Maturity options

Standard Term Deposit

Renew deposit with principal amount and accrued interest

Upon maturity both principal amount and accrued interest will be deposited as a new term deposit with interest rate and terms applicable as at the date of renewal in accordance with the General Terms and Conditions

Renew deposit principal amount only

Upon maturity deposit principal amount will be renewed with interest rate and terms applicable as at the date of renewal in accordance with the General Terms and Conditions, interest amount will not be renewed.

Transfer principal and interest amount to customers' account

Upon maturity both deposit principal amount and accrued interest amount will be transferred to customers’ account with the terms of demand drafts. Annual interest rate offered on the funds available on demand drafts is 0 %.

Note: Unless Customer instruct us otherwise, the Bank will automatically renew the deposit on maturity for the period specified by customer at the Bank's prevailing interest rate for this deposit type in accordance with the General Terms and Conditions.

With the Term Deposit Agreement Customer instructs to renew the deposit at the Bank's prevailing interest rate  for this deposit type as of the date of maturity for the specified period or credit/transfer the principal to the customer’s account. 

Note: In case of any premature withdrawal of term deposit at the request of customer, 1% of accrued interest will be paid.

Term Deposit account closure fee is not applicable.

Term Deposit With Interim Interest Repayment

Renew deposit principal amount only

Upon maturity deposit principal amount will be deposited as a new term deposit with interest rate and terms applicable as at the date of renewal in accordance with the General Terms and Conditions, interest amount will not be renewed. 

Transfer deposit principal and interest amount to account

Upon maturity both deposit principal amount and accrued interest amount will be transferred to customers’ account with the terms of demand drafts. Annual interest rate offered on the funds available on demand drafts is 0 %.

Note: Unless Customer instruct us otherwise, the Bank will automatically renew the deposit on maturity for the period specified by customer at the Bank's prevailing interest rate for this deposit type in accordance with the General Terms and Conditions.

With the Term Deposit Agreement Customer instructs to renew the deposit at the Bank's prevailing interest rate  for this deposit type as of the date of maturity for the specified period or credit/transfer the principal to the customer’s account. 

Note: In case if customer makes premature withdrawal of term deposit after minimum one month, then the interest amount paid to customer will be calculated with applicable interest rate for the given deposit type as at the date of withdrawal. The difference between the interest amount already paid to customer during the deposit term and interest accrued during 1 month will be deducted from deposit principal amount.

In case of any premature withdrawal of term deposit at the request of customer within 1 month after opening the deposit, 1% of accrued interest to date will be paid. 

Term Deposit account closure fee is not applicable.

Last updated on: 2/12/2019 12:09:44