>> Term Deposits

Interest is usually paid at the end of the term i.e. at maturity of the deposit

Usually availed to Corporate, Financial Institutions, Insurance Companies etc

Features
o Fixed rate for the term of the deposit, giving you a fixed rate of return with no risk
o These are generally short-term with maturities ranging from a month to a few years
o The option of interest to be paid as a regular monthly income, at the beginning of the term or on maturity
o Funds placed in a Fixed Deposit usually cannot be withdrawn prior to maturity or they can perhaps only be withdrawn with advanced notice and/or by having a penalty assessed

>> Super Plus

A type Fixed Deposit but all the money (principal) is not deposited same day

Principally for retail customers (individuals) who cannot afford large sums at once but can save smaller amounts over a fixed period to help in retirement, children’s education etc.

Also for clubs, Associations, Schools, Firms, Partnership etc

Features
o It has a term, or a duration, or lifespan
o A fixed amount is deposited periodically (say monthly)
o Amount is deposited on a fixed date (i.e. customer subscribe to deposit a fixed amount in his TD account on a specific date and period and a subscription agreement is delivered.
o Deposit is remunerated at a fixed interest rate of 3% p.a.
o Client is not ordinarily allowed to break the deposit, else a penalty is charged
o At maturity, client is paid principal plus interest

Benefits
o Stress free savings to handle problems in the future
o May serve as collateral for consumer loans.

Target Market
o Employees in both private and public sectors
o Parents/Guardians who seek to save for their children’s education

Requirements
o Valid Identification e.g. National ID, International Passport
o 4 passport size photographs
o Utility bill (Not necessary if parent company has an NFC account)
o Initial Deposit