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.

 
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