isaccjanet:
Please house i need your help to clarify this transaction
- I did TB:
Principal Amount - 2,400,000
Interest rate - 18.40%
Tenure - 364

my bank debited 1,968,372.04 which means that my interest amount is 2,400,000 minus 1,968,372.04 = 431627.6

I thought that my Interest amount should be 2400000 x 18.4/100= 441600 which means they suppose to debit 1,958,400 instead of 1,968,372.04

Please gurus in the house, i want to know if there is a tax involve on the interest amount or am i missing something in the calculation

NB: this debited amount exclude the normal commission that comes with TB


patiently waiting for an answer.


NB: Please is there any other charger from your bank for TBN apart from commission, custodian and transfer fees

Abbey1987:
I'm so glad cos GTB did a very good job, I fill my former without bank rates yesterday, seems they are the one that fill in the rate and they have debited me and left my interest. It was 13.99 for 91 days treasury bill. Thanks so much for the eye opening thread.

feelamong:


I can feel u bro...

MMM don carry all man waka go...

but we still dey this market gidigbam! maybe until yields no longer makes sence!

we still dey wait the Auction results

SWG1:


At this time, u are still asking about MMM, time is of the essence oo. Do the needful

oriflamebaby1:
I was at first bank yesterday and was told the next bidding day for TB is Monday. I was given a form to fill and I bidded 19% for 364 day rolling over only principal not with interest. But to my surprise I got a debit alert of the said amount in the evening.My question is; I thought the debit will be done when the bid is successful and I also thought the interest should remain when the principal was removed? Please is this right and am I safe? Please the gurus in the house should assist with my question, thank you

jeebz:
.

I don't understand your question. Firstly, FBN does not allow customers to indicate their preferred rate. Secondly, FBN will debit account against the next auction date(14-12-2016). Depending on the success or failure of the bid, your interest is credited the next working day(15-12-2016).

Mpeace:
I did with diamond bank too 18.5% for one year. No alert yet o. What rate did you bid?

Amhappy:


Pls what's the minimum investment amount in Diamond bank.

inze:


. . . 100,000

X21:



have fidelity debited you. yet to get any alert from them on 91 days order placed below 13.99% rate

Mpeace:
I am still wondering what happened to my 18.5% bid for 364days with diamond bank. They never debited and have no reply for me. Something I submitted a week earlier than auction. But their staff told me he submitted it to head office on monday before the wednesday auction, despite the fact that I submitted my application the thursday of the previous week. Don't know if that's why it didn't sail.

kings11ng:
invest 400k @ the rate of 18% for 364 days.. that was when I was still skeptical of MMM. imagine how m much I would have gotten by now if I used the money for MMM? a part of me want to sell my tb in the secondary market but another part of me said to leave it . smh

exclusiveoloori:
Next auction date?

sunnyt1:


Well, your choice. But how much do you understand investment?

The higher the return the higher the risk. MMM promises a huge return within the shortest possible period but take your time to analyze the risk

TB is directly from the federal govt of Nigeria via CBN while MMM has divided opinions, most people see it as fraud

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sanerugwei:

14th December 2016, then 28th December is the last one for the year.

sanerugwei:

14th December 2016, then 28th December is the last one for the year.

theguvnor:
I need to send money to someone who is not in Nigeria.

I've been to over 20 banks they all say they've exceeded their outbound limit of western union, RIA and money gram.

Any suggestions on what to do?