Fixed deposit account
What is it?
A fixed deposit is an investment account where money is invested for a fixed period and the interest does not change. A fixed deposit offers interest rates higher than ordinary savings accounts and is ideal if you have cash you don’t need immediately. You can choose how long you want to invest – from one month to one year.
What does it offer me?
- Investment period can be from 33 days to five years
- Ability to choose when the investment should mature
- The interest rate is fixed for the full investment period
- No transactions are allowed
- Interest is usually paid on maturity. If you need the interest before the maturity date you can arrange to have it paid quarterly, half-yearly or annually in arrears.
What do I need to apply?
- What documentation will the customer need?
- Ensure this is listed in point form.