festobit:

I visited a FirstBank branch close to me to do treasury bill

I filled two forms for tbill
One for 180 days and the other 91 days.

After three days my account was deducted but the interest rate was not paid to my account as they deducted the full money.

It's almost two weeks now and I have been going to the bank, they are yet to credit me with the interest neither did they send me any email regarding the tbill I did.

I was still there on Friday and they said they would put up a memo on it.

Please is this normal or is there a fraud case here. Being a newbie, I am counting on your experience to know what to do.

I don't even know what the interest rate is or even the maturity date. I don't have any information as regards the transaction. I only know my account was deducted.

I await your urgent responses.

Thank you

tmod:
Hello, pls what's the difference between primary investment and secondary investment. Am thinking king of walking into the bank tomorrow for treasury bills.

freeman67:


What you should do is visit the bank and go directly to Officer that attended to you. Before going be sure of the date you made the investment...if you do not remember the date just check either you mobile app for your statement or request for your statement at the bank from the period you made the investment. I believe you should also know whether it is primary or secondary you invested in.

With that, just go to him/her and request for your proof of investment.. A certificate that carries the details of your investment.( you will be asked of your name, account no, amount invested and most likely whether its primary or secondary market)

About your interest not being paid upfront, that is dependent on the option you choose on the form when filling it. It is possible you chose the invest capital with interest option or they made a mistake and invested it for you that way. However you could also check your balance to see if its there because first bank most times drop interest without alert.

I believe this will help you.

festobit:


Thank you for your help.

I actually applied for Primary and asked that my interest be paid upfront when filling the form.

I have asked him (I. E. The guy in charge) to give me proof of my investment and he keep saying that he has not been communicated.

My account was debited on the 19th of October 2017 and till now no proof of transaction has been issued to me.

I have sent a legal threat to their head office. I just hope it gets their attention.

But being a newbie in treasury bill, that is why I wanted to ask you experts on nairaland if this issues are normal before I over react.

Thanks

kaze4blues:
Can I trade treasury bills on the secondary market for lower tenors such as 30 days?

Is it possible to add to my initial investment on monthly basis in treasury bills?

Kindly help enlighten me.

freeman67:


1. yes....If you are lucky you can get it sometime...

2. I'm not sure..Its somehow stressful and TB investment is not such that is maintained by the banks alone. its easier done that way with mutual funds.

henrinco:
I just got 198 days @ 16.8percent at First bank Nigeria.

hiscules:
StanbicIBTC secondary market rate today

94days 16.50%
185 days 16.55%
269days 15.40%

Grab your copy now!

opomulero:
Im one of the gretest fan of GTBank.
Now, i owe them no apology, they are saddist infact they are progress stopper , see they are in no way ready to contribute to someones growth.

They dont have products asides FD and TBills
There FD rates is worse
They will ever give you a better rate compared to other banks on TBills.

There mumu officers alwaysbact as if they are doing you a favor.

One thing i now noticed about them now is that if you want to buy TBills in primary market, they wont bid for you, they will bid on secondary market for you so that they can route the money through the securities they are using and they will finish you by giving you ridiculous rates.

Other banks like FCMB, FBN, stanbic, zenith and even skye of all banks do better than that mumu gtbad that calls themselves gtbank.

There service is now generally bad.
Im afraid they might have problem in a very short time.

I hate them with pasion now, they stink.

rosybabyy:

Got 185@16.55%

dotcomnamename:


Are you sure with your claim because I am just considering trying GTBank Treasury Bills!

TONY56:



A trial will either convince or confuse you!!!

feelamong:
@Omo Yankee... You can actually buy the Tbills from any Commercial bank, or any Discount House in Nigeria....

The fees are 0.125% of the amount invested. However you should be aware that the effective Yield on Tbills is higher that than the advertised discount rate.....as the yield is discounted upfront. So a 14% yield is effectively about 14.25%...

hiscules:
rosybaby u sharp jare

opomulero:
Im one of the gretest fan of GTBank.
Now, i owe them no apology, they are saddist infact they are progress stopper , see they are in no way ready to contribute to someones growth.

They dont have products asides FD and TBills
There FD rates is worse
They will ever give you a better rate compared to other banks on TBills.

There mumu officers alwaysbact as if they are doing you a favor.

One thing i now noticed about them now is that if you want to buy TBills in primary market, they wont bid for you, they will bid on secondary market for you so that they can route the money through the securities they are using and they will finish you by giving you ridiculous rates.

Other banks like FCMB, FBN, stanbic, zenith and even skye of all banks do better than that mumu gtbad that calls themselves gtbank.

There service is now generally bad.
Im afraid they might have problem in a very short time.

I hate them with pasion now, they stink.

dotcomnamename:


Are you sure with your claim because I am just considering trying GTBank Treasury Bills!

Reyus:

I advice you should avoid GTB. They are dubious.
Without my consent, they purposely reinvested my TBills interest they should have paid me upfront.