Traditional Deposit Account
Fixed interest rate for the entire deposit term
Enjoy a fixed interest rate for the entire deposit term and collect interest upon expiry.
You can choose among 1, 3, 6, 9, 12 or 18, month deposit terms.
Interest rate is based on the term you choose for your deposit, it applies from the opening of the account and is not affected by interest rate fluctuations.
You can withdraw part or the whole amount only on expiry of the deposit.
Learn more on your account’s interest rate here
1. What is a fixed-term deposit?
A fixed-term deposit account is an account in which you place your money for an agreed period of time, during which time you can neither deposit additional money into your account nor withdraw from it. The interest rate is fixed for the entire duration of the fixed term. If you know that you will need your money on a specific date, for example in 3 months from now, you can arrange for the fixed- term deposit to mature in 3 months from now.
Additionally, you can choose one of our Special Deposit Products that gives you flexibility as to their duration, the time at which interest is paid and the ability of withdrawl.
2. What is the procedure for renewing a fixed-term deposit account?
A few days before your fixed-term deposit expires you will receive a letter from the Bank reminding you of the expiry date. You need to give instructions if, for example, you want to add to or withdraw money from the fixed-term deposit. You can also give instructions at the expiry of the fixed-term deposit for the interest or the entire amount deposited and the interest to be transferred to another account. These instructions may be given through the bank branch and your personal banker.
If you do not want any change to your fixed-term deposit, it will be automatically renewed (including the amount of interest) with the interest rate offered by the Bank at that time. In this way, it is ensured that there is no loss of interest even if you forget the fixed-term deposit renewal date.
3. What are my options for collecting the interest?
The Bank offers a wide range of fixed-term deposits, each of which involves a different way of collecting the interest rate. You may collect the interest immediately upon opening a fixed-term deposit account, monthly, upon the account's expiry, or even in parts at specific dates which you designate. All you have to do is choose the right product depending on when you wish to collect the interest.
4.What is the difference between Special Deposit Products (“UpFront”, “Monthly”, “Flexi Fix”) and the “Traditional” Fixed Term Deposit account?
Special Deposit Products are fixed term deposit accounts with flexible characteristics. Special Deposit Products may vary according to their duration, the time at which interest is paid and the ability of withdrawal before the agreed expiry date.
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