₦airaland Forum

heavenisreal18:
Good evening, pls my investment matured yesterday and I got the money credited into my account yesterday, this evening I noticed they deducted 11k from my account calling it WHT T bill,this has never happened to me before .Help me

I am hearing this for the first time. Which bank is this?

heavenisreal18:
Good evening, pls my investment matured yesterday and I got the money credited into my account yesterday, this evening I noticed they deducted 11k from my account calling it WHT T bill,this has never happened to me before .Help me

Maybe Withholding Tax which was not deducted when the transaction was initiated earlier.

I will leave it to the gurus to chip in.

This is not new. Witholding taxes are now deducted upon maturity

heavenisreal18:
Good evening, pls my investment matured yesterday and I got the money credited into my account yesterday, this evening I noticed they deducted 11k from my account calling it WHT T bill,this has never happened to me before .Help me

Tinubu don collect his share abi you know wan pay tax

Country go red from January 😥

talk2tonie:
I am hearing this for the first time. Which bank is this?

GTB ni o

Gotocourt:
Tinubu don collect his share abi you know wan pay tax

Country go red from January 😥

But I wasn't informed and it wasn't my first time what can I do

sirrotex:
This is not new. Witholding taxes are now deducted upon maturity

Is not my first time of investing , and I don't understand why this is happening for the first time

Since when pls? And how do we know this WHT is not being calculated on and deducted from the capital that just got credited into the account upon maturity thereby resulting in a higher withdrawal than if it was on the profit made from the investment?
Because why didn't they simply collect the WHT when the investment was made rather than waiting till maturity?

sirrotex:
This is not new. Witholding taxes are now deducted upon maturity

Was your interest reinvested? Did you get your certificate when you invested. If yes, were there no deductions indicated?

heavenisreal18:
Is not my first time of investing , and I don't understand why this is happening for the first time

heavenisreal18:
Good evening, pls my investment matured yesterday and I got the money credited into my account yesterday, this evening I noticed they deducted 11k from my account calling it WHT T bill,this has never happened to me before .Help me

Good Afternoon. Did you collect interest upfront and was WHT charged?
Please note that WHT on tbills was suspended some years ago and later re-introduced.
Though some people argue their banks don't charge them WHT on their interest.

It's statutory to pay 10% WHT on interest.

talk2tonie:
I am hearing this for the first time. Which bank is this?

Ah your bank don't charge WHT on interest ?
You are lucky

Risingcash94:
Since when pls? And how do we know this WHT is not being calculated on and deducted from the capital that just got credited into the account upon maturity thereby resulting in a higher withdrawal than if it was on the profit made from the investment?
Because why didn't they simply collect the WHT when the investment was made rather than waiting till maturity?

If your interest on your investment is 110,000, you will be charged 10% of that amount which is 11,000. You can check the certificate of investment sent to you when you invested and take a Good look at it.

I know for people who wait till maturity for interest, WHT is charged at maturity. For those who take their interest upfront, some charge it upfront or wait till maturity to avoid double taxation

Odunharry:
Ah your bank don't charge WHT on interest ?
You are lucky

I use GTB. I am not sure if I was charged or not. Maybe there are waiting for me at maturity, but I collected my interest upfront.

talk2tonie:
I use GTB. I am not sure if I was charged or not. Maybe there are waiting for me at maturity, but I collected my interest upfront.

Maybe. The amount should be 10% of your interest. If it's more than that, kindly make a complaint

Hmm I have been using the same GTB he said that he used and have been collecting certificates that has never indicated any 10% WHT nor have I experienced any outrageous deductions.
The only deduction I got was custody fee which was 0.1000% if I'm not wrong.






quote author=Odunharry post=137242929]
If your interest on your investment is 110,000, you will be charged 10% of that amount which is 11,000. You can check the certificate of investment sent to you when you invested and take a Good look at it.

I know for people who wait till maturity for interest, WHT is charged at maturity. For those who take their interest upfront, some charge it upfront or wait till maturity to avoid double taxation[/quote]

Same here. And I have one maturing by first week of November I hope there won't be deductions.

talk2tonie:
I use GTB. I am not sure if I was charged or not. Maybe there are waiting for me at maturity, but I collected my interest upfront.

Risingcash94:
Same here. And I have one maturing by first week of November I hope there won't be deductions.

Is at maturity they deducted my 11k ,they don't do that before ,I use them since two yearsnow

Odunharry:
Good Afternoon. Did you collect interest upfront and was WHT charged?
Please note that WHT on tbills was suspended some years ago and later re-introduced.
Though some people argue their banks don't charge them WHT on their interest.

It's statutory to pay 10% WHT on interest.

I received upfront intresst ,GTB wasn't charging me WHT before, this is my first time experiencing this

Someone asked if it was written in my certificate,but sadly GTB don't give certificate anybody using GTB who got certificate of investment.

heavenisreal18:
I received upfront intresst ,GTB wasn't charging me WHT before, this is my first time experiencing this

WHT like other tax is statutory though.

You can send a message across to your account officer for more clarification though

I use GTB and I always get my certificate/proof of investment on request. But I also have never experienced this kind of deduction except custody fee which as indicated is 0.1000%

heavenisreal18:
Someone asked if it was written in my certificate,but sadly GTB don't give certificate anybody using GTB who got certificate of investment.

heavenisreal18:
Someone asked if it was written in my certificate,but sadly GTB don't give certificate anybody using GTB who got certificate of investment.

You are suppose to request for your certificate of investment. That's the proof that you actually invested with any company

heavenisreal18:
Someone asked if it was written in my certificate,but sadly GTB don't give certificate anybody using GTB who got certificate of investment.

look like Fixed deposit .
Go back and look at the Transaction description electronically
Bankers can be funny
Do you FD
The do TB with capital

Educationalserv:
look like Fixed deposit .
Go back and look at the Transaction description electronically
Bankers can be funny
Do you FD
The do TB with capital

Is T-bill, not my first time like I said

WHT is withholding tax and applies only to the interest earned.

heavenisreal18:
Is not my first time of investing , and I don't understand why this is happening for the first time

Then it should be deducted at the beginning from the interest for clarity, not tampering with one's capital at maturity. It's confusing and annoying

Timmi:
WHT is withholding tax and applies only to the interest earned.

Odunharry:
You are suppose to request for your certificate of investment. That's the proof that you actually invested with any company

This certificate you're talking about, is the one they send by email okay, or its extra important to go into the bank and get a hard copy?

kristien4:
This certificate you're talking about, is the one they send by email okay, or its extra important to go into the bank and get a hard copy?

Once you have soft copy of the certificate, you are fine. You can print yourself instead of going to the bank

heavenisreal18:
Is T-bill, not my first time like I said

The narration was T-bill infact they deducted custody fee

Odunharry:
You are suppose to request for your certificate of investment. That's the proof that you actually invested with any company

I sent mail tire for the certificate but my account officer didn't send it ,one of my account officer has blocked my mail from reaching her. Her mail usually bounce back now

heavenisreal18:
I sent mail tire for the certificate but my account officer didn't send it ,one of my account officer has blocked my mail from reaching her. Her mail usually bounce back now

And you can't go to the bank ?

heavenisreal18:
I sent mail tire for the certificate but my account officer didn't send it ,one of my account officer has blocked my mail from reaching her. Her mail usually bounce back now

If you are close to the bank you can visit or mail their complaint desk