Fixed Deposit is an investment account which allow customers to place a fixed amount of money for a fixed period at an agreed interest rate. Interest earned is paid at maturity.
- Investment period is a minimum of 30 days and a maximum of 360 days
Minimum opening balance of GH¢500
- Upon customer’s instructions, fixed deposit can be rolled over or paid out at maturity
- Attractive interest rates
- Can be used as collateral for loans from the Bank
- Amount can be terminated before maturity but accrued interest will be forfeited
1) What is the tenor for fixed deposit?
- It varies between 30 days and 360 days.
2) Can the investment be rolled –over?
- Yes, based on an instruction from the customer
3) Can the investment be terminated before maturity?
- Yes, investment can be terminated before maturity; however a portion of accrued interest will be forfeited.