If I Give Bank 1 Million Naira How Much Will They Pay Me Per Month? - Reportgist

If I Give Bank 1 Million Naira How Much Will They Pay Me Per Month?

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If you give a Nigerian bank 1 million naira, the amount they will pay you per month depends on the interest rate offered by the bank and the type of account you choose. Here’s a simple breakdown:>>>CONTINUE FULL READING HERE

1. Savings Account.

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Interest rates for savings accounts in Nigeria typically range from 1% to 5% per year. Let’s use an average rate of 2.5%.

Annual interest: 1,000,000 * 2.5% = 25,000 naira
Monthly interest: 25,000 / 12 ≈ 2,083 naira
So, if you deposit 1 million naira in a savings account with an interest rate of 2.5%, you might earn about 2,083 naira per month.

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2. Fixed Deposit Account.

Fixed deposit accounts usually offer higher interest rates, ranging from 6% to 10% per year. Let’s assume an average rate of 8%.

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3. Annual interest.

1,000,000 * 8% = 80,000 naira
Monthly interest: 80,000 / 12 ≈ 6,667 naira
If you deposit 1 million naira in a fixed deposit account with an 8% interest rate, you might earn about 6,667 naira per month.

4. Treasury Bills.

These are short-term government securities, and their interest rates can vary but are often around 10% per year.

Annual interest: 1,000,000 * 10% = 100,000 naira
Monthly interest: 100,000 / 12 ≈ 8,333 naira
If you invest 1 million naira in treasury bills at a 10% interest rate, you might earn about 8,333 naira per month.

In summary, with 1 million naira, you could earn approximately:

2,083 naira per month in a savings account
6,667 naira per month in a fixed deposit account
8,333 naira per month in treasury bills>>>CONTINUE FULL READING HERE

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  • Please which bank in Nigeria give interest when you are saving money into their bank because I know Nigeria bank never give interest rather they will be reducing your money for you that is why I stop using Zenith bank for anything even my money inside if you see the way they send me balance all the time that they deducted money from my account Zenith bank is a thief I don’t advise people to open Zenith bank rather go there remove your money they are thief thief

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