A time deposit is an interest-bearing deposit account that has a specified date of maturity. The funds in these accounts must be held for a fixed term and include the understanding that the depositor can make a withdrawal only by giving notice.
- Enjoy a very competitive interest rate.
- Term of Deposit varies from 3 months to 12 months
- Conveniently withdrawn or renew for another term, upon maturity
- No withholding taxes on interest.
| TERM | 1,000 to 4,000 | 5,000 to 49,000 | 50,000 and above |
| 90 days (3 mos.) | 2.5 % per annum | 3.5 % per annum | 4% per annum |
| 180 days (6 mos.) | 2.75 % per annum | 4.5 % per annum | 4.75 % per annum |
| 360 days (12 mos.) | 3 % per annum | 5 % per annum | 5.5 % per annum |
*New Time Deposit Rates – Effective July 1, 2016
Why you should open a time deposit account today:
- It encourages a savings habit as the money you deposit needs to be in the account for a period of time without you making any withdrawal.
- Investing in a time deposit account earns you a higher interest rate than depositing your money in a savings account.
- You are assured of returns for your investment
- Interest is payable at maturity; annually or monthly depending on the term you chose or you could use the money to buy assets if you want.
- You get to choose how long you want to invest your money in a fixed deposit account ranging from 90 days to 2 years.
- You can choose to have more than one fixed deposit account if you want to save for different goals.
