The Fixed Deposit Accounts can be opened for eligible person/persons and organizations/agencies. You can invest or deposit your money for a three month, six month, nine month, or a year term. Bank will issue a passbook that will enable you to make deposits and withdrawals as scheduled. You can also use your deposit as a security for a loan.
Interest payment
The interest rate for the Fixed Deposit Account is 10.25% for 3 months,
10.5% for 6 months, 10.75% for 9 months and 11% for 12 months. The interest is paid at the maturity (3, 6, 9 or 12 months). If you withdraw your money prior to three months, you will get no interest on your deposit.
If you withdraw the money after 3 months and before it’s agreed maturity date, you will only get the interest payment for your deposit closest to your maturity term set by the bank.
(For example, if you withdrew your money in 8 months before the agreed maturity term of 9 month, you will get the interest payment only for 6 month term).
|
