To offer customers the option of placing their money for a fixed term, thereby earning a higher rate of interest.

Target Market/Intent

Customers who have spare cash they are prepared to tie up for a longer period to obtain a higher interest rate.

• What do I do if I need the money prior to the maturity date?
1. Floating Rate Deposit
a) Encashment of deposit prior to maturity is at the discretion of the bank.
b) Interest may be forfeited if funds are withdrawn within 3 months of date of deposit.
c) Interest payable at 1% below applicable rate for past period or savings rate whichever is
lower + breakage cost as applicable, at the discretion of the Bank

2. Fixed Rate Deposit
a) Encashment of deposit prior to maturity is at the discretion of the bank.
b) Interest may be forfeited if funds are withdrawn within 3 months of date of deposit.
c) Interest payable at 1% below applicable rate for past period or savings rate whichever is
lower + breakage cost as applicable, at the discretion of the Bank

• What are the benefits of having a Term Deposit?
You will earn a higher interest rate and may use it as a collateral for other Banking facilities.