Time Deposit
Product Description
A Time Deposit Account is an interest-earning bank account with a fixed maturity date. It allows for substantial investments over a fixed term, offering higher interest rates than regular savings accounts. The deposited money must stay in the account for the agreed term to earn the stated interest. Key features include a fixed term, variable interest rates based on term length, automatic renewal options, and potential penalties for early withdrawal.
Purpose
A Time Deposit Account offers higher interest rates than regular savings accounts, making it ideal for long-term goals. The funds are locked in for a specific period, promoting saving and discouraging unnecessary spending. It’s an effective tool for financial planning for large future expenses like buying a house or starting a business. Additionally, it’s a low-risk option for saving, investing and wealth building
Time Deposits Rates effective June 01, 2020
- Up to 5% Interest Rate per annum
- Flexible Terms 3 to 12 months
- Conveniently withdraw or renew for another terms.
- No withholding taxes on interest
Member's Testimony
SAVINGS PRODUCTS AND LOAN PRODUCTS
