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Posted by Uduak on Tuesday March 24, 2015 14:40:31:

I want to learn about Fixed deposit accounts and how they make money. What does it require and how can I open one at my bank

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Comments:
Re: How to open and make money with a Fixed deposit account Posted by Ebere on Tuesday March 24, 2015 at 14:44:24:

You can easily open one at your bank as long as you have the minimum capital. For most banks, the minimum capital required as at 2015 is at least N200k and the lowest interest rate I've seen it about 7% per year. So if you invest like N1m in a fixed deposit account at 7%, you will make an additional N70k as your interest. You can open an account by just having funds in your bank account and then submitting a fixed deposit request form or letter.

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Re: How to open and make money with a Fixed deposit account Posted by Ebere on Tuesday March 24, 2015 at 14:44:24:

You can easily open one at your bank as long as you have the minimum capital. For most banks, the minimum capital required as at 2015 is at least N200k and the lowest interest rate I've seen it about 7% per year. So if you invest like N1m in a fixed deposit account at 7%, you will make an additional N70k as your interest. You can open an account by just having funds in your bank account and then submitting a fixed deposit request form or letter.

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Re: How to open and make money with a Fixed deposit account Posted by Pamela Ike on Saturday October 3, 2015 at 9:19:36:

Are there any charges for having a fixed depsoit account? I mean whethere any fees will be deducted from the interest I earn?

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Re: How to open and make money with a Fixed deposit account Posted by Felix Okoli on Saturday October 3, 2015 at 9:21:12:

The only fee or charge I know of is VAT of 5% which is normally charged on your interest earned. So, if your Fixed deposit earns you N10,000, you will only be paid back N9900 while N100 will be deducted for the government as tax.

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