Make Money with Fixed Deposit accounts

Posted by Felix Okoli on Wednesday August 1, 2012 11:50:37:

In Nigeria, one of the easiest and reliable ways people make money passively or without actively working is by investing in Fixed Income investments.

One of such Fixed Income investment which Nigerian banks provide is called a Fixed deposit account and I'mn sure you've already heard about it.

A fixed deposit account is simply an account you hold with a bank for a fixed period of time, fixed amount and at a fixed interest. Think of it this way, if that money was in just your savings account, it may only earn you small income based on interest but if you fixed it into a fixed deposit account, your chances of getting more benefits would be higher. The benefits of Fixed deposit accounts far outweigh that of savings account.

Let's assume you invested the sum of N200,000 in a bank account as fixed deposit for a period of 90days and at an agreed interest rate of 10% per annum, what that simply means is that you stand to earn (N20,000/12)3 after those 90 days or 3 months. That would earn you about N1666 per month or N5000 after 3 months.

Let's also assume a second scenario in which you invest N1m into a fixed deposit account with a bank for 90 days at 10% p.a, that will earn you (100,000*3/12) after the end of those 90 days. That earns you about N25,000 even without you working.

Fixed deposit investments work in such a way that your money works for you. After all, you've been working for a long time right? Now. you also need to let your money work with you by partaking in such type of investments which your local bank offers you. Banks in Nigeria make money by keeping money for people and loaning at a higher rate to people who want them. You too can make money with your bank by simply loaning to them in the form of a Fixed deposit account.

How to calculate your potential income with a fixed deposit account

Let
Fixed investment = F
Interest Rate p.a = R
Period in months = T
Income = I
Then, Mathematically:

I = [(F*R)/12]T

So assuming
F = 1,000,0000
R = 10% => 0.10
T = 3

Income => [(1000000 * 0.10)/12]3
Income after 3 months => NGN25,000
Income after 1 year = NGN100,000

Note: These are just estimated values based on estimated interest rates. The higher the capital invested, the higher the interest available to you.

Comments:

Re: Make Money with Fixed Deposit accounts Reply by chisom on Friday June 14, 2013 at 18:44:3:

I want to start who with 100000 which bank pays more interest

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Friday June 14, 2013 at 18:44:3:

Accordign to a last report I did, the following banks offered double digit interest rates on fixed deposit.:

Stanbic-IBTC
FCMB
Diamond bank.

I believe they would pay you from 10% or above

Re: Make Money with Fixed Deposit accounts Reply by Goeffrey Enyashi on Monday July 1, 2013 at 22:43:49:

Can someone start up a fixed deposit investment with N50,000?

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Monday July 1, 2013 at 22:43:49:

I've never seen a bank that accepts N50,000 for fixed deposit in Nigeria. I think the least is at least N100,000

Re: Make Money with Fixed Deposit accounts Reply by Ugo Christ on Wednesday July 10, 2013 at 14:57:47:

what is the interest rate for 100000, fixed deposite per month

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Wednesday July 10, 2013 at 14:57:47:

Interest rates on Fixed deposit vary from bank to bank and I can only tell you that you can get as much as 10% from some while others pay about 7%. It depends on where you invest.
Again interest rates are based on per year basis and the only way to find out how much it would earn you per month is by dividing the yearly interest by 12.

Re: Make Money with Fixed Deposit accounts Reply by Ugo Christ on Thursday July 11, 2013 at 20:39:14:

Pls sir are you trying to say that the interest rate for 100000 is 10000 for a whole year.

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Thursday July 11, 2013 at 20:39:14:

Yes that would be the interest payable for the year if the rate is set at 10%

Re: Make Money with Fixed Deposit accounts Reply by Cynthia on Saturday July 27, 2013 at 10:35:15:

Sir, i want to start with 100,000 at 10 p annum, for 3 mnths, what will be my interest?

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Saturday July 27, 2013 at 10:35:15:

It depends on the bank you bank with. I know first bank accepts N100,000 as minimum deposit for FDs. They could be able to offer you more than 6% p/a and for 3 months on a N100,000, you would be able to earn an additional N1500 as interest.

Re: Make Money with Fixed Deposit accounts Reply by SHAKIRAT on Tuesday August 6, 2013 at 12:2:44:

UBA OFFER 7.5 PERCENT ON 1M FOR 6ODAYS I CACULATE IT AS 75K FOR 60 DAYS ON 1M IS THAT HOW TO CACULATE IT PLS HELP ME THE SPECIFIC AMOUNT

Re: Make Money with Fixed Deposit accounts Reply by Felix Okol on Tuesday August 6, 2013 at 12:2:44:

When they say 7.5%, it means per year so that means 75,000 is what you'll earn in 1 year. For the 60 days, it means 2 months or 2 out of 12 parts in a year. For 60 days, that would earn you about N12500. If you leave it for the year, then it would earn you N75000.

Re: Make Money with Fixed Deposit accounts Reply by SHAKIRAT on Wednesday August 7, 2013 at 3:42:36:

thanks broo

Re: Make Money with Fixed Deposit accounts Reply by Patrick Ogwuche on Wednesday August 7, 2013 at 12:1:8:

First bank offered me 8.25% for 300k in 90days I discovered this when I collected my letter from them I used the mathematics formular u gave it did help but I'd love to confirm from you if I did the right thing so please if you are less busy kindly tell me my earning in 90days but I will apply for a roll over afterwards and I would like to know my future value as well.. God bless you sir

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Wednesday August 7, 2013 at 12:1:8:

Well, based on my calculation, the 8.25% p.a. for 90 days on a 300k capital would earn you about NGN6187 at the end of the 90 days. If you roll it over 4 times, you will earn a total of NGN24,750

Re: Make Money with Fixed Deposit accounts Reply by patrick ogwuche on Wednesday August 7, 2013 at 13:11:45:

Thank You Sir

Re: Make Money with Fixed Deposit accounts Reply by bella on Saturday August 10, 2013 at 15:1:9:

do fidelity and union bank operate wit dis also and at wot interst rate

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Saturday August 10, 2013 at 15:1:9:

Yes they do and I think they also offer above 7%

Re: Make Money with Fixed Deposit accounts Reply by esther on Monday August 12, 2013 at 17:44:27:

which bank is better for fixed deposit based on interest rate?

Re: Make Money with Fixed Deposit accounts Reply by Andrew Ogba on Friday August 16, 2013 at 16:26:38:

Please kindly give me the mathemathecal solution if i invested 7.5 million on an interest rate of 15% pa for 6months

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Friday August 16, 2013 at 16:26:38:

That would be a cool N562,500.

Re: Make Money with Fixed Deposit accounts Reply by @Ishola on Wednesday August 21, 2013 at 18:38:55:

what its the current percent rate at Gtb and what would be my interet rate of 1,000,000 for 90 days

Re: Make Money with Fixed Deposit accounts Reply by patrick ogwuche on Saturday August 24, 2013 at 9:1:1:

One more thing I would like to know is will my interest rate be credited into my account or my fixed deposit account? Becos on d letter I saw a fixed deposit account number, Plz I need your enlightenment on this. God bless you sire

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Saturday August 24, 2013 at 9:1:1:

The interest will be credited to the account you have with the bank i.e. the account from which the Fixed deposit was funded. The money will be paid back after the term together with the interest earned

Re: Make Money with Fixed Deposit accounts Reply by olawaseunayo on Saturday August 24, 2013 at 15:59:31:

pls how much is minimum price in skye bank

Re: Make Money with Fixed Deposit accounts Reply by Bessong Tawo on Sunday August 25, 2013 at 13:43:47:

Sir,what is the interest rate of fixed deposit in Diamondbank.

Re: Make Money with Fixed Deposit accounts Reply by susan on Wednesday August 28, 2013 at 14:44:46:

Pls which bank has the highest interest rate?. wht if I put M̶̲̥̅γ̲̣̣̥ money in fixed deposit and eventually the interest rate increases or decreases, will it affect M̶̲̥̅γ̲̣̣̥ interest earn?

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Wednesday August 28, 2013 at 14:44:46:

Personally, I would go for banks like Stanbic, Diamond, FCMB or Fidelity.
2ndly, once you open a fixed deposit account with a bank at an agreed rate, it becomes a contract until that period expires. So the bank cannot later change the rate for your account since it is a contract but they can change rate after your period of investment has expired which is usually at most 1 year.

Re: Make Money with Fixed Deposit accounts Reply by Ayo Akinola on Saturday September 7, 2013 at 9:15:0:

For 400,000 how much is to be my interest for five years

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Saturday September 7, 2013 at 9:15:0:

The interest you will earn depends on the interest rate and the time you invested. For msot banks who offer a good interest, I think their average is at around 7% and so of you invest that N400,000 at 7% for 5 years, the interest you will earn will be a total of N140,000. It could be more if the bank offers a higher interest rate.

Re: Make Money with Fixed Deposit accounts Reply by TOPE on Thursday September 26, 2013 at 5:43:54:

is interest on FDs paid withdrawable monthly or is it after d whole period of contract?

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Thursday September 26, 2013 at 5:43:54:

It depends on how you want it. Some banks by default offer fixed deposit accounts per month meaning that the contract expires monthly and interest would be credited to your account. So, interest is payable monthly if both parties have agreed to it in advance. First bank does monthly and for now, they're offering 8% p.a.

Re: Make Money with Fixed Deposit accounts Reply by Chukwuka on Sunday October 27, 2013 at 11:23:7:

What happens to your capital if a bank goes bankrupt

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Sunday October 27, 2013 at 11:23:7:

Well, that is part of the risk associated with saving in the bank. Anyway, I think up to N500k is insured by the NDIC for such people. Banks hardly fail nowadays but they end up getting acquired. I guess that's why most people prefer to invest in older banks even if their interest rate may be low.

Re: Make Money with Fixed Deposit accounts Reply by OLUWAFEMI on Monday November 4, 2013 at 13:44:36:

I WANT 2 INVEST 4M IN EITHER FIXED DEPOSIT, TREASURY BILLS OR BONDS. I WANT D HIGHEST RETURNS RECEIVABLE MONTHLY!

Re: Make Money with Fixed Deposit accounts Reply by james on Wednesday November 6, 2013 at 10:19:1:

Can I open a fix deposit account with 100,000 at Zenith bank.

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Wednesday November 6, 2013 at 10:19:1:

I think you can do so

Re: Make Money with Fixed Deposit accounts Reply by Beatrice Ayaogu on Thursday November 14, 2013 at 21:19:20:

Is there any bank that runs quarterly fixed deposit? And what is there rate.

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Thursday November 14, 2013 at 21:19:20:

Any bank that offers a fixed deposit account would most likely also offer a qurterly fd. You can specify the time period you want for your investment from as little as 30 days to as much as 365 days.

Re: Make Money with Fixed Deposit accounts Reply by Rosalyn on Wednesday December 4, 2013 at 14:9:18:

Please what are the requirements for opening a FD account with diamond bank and the minimum amount they accept? Also, I already have a current account with them, i hope its acceptable.

Re: Make Money with Fixed Deposit accounts Reply by patrick owguche on Saturday December 14, 2013 at 14:3:39:

Seasons greetings sir!!! I would like to know, other than fixed deposit investments I have 200,000naira excluding my fixed deposit plan. I don't want to spend the funds recklessly please what other investments can the money be used for. God bless as u reply

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Saturday December 14, 2013 at 14:3:39:

I think the other best option now is to buy stocks. Split your 200k into 4 parts i.e. 50k each and buy some cheap stocks. Hold them to appreciate and sell them by April 2014

Re: Make Money with Fixed Deposit accounts Reply by patrick ogwuche on Sunday December 15, 2013 at 17:21:36:

Thanks for the response but it would be a lot easier for me if you would refer me to a company where I can buy 50k stocks each like u advised..

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Sunday December 15, 2013 at 17:21:36:

You can contact CSL stockbrokers ltd at 4th Floor, First City Plaza, Marina Lagos State, Nigeria

Re: Make Money with Fixed Deposit accounts Reply by Uche Kingsley on Monday December 23, 2013 at 19:7:30:

I NEVER KNEW A FORUM LIKE THIS EXISTED.AM HAPPY 2B HERE. PLS SIR,I NEED UR HELP.HOW CAN I MAKE IT CUMULATIVE(i.e 2 run in compound interest). 10X 4D GREAT WORK U'R DOING 4US.

Re: Make Money with Fixed Deposit accounts Reply by Austa on Monday December 30, 2013 at 17:23:49:

I fixed 200,0000 with gtb at the interest rate of 6.25 what will be my interest rate per annum. thanks

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Monday December 30, 2013 at 17:23:49:

It would be N12500 at the end of the year

Re: Make Money with Fixed Deposit accounts Reply by nicy on Tuesday March 4, 2014 at 7:36:0:

i have a savings account with FCMB please can i switch it to fixed deposit account?

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Tuesday March 4, 2014 at 7:36:0:

Yes you can. Just apply for a Fixed deposit account formally

Re: Make Money with Fixed Deposit accounts Reply by olubunmi ehinmitan on Thursday March 13, 2014 at 10:10:9:

Woah this forum is quite interesting I must say please are you saying that some banks offer more interest rate than others because mine in GTB to me isn't growing as much as I thought please kindly tell what diamond bank, Stanbic-IBTC, and standard chartered are offering for 30days

Re: Make Money with Fixed Deposit accounts Reply by Igwe H on Tuesday March 18, 2014 at 17:17:20:

Pls Sir, will my capital b affected when d bank i ve a FD accnt with is acquired by another bank $ wat is d most likely outcome?

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Tuesday March 18, 2014 at 17:17:20:

When you put money in a bank, your money is insured to a limit by the NDIC if it goes bankrupt. In case of acquisition, your money will still be available in the new bank

Re: Make Money with Fixed Deposit accounts Reply by oluwatuwatumise on Saturday March 22, 2014 at 10:46:19:

pls sir i am a student of unilorin and have 50k 2 deposit on fixed act,so which bank can acept dat as of nw

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Saturday March 22, 2014 at 10:46:19:

I don't know of any banks that accept as low as N50k

Re: Make Money with Fixed Deposit accounts Reply by oluwatumise on Tuesday March 25, 2014 at 23:1:48:

ok,sir i hav heard u but can u pls sugest any business that i can start wit 70k? As of nw

Re: Make Money with Fixed Deposit accounts Reply by olusegun on Monday April 14, 2014 at 12:27:56:

I lives in US visited Nigeria lately and asked my bank (GTB) to switch N600,000.00 from my savings to FD a/c without prior knowledge of their rate. Now, having gone thru your write-ups found out I can get higher rate from other banks than that of 6.25/annum offered me at GTB.Is it possible to request for transfer to other bank with higher rates withuot any consequence?.
2ndly, can this money stay on fixed for 3 years non- stop without any negative effect.Pls enlight me.

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Monday April 14, 2014 at 12:27:56:

If you move your funds from GTBank fixed deposit to another bank before the expiration date, you will lose the FD interest. You are always free to transfer to another bank.
The money can stay in a fixed deposit for 3 years without any consequence if you told them to keep rolling it over.

Re: Make Money with Fixed Deposit accounts Reply by kunle on Wednesday April 16, 2014 at 15:47:9:

Am really confused..i have like 400000..i don't know what to do with it..and I need something I can do that I will earn interest..can you please advise me sir.

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Wednesday April 16, 2014 at 15:47:9:

You can buy bank stocks or put it in a fixed deposit account.

Re: Make Money with Fixed Deposit accounts Reply by Godswill on Monday April 28, 2014 at 22:23:35:

This is interesting. If i roll back my fixed deposit after 90 days. Will the interest be added to the initial principal to form the new principal?

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Monday April 28, 2014 at 22:23:35:

Yes it can be added back to your principal. You might need to specify that when opening the fixed deposit account.

Re: Make Money with Fixed Deposit accounts Reply by Imasunu Augustine on Friday May 9, 2014 at 6:3:36:

I am glad to read all comments on ur page. If one get loan 4rm a bank like First Bank, can 1 still Fix it?

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Friday May 9, 2014 at 6:3:36:

You could fix it if you want but won't the interest on loan be higher than interest on fixed deposit?

Re: Make Money with Fixed Deposit accounts Reply by Idowu Olumide on Friday May 9, 2014 at 13:52:49:

fixed deposit is interesting, hav an idea and a full detail about it now, after going through the comment and response. Sir, do you know about money market fund. love to know the risk and the benefit of it.

Re: Make Money with Fixed Deposit accounts Reply by Tombari on Sunday May 25, 2014 at 13:52:45:

Hi Mr Felix,heard u tlk abt acquiring bank stocks but hw can u do dat wen there is no offer 2d public or u buy frm d secondary market..hw is it done, pls enlighten me.

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Sunday May 25, 2014 at 13:52:45:

@Tombari, when there is no public offer, you can always buy stocks through stockbrokers and there are a lot of them in Nigeria. Just visit their office, fill a stock purchase form, pay some money forward and the shares will be bought for you

Re: Make Money with Fixed Deposit accounts Reply by Oyinlola on Tuesday June 3, 2014 at 21:12:31:

Pls sir, can i put 100000 into fixed acc in skye bank? I already av an account with them. Am i free to withdarw my money at any time? What is d duration of d account?

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Tuesday June 3, 2014 at 21:12:31:

I think you need about 200k to open one at Skye bank

Re: Make Money with Fixed Deposit accounts Reply by Surayya lawan on Thursday June 5, 2014 at 11:34:46:

What is the islamic view on fixed dep.acct.?

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Thursday June 5, 2014 at 11:34:46:

I think some Muslims believe that it acceptable while some believe that interest should not be received in any case at all for money kept in a bank. There is no general consensus on it as far as I know.

Comments:

Re: Make Money with Fixed Deposit accounts Reply by Olumide on Tuesday July 15, 2014 at 3:18:58:

My dad did a FD in 1990 with First bank of 25k @18 per annum,which they have been rolling over till now.I want to know how much it is now?

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Tuesday July 15, 2014 at 3:18:58:

Well, interest rates tend to change annually and so the best thing is to go to the bank and inquire. You can get a statement of account of something like that

Re: Make Money with Fixed Deposit accounts Reply by Christian on Thursday August 28, 2014 at 5:2:15:

Thank you so much for the information. I would like to learn about Treasury Bills. Any help on that?

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Thursday August 28, 2014 at 5:2:15:

You can read about Treasury bills here: http://www.nabanker.com/investment/1/post/5

Re: Make Money with Fixed Deposit accounts Reply by kehinde mayowa on Monday September 1, 2014 at 18:44:34:

pls i wnt to know much about stocks buyin wat ar d risk nd how long does it take to sell all those goods and what type of goods you are referin to lastli can a student involve in it in other to sponsor him or herself in school.

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Monday September 1, 2014 at 18:44:34:

Investing in stocks is not a recommended business for a student since they are mostly good for long term investment and there is no guarantee on success. A student should focus on offering services with his skills in order to make money rather than investing his little capital.

Re: Make Money with Fixed Deposit accounts Reply by margareth ogwuche on Sunday September 14, 2014 at 23:24:0:

pls sir given out goods on higher purchase is it advisable? And secondly what is de risk behind it? Pls sir i need advise on it

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Sunday September 14, 2014 at 23:24:0:

You can protect yourself by signing a written contract with the person before the business starts. Most people who do hire purchase in Nigeria tend to do it without much evidence and so the other person may disappoint you and you may not be able to arrest him or even make your case in court assuming he defaults. So, the risk behind it is when the person defaults in the agreement. It is always good to have some evidence to prove that the person is in a contract with you and that you gave him your property on hire purchase. You can use a written agreement or video statement as evidence.

Re: Make Money with Fixed Deposit accounts Reply by Sadon on Thursday October 9, 2014 at 19:32:49:

...tnx Felix, u've done a wonderful job here.
Pls what is the current FD rates for the banks as at October?

Re: Make Money with Fixed Deposit accounts Reply by Engr.okey on Sunday November 2, 2014 at 5:34:11:

Plz sir, like hw many yrs will u be in good terms with a bank before they loan u money??

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Sunday November 2, 2014 at 5:34:11:

I think it should be at least 6 months.

Re: Make Money with Fixed Deposit accounts Reply by temitayo on Saturday November 22, 2014 at 19:4:10:

Pls sir I have acc with daimond bank and Skye bank and I will like to fixed my money in diamond bank pls sir I will like to no the best bank to fixed with.... thanks

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Saturday November 22, 2014 at 19:4:10:

They are both good and you can just call them first to know their current interest rate and how much they need from you.

Re: Make Money with Fixed Deposit accounts Reply by Ngozi on Wednesday December 3, 2014 at 12:5:38:

wow! I don't know about this oooh. .... i like this forum-pls sir if I open fixed deposit with 1.5M in first Bank within 5months how much will b my interest?

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Wednesday December 3, 2014 at 12:5:38:

It will depend on the interest rate which the bank offered you. If they gave you 10% p.a, then your N1.5m will earn you an interest of N62,500 after the 5 months.

Re: Make Money with Fixed Deposit accounts Reply by shola on Thursday December 4, 2014 at 13:20:32:

i want to invest 8,000,000 for a month or so and i am hoping to go for fix deposit and i want you to asist me with the best interest rate and where i can get the highest interest rate..thanks

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Thursday December 4, 2014 at 13:20:32:

These banks are cool: FCMB, Stanbic, Diamond and First bank

Re: Make Money with Fixed Deposit accounts Reply by Funke Fatoba on Wednesday December 31, 2014 at 9:8:10:

Please I need your advice. I bought shares in WEMA bank about 20 years ago and I know that the bank does not exist again, i also have lost my share certification because i am no longer in Nigeria. Is there any hope in getting such money back

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Wednesday December 31, 2014 at 9:8:10:

As far as I know, WEMA bank is still existing and you can always get your shares as long as it has not been sold. Just visit wema bank company registrar and ask them for the status of your shares. If your name is still in their book, then you are still a shareholder.

Re: Make Money with Fixed Deposit accounts Reply by miracle on Monday January 12, 2015 at 18:3:3:

mehn,this forum has enlightened me,even without asking a damn question,GOD bless and favour the adim richly amen.

Re: Make Money with Fixed Deposit accounts Reply by Ifeanyi on Tuesday January 20, 2015 at 13:27:13:

Oh my God! this is good, admin thanks for the enlightenment on financial intelligence and investment

Re: Make Money with Fixed Deposit accounts Reply by chukwudi on Tuesday February 10, 2015 at 18:8:48:

Sir, what is the interest rate in Uba, am with 100,000 for abt 1year pls help me, and also how can i make 25000 as an interest.

Re: Make Money with Fixed Deposit accounts Reply by Gladys on Friday February 13, 2015 at 11:31:0:

This is enlighten, God bless you Sir.

Re: Make Money with Fixed Deposit accounts Reply by Am miss lynda on Tuesday February 24, 2015 at 9:42:57:

Sir,i want to start fixed deposit account with #200,000 in fidelity bank, what is going to be my interest in two years.

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Tuesday February 24, 2015 at 9:42:57:

Based on previous rates I know, you can get at least 7% p.a. for that capital

Re: Make Money with Fixed Deposit accounts Reply by Austin izuchukwu on Sunday March 8, 2015 at 24:17:54:

If open fixed deposit with fidelity at one hundred thousand wot will be my interest

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Sunday March 8, 2015 at 24:17:54:

I think they require at least N200k. As for the interest, it should be at least 7% for now but you should confirm with the bank first before applying for a FD a/c.

Re: Make Money with Fixed Deposit accounts Reply by edicha samuel on Saturday April 4, 2015 at 16:36:45:

thanks for your enlightenment sir.between buying of shares and opening of fixed deposit account with 100k for the period of 3month ,which one is more preferable sir?

Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Saturday April 4, 2015 at 16:36:45:

I think it's better to just use your money to buy shares but not for a short term

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Re: Make Money with Fixed Deposit accounts Reply by Ebele Peculiar on Friday April 10, 2015 at 12:29:16:

How do I buy a share & what is the list amount of buying it.

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Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Friday April 10, 2015 at 12:29:16:

The least amount based on what I know is about N10,000. You can buy them through a strockbroker like CSL or BGL Securities

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Re: Make Money with Fixed Deposit accounts Reply by AIGORO OLASENI ENITAN on Sunday April 26, 2015 at 15:59:47:

PLEASE I WILL LIKE TO KNOW THE MINIMUM AMOUNT REQUIRED TO HAVE A UBA NRN FIXED DEPOSIT ACCOUNT AND WHAT IS THE RATE LIKELY TO BE FOR 24MONTHS.

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Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Sunday April 26, 2015 at 15:59:47:

I think you need at least $100 but I don't know of the current rates. Call the bank to confirm.

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Re: Make Money with Fixed Deposit accounts Reply by Theodora on Thursday June 11, 2015 at 20:35:59:

Pls,any idea what the current interest rates for fixed deposit accounts of Nigerian banks are?

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Re: Make Money with Fixed Deposit accounts Reply by Okeke Chidubem on Tuesday July 28, 2015 at 22:1:36:

Thank you so much sir for educating us regarding Fixed Deposit Accounts,pls I will like to learn more on how to buy shares in the bank and also stocks from stock brokers.May God bless u and ur family cos u're a kind and humble man.

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Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Tuesday July 28, 2015 at 22:1:36:

For now, You can only buy shares from banks when there is a public offer but there are no public offers going on and so the other place to buy shares are through stockbrokers. There are many of them in Lagos, You can try CSL securites. All it basically involves is filling an application form indicating theshares you want to buy and how many and then issuing a cheque or doing abank transfer to the account of the stockbroker. They will now buy shares for you and you can always confirm it through the CSCS stock statement. The cheque or payment you'll make to your stockbroker should be enough to cover for the shares purchases and about 3 to 4% extra of the total value of the transaction to cover for commission and other charges. So, let's assume you want to buy shares worth N100,000, then you should issue a payment of about N104,000 to your stockbroker along with the share purchase application. They will buy shares for you within 5 working days.

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Re: Make Money with Fixed Deposit accounts Reply by adefila samuel adetunji on Friday September 4, 2015 at 13:50:33:

i will like to know between fixed deposit and domiciliary account which one pays more and what is their interest rate.thank

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Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Friday September 4, 2015 at 13:50:33:

In terms of interest rates, Fixed deposit pay more than Domiciliary account but the benefit a domiciliary account has over fixed deposit in Naira is that it is a better store of your money since foreign currencies hardly depreciate against the Naira in the long run.

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Re: Make Money with Fixed Deposit accounts Reply by Obi Cynthia on Wednesday July 20, 2016 at 16:42:46:

Please I would like to know which bank pay the highest interest rate for a fixed deposit account.

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Re: Make Money with Fixed Deposit accounts Reply by Felix Okoli on Wednesday July 20, 2016 at 16:42:46:

You can try banks like FCMB, StanbicIBTC or Diamond.

Make Money with Fixed Deposit accounts

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