
Tagged has withholding tax(wht)
And my total gains/loss is 380k
Whats going on

Today is a working day. You can call to ask the customer care between 8am and 4pm.
I'm very sure the fund in question is not money market fund if WHT is involved and even at that WHT can be that much.

Meklex:
how is the dollar fund funded? With naira?

They accept both, depending on the one you have. However, if it's naira, the exchange rate will be Norrenberger's rate at the very day of your investment.

See account opening form attached.

RayRay06677:
Happy new year great minds.

Do sterling bank have mutual funds?

MDBs like sterling bank don't do mutual funds. Only fund managers do. A fund manager may be in the same group with a bank but that doesn't make their operations the same or that the mutual funds is powered by the bank. Like Stanbic IBTC bank and Stanbic Asset management the two are in the same group but in reality they are two separate companies with separate operations and interest.

RonuMiscreant:
Hello Boss.
Please how can on invest in index funds like vanguard, fidelity and schwab?

Index funds are not very popular in Nigeria, moreover, the ones you mentioned are foreign, you will need to play in the US market. I believe there is a thread on nairaland where you can get more information from the investors that play in that clime.
You can do mutual funds particularly balance or equity funds which also have some relationship with the stock market.

vanvickie:
Good evening guys,

I noticed coronation mutual funds in I-invest is about 26% while stanbic mmf is about 21%, can someone help explain why such huge disparity exist between them?

Also, are the underlying assets of both of them the same?

Tnks...

Check to be sure it's MMF because other forms of mutual funds particularly balance or equity funds are doing great right now but remember the risk is higher in these funds compare to MMF

Joyful365:
Hello. Who are all the parties in the Norrenberger Dollar fund?

1. If tomorrow, UBA bank fails like Heritage bank, what happens to all our individual investments in Stanbic MMF since UBA is the custodian bank in possession of the funds?

2. If you have USD in UBA and you invest the USD in a UBA investment, like fixed deposit, etc... What happens if UBA fails or folds up like Heritage bank?

3. NDIC says depositors funds are insured up to a certain amount, what if you have like $35,000 there in the failed UBA and NDIC only repays N5 million?

Please throw more light. Thank you

Parties to the NDF:
Norrenberger Asset Management Limited: The fund manager
Stanbic IBTC Bank Plc: The custodian
DLM Trust Company Limited: The trustees
SEC: Regulators
Please note all these parties to the fund doesn't hold your cash.

1- Kindly note that investment in mutual funds is not the same as fixed deposit in MDBs. The cash you deposited in the custodian bank/collection account is not kept in the bank but rather invested in TBills primarily. Hence you are made to pay penalty if you decide to withdraw your money in less than 30 days of your deposit and also you don't get cash instantly when you decided to withdraw unlike the case in your regular bank account when you wish to withdraw. Even if UBA go under which is very much unlikely, nothing happns to your investment because you don't have money with them. The only time you should be worried is when the Federal government annouced that they are unable to meet their obligations in local debts (Tbills), this also is very unlikely because at worst FGN can print naira.

There is a reason we advise newbies to start with MMF. You can actually invest and go to sleep with your two eyes closed.

Remember MMF is classified as low risk investment, hence if these senerio you painted is what is obtanable then MMF can't be seen a a low risk investment any more.

2 &3 - Any cash deposited in the bank will be affected by the CBN and NDIC rules and regulations concerning all MDBs

Market Movement and Investors' Behaviour
Investors believe/know that the market has two directions and seasons - up or down and bull and bear, but often they behave and act in the opposite as if the market has only one direction and season when they have invested or are about to invest.

BolaAdetoro:
I topped up my account yesterday and it hasn't been topped up till now. Is anyone experiencing this?
I used opay.

Generally for most MMF, any deposit done after midday will reflect in your account and start to earn interest the next business day.

otomatic:
I'm unable to access it.
Pls how did you go about it?
I'm using the new ID that was sent and the 'set up you account' link on the login page.

They are still working on it.

They don't have an app yet. They are still working on the web portal.

https://doclib.ngxgroup.com/Financial_NewsDocs/42752_VITAFOAM_NIG_PLC.-_QUARTER_5_-_FINANCIAL_STATEMENT_FOR_2024_FINANCIAL_STATEMENTS_DECEMBER_2024.pdf

Dividend - N1.05

Picky1:
Please where is the best platform to take up the bank rights, FBNH/UBA - NGX or Registrar's website?
Comments/Input from anyone with similar experience is appreciated!

All the platforms are okay. Use anyone convenient. It's the same thing. It's like entring the same building through different doors.
You can even fill the form and send to your stockbroker, this is my prefered method.

Babtunz:
Hello all,

Please how do you normally fund your Stanbic MMF?

I found this (see attached image) on their website, but it looks weird to me that the receiving bank is UBA.

@Babtunz Kindly note that everything is in order.

By SEC rule, all MMF should have the following parties involved:

1. The Fund manager registered with SEC. In your case, it's Stanbic asset management
2. Custodian bank- a bank not affiliated to the fund manager, in your case, the custodian bank is UBA which is not affiliated to Stanbic, others like FBNQuest uses Citibank, Norrenberger uses UBA, Ucap uses Stanbic and so on
3. Trustees which ensure the MOU of the fund and the underlying asset is adhare to, this is always the second Account name seen on the collection account
4. SEC - This is the government representative and incharge of all investment matters in Nigeria. Any investment product or fund manager not approved by SEC is illegal no matter who is involved.

Reason for the above arrangement is to have checks and balances (Good corporate governance). It's one of the reasons we say MMF is a low risk investement, everything likely to be of risk is mitigated against.

Hence when anyone introduces a fund manger to you, check out for all the parties mentioned above. If any or all is missing please keep your money to yourself irrespective of the returns that is promised

let's be well guided.

Mrluv:
minimum amount to invest?

$550

Find the account opening form attached.

jayce232:
Is the interest payout for this dollar fund quarterly or annually?

Quarterly, just like MMF and you can reinvest or opt for quarterly payout.

Norrenberger Dollar Fund

As you get gifts in dollars during this festive period or you came home with dollars, remember to invest some
wisely so that you have gift that keeps giving.

Invest in the Norrenberger Dollar fund at 10.03%. You have opportunity to reinvest (compound) your interest.

Norrenberger Dollar Fund

As you get gifts in dollars during this festive period or you came home with dollars, remember to invest some
wisely so that you have gift that keeps giving.

Invest in the Norrenberger Dollar fund at 10.03%. You have opportunity to reinvest (compound) your interest.

Find the account opening form attached.

Emzedz:
Is there pma this week @emmasoft

There was one last week (11-12-2024), base on the bi-weekly arrangement there will be non this week. The next primary auction I'm sure will be December 27 because of Christmas.

You can always buy at the secondary market any working day.

Allboiz:
Kindly recommend a good dollar fund. Unitedcapitals has refused to increase their dollar fund rate. It's been 5.29% for more than a year now.

Currently Norrenberger dollar fund at 10.03% will be my recommendation for you.

Complete the attached account opening form to start. If you complete it today your account will be opened tomorrow.

You can also chat me up. My number is on my signature.

Mpeace:
Seplat e don do oh. They have over reported this stuff naa. Let dem give us new story like acquisition dividends or bonus. Or even receivables like oando.

No blame them o. If them tell you watin their eyes see before the conclusion of the deal, you will even tell them to do it more.

Francis8999:
Please I need advice on the safest and best way to invest 50 million naira. Are treasury bills safe? With no risk? How many percentage can I get ? Thank you.

@Francis8999, there is nothing like investment without risk, hence it's preferred we used the term low risk. All investment has one form of risk or the other. The degree of the risk makes professionals to categorize investment into three: Low risk (Tbills, commercial papers, Money market fund etc), Medium risk (Bonds, Fixed income funds, balance funds, etc), and high risk investments (Stocks, equity mutual funds, etc).

So for you, since you are looking for a safe and guranteed capital investment, Tbills and Money market fund will be your best bet. Returns currently are between 20 to 24%

Chat me up if you need more guide.

Indigbo:
Is it possible to transfer money from Mutual Funds to another Mutual Funds of my spouse of the same bank?

@Indigbo please note that mutual fund operations is not like that of MDBs . You can only liquidate or partially redeem to another mutual fund product of the same name with the the same fund manager.
However, using Stanbic as an example, you can make a transfer onbehalf of a third party using his/her e-account number as narration and evidence of transfer sent by the beneficiary to stanbic.

freeman67:
Not true. I use Stanbic and at the end of every month my interest is added to my capital. The interest starts counting at the beginning of every month.

The interest reinvested monthly does not form part of your capital that earns,it's after the end of the quarter, the reinvested capital becomes part of your capital that earns interest. Same way those who opt for interest to be paid get paid at the end of the quarter.

Check again, if you notice the balance before the monthly reinvestment, it will be the same as the balance shortly after the reinvestment. The balance starts to increase again when the accrued interest starts to accrue at the beginning of the month.

But the reinvestment at the end of the quarter becomes higher immediately. This is what will happen by the 31st of December.