I just got debited for NTB by UBA for 91 days @ the rate of 10.85%...pls is it a good rate?

Good evening house. please its my first time to buy treasury bills and I made a purchase of 100k via GT bank. only this evening I got a debit alert of 97,257.53. I don't understand because the rate I was told was 11%.

Please house....what is happening with GTBANK..?
I was debited the discounted amount i invested for 364 days with the rate of 14.5% and later got credited an hour later again with the discounted amount....
My Account is just normal as it was before..
What could be the problem..?

From my calculations, it looks ok. The difference between what you bought and what you were debited is your interest so manage am well lol. Please confirm your duration is 91 days.

morewealth:
Good evening house. please its my first time to buy treasury bills and I made a purchase of 100k via GT bank. only this evening I got a debit alert of 97,257.53. I don't understand because the rate I was told was 11%.

IAMTHEHERO:
Good afternoon, my good people. I have an issue with GTB at hand. They bought TB for me at the rate of 14.5% today. They deducted from my account at the rate of 9.5%. A treasury bill of N500,000 for 364 days supposed yield 72,500 as interest. But they dropped 48,507 as interest. I just called my account officer now, he said l should give him till tomorrow to resolve the issue.

it seem gtb have some problems I also had same

IAMTHEHERO:


They just reversed the money(500,000) back to my account. I called my account officer to inform him the development. He said maybe they want to redo it.

The same thing happen to me just now......I did 300k,364 days @ the rate of 14.5 percent....i was debited 270,896 which is incorrect because 14.5/100=0.145 * 300,000=256,500 and not 270,896.....Few minutes later,i got credited with 270,896 again.....

elothaddi:
From my calculations, it looks ok. The difference between what you bought and what you were debited is your interest so manage am well lol. Please confirm your duration is 91 days.

the interest seems smaller than 11%

Gavrelino123:

The same thing happen to me just now......I did 300k,364 days @ the rate of 14.5 percent....i was debited 270,896 which is incorrect because 14.5/100=0.145 * 300,000=256,500 and not 270,896.....Few minutes later,i got credited with 270,896 again.....

same with me they have not reverse it

Please I bid for TB at 14.7% for 364 days with 1.7M and just got credited with 243'000.
Debit is 1'456'745
From my calculation, it's less than 14.7%. I'm not sure if I'm correct but can anyone do the arithemetic for me?

C505:
Please I bid for TB at 14.7% for 364 days with 1.7M and just got credited with 243'000.
Debit is 1'456'745
From my calculation, it's less than 14.7%. I'm not sure if I'm correct but can anyone do the arithemetic for me?

1.7m * 14.7/100 * 364/364 = 1.7m * 0.147 * 1 = 249900.

T n P applies sha = there are associated charges per bank

Gavrelino123:

The same thing happen to me just now......I did 300k,364 days @ the rate of 14.5 percent....i was debited 270,896 which is incorrect because 14.5/100=0.145 * 300,000=256,500 and not 270,896.....Few minutes later,i got credited with 270,896 again.....

Hi house, this % interest is it on monthly basis that one receives it or just once for the entire 364day?

ahiboilandgas:
same with me they have not reverse it

GTBANK has re-debited me approximately with the actual calculation of 14.5%..

NL1960:


Since you have read through the thread, what aspect(s) do you not understand so that explanations can be given to you. Try to be specific.

Hi house, is the 14%interest a one time thing or monthly thing if I opt for 364days option

Paulo3ree:


Hi house, is the 14%interest a one time thing or monthly thing if I opt for 364days option

U receive it only once

jamih:

U receive it only once

OK
Thanks

Please what's the minimum amount for GTB...

Can 100000k fetch me a deal with GTB?

IAMTHEHERO:


They just reversed the money(500,000) back to my account. I called my account officer to inform him the development. He said maybe they want to redo it.

GTB has corrected it @14.5%.
It is good to know mathematics at least the basics like- simple interest calculations. l told my account officer that l had Physics, Chemistry and Mathematics A in my WAEC in addition l being a geophysicist. He should recalculate it. I even gave him an instance that in November 2018, l was paid N35,000 as interest on N250,000 @14% for 364 days tenor. He started apologizing and blaming the TB department.

Barrytone:


1.7m * 14.7/100 * 364/364 = 1.7m * 0.147 * 1 = 249900.

T n P applies sha = there are associated charges per bank

This is exactly what I got when I did my calculations too. And if the bank charges is over 5grand, not to sound too greedy, it's a bit up cos I thought the charge is just 0.125

IAMTHEHERO:


GTB has corrected it @14.5%.
It is good to know mathematics at least the basics like- simple interest calculations. l told my account officer that l had Physics, Chemistry and Mathematics A in my WAEC in addition l being a geophysicist. He should recalculate it. I even gave him an instance that in November 2018, l was paid N35,000 as interest on N250,000 @14% for 364 days tenor. He started apologizing and blaming the TB department.

They didn't charge you custody fee?

OgogoroFreak:
They didn't charge you custody fee?

They paid me N72,300 instead of N72,500 as interest. Perhaps the custody fee is the N200 difference.

Gavrelino123:

GTBANK has re-debited me approximately with the actual calculation of 14.5%..

notting yet did u complain

morewealth:
the interest seems smaller than 11%

If the tenor is 91 days, then the interest you got is correct.

C505:


This is exactly what I got when I did my calculations too. And if the bank charges is over 5grand, not to sound too greedy, it's a bit up cos I thought the charge is just 0.125

i doubt the rate you are quoting, just confirm the rate.
Thanks

Pls someone should calculate for me 10% on 750,000k for 91days.

cutedharmee:
Pls someone should calculate for me 10% on 750,000k for 91days.

Ur profit is 18750

unite4real:
I will continue to remind all that CBN has learned from the last high interest rate and is better prepared now for speculators. The longer you wait for the 18%, the more you loose money by keeping your funds idle. It will be more painful if while waiting for 18%, rates start to drop after the election. I think if you get a 15% now, pls lock it. When it comes to money, it is a seed and every day counts.

I need some clarifications on this T-bills if you can help. I bought some treasury bills for this 14/1/2019 and I opted for the 182 days duration. This been my first time, I am a bit confused. The rate I saw from the CBN is 11% but when I calculated the percentage I got from my bank when the money was collected it was 6.6% now my question is, is this how it works or the bank is just trying to reap me off?

Creamz:


I need some clarifications on this T-bills if you can help. I bought some treasury bills for this 14/1/2019 and I opted for the 182 days duration. This been my first time, I am a bit confused. The rate I saw from the CBN is 11% but when I calculated the percentage I got from my bank when the money was collected it was 6.6% now my question is, is this how it works or the bank is just trying to reap me off?

the 11% is for a year. You did for half year so you'll get half interest.

murphyrichy:
I just got debited for NTB by UBA for 91 days @ the rate of 10.85%...pls is it a good rate?

while I got 182 days for 6.6% in zenith bank. I feel I have been ripped off

OgogoroFreak:
the 11% is for a year. You did for half year so you'll get half interest.

okay. Thanks a lot

IAMTHEHERO:
Good afternoon, my good people. I have an issue with GTB at hand. They bought TB for me at the rate of 14.5% today. They deducted from my account at the rate of 9.5%. A treasury bill of N500,000 for 364 days supposed yield 72,500 as interest. But they dropped 48,507 as interest. I just called my account officer now, he said l should give him till tomorrow to resolve the issue.

I had a similar experience (9.7%)
It was an error from GTB and they've corrected it.

Grupo:


If the tenor is 91 days, then the interest you got is correct.

I did 182 days with Zenith Bank the interest I got was 6.6% do you think that is the correct interest for 182 days?

same with me they said is a general problem..I did #580k and they gave me interest of #56880 instead of 81200..my acct officer said it will be resolved