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Does Your Bank Charge You Withholding Tax On Your Savings Account? - Investment - Nairaland

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Does Your Bank Charge You Withholding Tax On Your Savings Account? by bloglover(m): 7:24am On Sep 29, 2014
I recently got a Dr alert from my Fidelity bank Savings account for Withholding tax. Pls is this withholding tax not supposed to be for Fixed deposits? Is this normal, pls advice me so that I will know the necessary action to take. Thanks.
Re: Does Your Bank Charge You Withholding Tax On Your Savings Account? by tinuolababy(f): 7:34am On Sep 29, 2014
Yes I got one from fidelity this morning
Re: Does Your Bank Charge You Withholding Tax On Your Savings Account? by Nutase: 8:15am On Sep 29, 2014
WHT is charged on every interest earning account. So anytime you are paid interest WHT is charged on the interest paid. Examples of accounts that earn interest include savings account, time deposit account, hybrid accounts, etc.
However interest paid on off balance sheet investments are exempted from WHT eg includes Bankers Acceptance, Commercial papers etc
When next you get a debit alert for WHT confirm that you were paid interest.

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Re: Does Your Bank Charge You Withholding Tax On Your Savings Account? by bloglover(m): 11:42am On Sep 29, 2014
Nutase: WHT is charged on every interest earning account. So anytime you are paid interest WHT is charged on the interest paid. Examples of accounts that earn interest include savings account, time deposit account, hybrid accounts, etc.
However interest paid on off balance sheet investments are exempted from WHT eg includes Bankers Acceptance, Commercial papers etc
When next you get a debit alert for WHT confirm that you were paid interest.

Thanks for this illustrative piece. However, I did not get any cr alert for interest paid into my account.
Re: Does Your Bank Charge You Withholding Tax On Your Savings Account? by bloglover(m): 11:43am On Sep 29, 2014
tinuolababy: Yes I got one from fidelity this morning
Did they pay you interest?
Re: Does Your Bank Charge You Withholding Tax On Your Savings Account? by tinuolababy(f): 11:53am On Sep 29, 2014
bloglover:
Did they pay you interest?

Yes they do
Re: Does Your Bank Charge You Withholding Tax On Your Savings Account? by bloglover(m): 1:15pm On Sep 29, 2014
tinuolababy:

Yes they do
mmmmh...interesting

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