This is a good eye opening sir. But I want to also add up to it then, instead of doing it a whole year. You can do it semi annually as you suggested but with this adding the interest of the first half to it, it will give you extra interest. 10,000 for a whole year 10,000 × 15% = 1500 If you want to do it semi annually 10,000 × (15%÷2) = 750 Now you add the interest earned (750) to the already principal (10,000), the amount for the investment (fixed deposit) is now 10,750. So let's do the calculation 10, 750 × (15% ÷ 2) = 806.25 Now the interest for the whole year instead of 1,500 will rather be 750 + 806.25= 1,556 26. This will give you extra 56.25. Thank you so much sir for the insight
Great but usually the rate for whole year is higher than semi-annual lately so may not get the same amount though. But you made a good point. Thank you for the nicr words
My little research on the interest calculation showed that First National Bank Ghana is the only bank using compound interest for all their products just like it happens in many countries. I think their savings/investment products are the best on the Ghanaian market so far. Disclaimer: I have no affiliation or anything to do with the bank. I got all information from carefully studying their products.
Hello patrick, cool channel, i am proud of you, ghana needs more people like you, especially today, where laws and money play a big role, the market is in crisis, a global challange is ongoing, our government and country strivjng for economical power. We can learn from you, but we shoiod not forget to overtake the marjet and make them independent on our ideas to profit, i think i can learn from you, i am already planing working fir the police or the financial sector trying to go in to politics, trying to change something, leaving you greetings and blessings, but next tike please dont forget the necktie hahaha.
This is very good. But with this one, you need to talk to your account or fund manager, so that instead of doing the investment stretch for a year, they will be doing it monthly for you as a roll-over.
Mr. Patrick, investing 10000 cedis for 1500 the whole year is a waste of time and money. Do you know how much returns one can make by doing business with this money over a year? Banks are scammers.
It may be waste to you but profitable to others. Do you have statistics on the number of failed businesses and business ideas in Ghana? Sometimes, we ought to be tactful and circumspects in how we push our ideas across on platforms like these. Give me the success to failure percentages with doing businesses in Ghana. Have a lovely day
Please so if I understood you well based on the example sited, meaning after the 1 year you receive your principal in addition to the interest generated?
Hello Alex. Sorry for the late reply. 10% here means thats the full interest for the year. No bank gives interest per month. Its 10% divided by 12 months. With that calculation factored, you will be earning GHS 4,166 monthly on your investment
Am very glad to see this channel today ,am going to invest my 10,000 tomorrow on FD ❤
Great
Hi sir it's your student Evelyn from Mary Star of the Sea. Am so happy to see you doing so well for yourself. Keep up with the good work
Thanks Evelyn. Glory to God
This is a good eye opening sir. But I want to also add up to it then, instead of doing it a whole year. You can do it semi annually as you suggested but with this adding the interest of the first half to it, it will give you extra interest.
10,000 for a whole year
10,000 × 15% = 1500
If you want to do it semi annually
10,000 × (15%÷2) = 750
Now you add the interest earned (750) to the already principal (10,000), the amount for the investment (fixed deposit) is now 10,750.
So let's do the calculation
10, 750 × (15% ÷ 2) = 806.25
Now the interest for the whole year instead of 1,500 will rather be 750 + 806.25= 1,556 26.
This will give you extra 56.25.
Thank you so much sir for the insight
Great but usually the rate for whole year is higher than semi-annual lately so may not get the same amount though. But you made a good point. Thank you for the nicr words
My little research on the interest calculation showed that First National Bank Ghana is the only bank using compound interest for all their products just like it happens in many countries. I think their savings/investment products are the best on the Ghanaian market so far. Disclaimer: I have no affiliation or anything to do with the bank. I got all information from carefully studying their products.
@@mkb7359have you checked with stanbic?
Today is my 1st time of watching you Patrick! Very impressive!!
Thanks
Hello patrick, cool channel, i am proud of you, ghana needs more people like you, especially today, where laws and money play a big role, the market is in crisis, a global challange is ongoing, our government and country strivjng for economical power. We can learn from you, but we shoiod not forget to overtake the marjet and make them independent on our ideas to profit, i think i can learn from you, i am already planing working fir the police or the financial sector trying to go in to politics, trying to change something, leaving you greetings and blessings, but next tike please dont forget the necktie hahaha.
Thanks
This a very good Idea which most people don't know thank very much
I think if you rather do the 91 day treasury bill and roll over interest and principal, you'll have more than 1500 cedis
Yes with the power of compounding interest
Can you please teach me how to invest im treasury bill
Thanks for the insight 👌🏽
Thanks for the enlightenment
Very Educative my brother. Thanks for sharing.
Thanks
Very educative
Thank you so much for the education.God bless you
You are very welcome
Good morning sir Patrick can u do fixed deposit in rural banks
Yes we can
Very educational.
Please which financial institution now gives the best returns on investments currently?
Finance houses and pension houses
Ecobank
@@PatrickTVGh Which one would you recommend please?
how about you topping up monthly from your starting deposit
This is very good. But with this one, you need to talk to your account or fund manager, so that instead of doing the investment stretch for a year, they will be doing it monthly for you as a roll-over.
Possible
Tnx big bro..
Mr. Patrick, investing 10000 cedis for 1500 the whole year is a waste of time and money. Do you know how much returns one can make by doing business with this money over a year? Banks are scammers.
It may be waste to you but profitable to others. Do you have statistics on the number of failed businesses and business ideas in Ghana?
Sometimes, we ought to be tactful and circumspects in how we push our ideas across on platforms like these.
Give me the success to failure percentages with doing businesses in Ghana.
Have a lovely day
Good - I think the banks have a way to calculate it
Pls can you redraw your money on fixed deposit at any time when the date is due i mean can you redraw all your money at a time
Yes please
Please so if I understood you well based on the example sited, meaning after the 1 year you receive your principal in addition to the interest generated?
Yes please
Great insight
Hello Patrick,I'd like to know if fixed deposits are exempted from the new Domestic Debt exchange program.
Yes they are
Sir what is interest rates in fixed deposit right now
Depends on the bank. No universal
Please the fixed deposit investment and the your own money, which one should be big.
Fixed deposit is your money too
Good morning Patrick, for the example if someone as then 20,000 cedis how much is the interest
For how long
For one year
I think if Ur money is bigger then it means Ur profit will be bigger at the end of the year or ,?
Yes
Good afternoon, which is the best bank in Ghana?
Best bank is subjective based on many indicators so what is your standard of best please? Customer service, interest rates, location or size
@@PatrickTVGh Good morning brother, I am interested with customer service, best investment etc - thanks for replying to my message.
Good explanation
Thanks
So in six months time which is the ghc750 will the bank add it to the principal amount invested which is the ghc10000 deposited......
Yes. These products are best sold by the finance houses and pension houses
Depends on the option u choose when filling the investment forms.
@@PatrickTVGh please which houses are the pension house for the finance houses I know it's the banks .
Clear
Thanks for this information but please I want to know that as a student which of the investment is very good for a student ?
An investment that matches your investment goals and financial plan
Is still going to be 15%
Its now 29%
If you invest in fixed deposit and it mature if you are to roll over ,will it be a new principal.
For that roll over .
Yes please. You can either rollover the initial principal and combine the interest with the old and reinvest
@@PatrickTVGh please how many days of notice should be served before processing the role over
Can u increase the principal during the stipulated duration.
Thus u invested 10000 bt u want to add 10000 to it to be 20,000. Is it allowed?
Yes you can always increase it
I want to invest 500,000.00 cedis in Fixed deposit, the bank is saying 10 percent for 1 month, how can i calculate my returns ?
Hello Alex. Sorry for the late reply. 10% here means thats the full interest for the year. No bank gives interest per month. Its 10% divided by 12 months. With that calculation factored, you will be earning GHS 4,166 monthly on your investment
Please the 1500 is it profit return plus the 10,000
For that one year investment
It is good for the level of time invested by you
Please is it always that the percentage is 15%??
No please, it changes depending on economic conditions
What is calculating is not fixed deposit
What is being calculated then?
How does one compound?
There are financial products that compound interest and the principal
Please, can you share that?
Please white board with white chalk.
Not sure i got you
Thank you
❤❤😊
Tax on the investment?
❤❤😊
((10,000 * 0.15)/12)*6