Tweetums:
Hello, please i need advice, I want to fix 1.4million in Skye Bank for six months... How much would I be expecting in total after six months.. Thanks

Chukzyfcb:

Don't expect more than 45,000 naira (before tax). So you actual profit should be like 41,000

Chukzyfcb:

Don't expect more than 45,000 naira (before tax). So you actual profit should be like 41,000

uboma:




Sir, are you a staff of Skye Bank Plc? If yes, kindly list out the FD rate for investing NGN1.4million like the op plans to do so we can all do the math here.


And if you are not a staff of the bank, please stop these baseless assumption.

With the poor FD rates these days, i doubt the op will get as much as NGN41,000.00 after tax for a period of six months with her initial capital of NGN1.4million.

Chukzyfcb:

Okay mr, I said she shouldn't expect more 41,000 because of recent (last 10-12days) I did a search for the best rates among the top banks and diamond bank offered me 6.5%. Both FCMB and Ecobank offered between 5-6%. Firstbank & uba rates are very poor bout 3.5-4.5%, Skyebank isn't that much of a top bank, so I believe they'll be needing much liquidity from individuals. If skyebank offers her 6.5% per annum same rate as diamond

1400000 * 6.5% = 91000(per annum)
In 6months = 91000/2 = 45,500
10% withholding tax = 4550
Her profit would be =45,500 - 4550
= 40,950naira for the 6mnths
I hope I'v cleared your doubt Mr

kaybams1:


You don't make statements void of facts. It will only make you appear uninformed. Saying 'Sky bank isn't that much of a top bank' while tacitly mentioning the likes of FCMB and Diamond on a different ilk is a ridiculous postulation.

I presume you have a phone that browses so you can google 'systemically important banks in Nigeria' or 'banks too big to fail in Nigeria' and read CBN's report on that. Ignorant of how wrong your premise is, you went on to assume an interest rate for the bank based on that premise. That's lame stuff. Interest rates on FD are negotiable everywhere and not reliant on just one factor. Interest rates on FD even differs across branches of the same bank with portfolios of the same FD principal.

Besides, your calculation of the op FD structure is not totally accurate. It's number of days not months that is used in calculating FD. So the op earned amount on a FD principal of 1.4m and 6% interest rate with a 6months tenor will be 41,424.66 before Withholding tax. And for your wrongly assumed figure of 6.5% interest rate for the bank, the earned interest will still be 44,876.71(not 45500) before WT.

Thank you.

Chukzyfcb:

Okay my apologies for saying skyebank isn't a top bank. Although if we are to go by statistics, FCMB and diamond bank are no match for skyebank......In the top 1000 global bank ranking, skybe bank isn't in the list but FCMB & diamond is, so don't talk to me about stats. I just don't want to argue banks coz it doesn't benefit me.
However, I still maintain that for a 6months fixed deposit, the highest op can get will not be more than 41,000naira after tax. But someone countered me in the comments above and said its impossible to GET AS MUCH AS 41,000, until I dished out available rates.....for now no bank will offer you above 6.5% for just 1.4m @ 30days # Quote me anywhere....I rather invest in t.bills for a better rate

Tweetums:
Hello, please i need advice, I want to fix 1.4million in Skye Bank for six months... How much would I be expecting in total after six months.. Thanks

walexy14:


The highest rate you can get from Skye bank or any other commercial banks is from 6 to 6.5% . You can only get a good rate for that amount from any of this Assets Management Companies (Non Banking Financial institution) out there, Which Rosabon Financial Services happen to be one . We are registered and been regulated by CBN and has been in operations since 1994 with a branch in PH. You can get 11.5% per annum for 6months for that amount which is about 78k with withholding tax of 5% and we also pay interest upfront . We also have another product for those that might be scared that we aren't a commercial Bank , where the Principal plus the interest rate is been divided into 6 and the investor is been giving a Postdated Cheques of 6months and at the end of each months you walk in to your bank and get ur cash for that month, bearing in mind the consequences of issuing a Dud Cheques has a Financial institution. but the interest rate for this product is 11% for that amount. This how to Calculate the interest rate
11.5/100 * 180/365 . You now times whatever you got with the 1.4 ( Principal ) Check my Signature to get more details .

uboma:




Dear op,

Please do not be tempted with the offer above. It is fake and you will lose your money if you go ahead to patronize him. Deal with registered commercial banks only.

walexy14:


Ignorance !!! that's your problem . you dont have to continue dealing with commercial banks if they are not giving you good rate and that's why we have registered investment banks too . so make your enquiries about them b4 you invest . Have you invested your cash with Rosabon financial services before that ur saying this rubbish ? Go know the difference between commercial banking and investment banking b4 saying what you are not sure of.

uboma:





I will refer your management to this thread so they can see the rude manner with which their supposed staff interacts with someone who is just hearing of Rosabon for the first time.

Having said that, so you are implying that i should transact with Rosabon instead of a duly registered commercial bank who has presence in almost all the states within Nigeria? Rosabon only has offices in Lagos and POH. Take your offer elsewhere....

@ op, my earlier stance about transacting with this dude is solely at your own risk. Personally, i wouldnt do business with Rosabon though....

walexy14:

Go back to your comment and read over again Mr Manners. you never commented has someone that's hearing about Rosabon Financial Services for the first time,you commented has someone that has had an ugly experience with Rosabon. for your information , Rosabon Financial Services Limited is a leading Financial Intermediary and Equipment Leasing firm in Nigeria, a subsidiary of Concept Group Nigeria. Licensed by the CBN on April 22, 1993, and won the Capital Finance International ( CFI.CO) Award for best SME Financial Advisory in Nigeria for year 2015 and not a wonder bank, in case if your greediness has made you had such experience before. we are been regulated by CBN so we do not offer interest rate above MPR. Investment banks dont necessary needs to have a physical presence in every state before you know that they are for real.

Bossman:
Low interest rates these days. I fixed 4m for 6 monthswith Access bank on the 15th of last month. The gave a 6% interest rate. Projected interest at maturity is approximately 107K according to the documents they gave.

Chukzyfcb:

Next time don't be in a hurry to fix that long. You should have done 1or 3mnths because of how poor the rate have been. Observe the financial news to know when to invest for short/long term so you can take advantage of higher rate and compounding interest.
With inflation that just hit 12.8%, I'd like to have you know F.deposit rates will rise futher. That will be the way CBN can curb inflation since they'v lost the battle against the forex. I'm nt an economist student tho.

Ryder306:


Egbon, is there a blog, forum or website where one can get nigeria financial news n updates as suggested

Chukzyfcb:

Ermmm....
1) well follow closely the business news on nairaland, especially any news that Involves Monetary Policy committee meeting

2) Visit nairametrics.com (for business news)

3) If the economic terms u read aree confusing, visit Investopedia.com for easy explanation

walexy14:


The highest rate you can get from Skye bank or any other commercial banks is from 6 to 6.5% . You can only get a good rate for that amount from any of this Assets Management Companies (Non Banking Financial institution) out there, Which Rosabon Financial Services happen to be one . We are registered and been regulated by CBN and has been in operations since 1994 with a branch in PH. You can get 11.5% per annum for 6months for that amount which is about 78k with withholding tax of 5% and we also pay interest upfront . We also have another product for those that might be scared that we aren't a commercial Bank , where the Principal plus the interest rate is been divided into 6 and the investor is been giving a Postdated Cheques of 6months and at the end of each months you walk in to your bank and get ur cash for that month, bearing in mind the consequences of issuing a Dud Cheques has a Financial institution. but the interest rate for this product is 11% for that amount. This how to Calculate the interest rate
11.5/100 * 180/365 . You now times whatever you got with the 1.4 ( Principal ) Check my Signature to get more details .

jrondit:
Do you still work for rosabon. Let me chat you on whatsapp