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

Spread the love

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:

1. Savings Account.

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.

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%.

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 Reading>>>

Be the first to comment

Leave a Reply

Your email address will not be published.