₦airaland Forum

Risingcash94:
Ok thanks.
Also pls is this 10% calculated according to your tenor or annually?
I have never been taxed wht. Though I have an investment maturing tomorrow which I already collected the interest upfront. I hope it will not be deducted from my capital for this just like they did the other guy.

Timmi:
The requirement became effective September 2025. If First Bank is not, just wait, it's a matter of time. It is not a bank's decision to make, it is a requirement of FIRS

Educationalserv:
They say GTB is Collecting from Capital if they didn't collect from interest which is very stupid and distortion

heavenisreal18:
You seem not to get the whole gist,they just started this compulsory WHT of a thing,wait till your investment matured or go to your bank about it. They just started it

Timmi:
The requirement became effective September 2025. If First Bank is not, just wait, it's a matter of time. It is not a bank's decision to make, it is a requirement of FIRS

heavenisreal18:
You seem not to get the whole gist,they just started this compulsory WHT of a thing,wait till your investment matured or go to your bank about it. They just started it

Risingcash94:
But do they have the right to tamper with one's capital when it wasn't part of the agreement when the investment was made. Are they taking 10% of my capital?
Also is the tax calculated annually or according to the investment tenure?
I have a maturing tbills tomorrow. I wouldn't want my capital tampered with. This is enraging fr😞

Odunharry:
They cannot take 10% of your capital. What they will take is 10% of your interest amount that was paid out earlier

enque:
what if interest was taken upfront?

Odunharry:
They cannot take 10% of your capital. What they will take is 10% of your interest amount that was paid out earlier

Risingcash94:
Thanks. Mine just matured and dropped and I immediately transferred it to another account with nothing left in the account.😂
Have I escaped it?
It's GTB


With GTB, you can’t escape it. Your account will show negative in few days 😀

IvoryT:
We should always seek to understand before speaking.
First, no bank is allowed to deduct anything from your principal amount.

From my own investments in FBN and GTB, I can confirm that there is no such thing as Withholding Tax (WHT) on the principal nor interest. The only deductions applied on interest are Custody Fees, Transaction Fees, and VAT on those fees, all of which are relatively small.

I’ve attached my two investment certificates for your reference.
If any bank deducts from your principal, you should take immediate legal action.

Risingcash94:
Thanks. Mine just matured and dropped and I immediately transferred it to another account with nothing left in the account.😂
Have I escaped it?
It's GTB

aieromon:
Attn.

tundebasic:
There is nowhere in this report that says WHT will be from the interest. It says WHT will be deducted at maturity. Isn't this what I'm seeing?

tundebasic:
There is nowhere in this report that says WHT will be from the interest. It says WHT will be deducted at maturity. Isn't this what I'm seeing?

freeman67:
Are you sure you read it well or you get tunnel vision?

tundebasic:
Maybe it's tunnel vision or whatever crappy word that can be used to describe this. What I am insisting is that at maturity, WHT will be deducted.

How about people who received their interest upfront since last year and the WHT was not deducted at the time?

talk2tonie:
For people who received their interest upfront since last year and the WHT was not deducted at the time, WHT will be deducted at maturity from their capital.

talk2tonie:
With GTB, you will be debited WHT upon maturity from your capital.
By the way, I am speaking from experience.

tundebasic:
Maybe it's tunnel vision or whatever crappy word that can be used to describe this. What I am insisting is that at maturity, WHT will be deducted.

How about people who received their interest upfront since last year and the WHT was not deducted at the time?