1. Term Deposit Rates
2. Term Deposit Rates
3. Best Term Deposit
4. High Interest Term Deposit
5. Term Deposit Nz
6. Term Deposit Facility

A term deposit is a type of deposit account held at a financial institution where money is locked up for some set period of time. Term deposits are usually short-term deposits with maturities. A term deposit is a type of investment where you place your savings in an account for a fixed length of time. Over this term, the bank will pay you interest at a fixed rate on the amount you invest. Term deposits are often considered relatively low-risk investments, and could be useful if you’re looking to add an extra boost to your savings. A Term Deposit is a secure way to boost your savings, simply open an account, select your term and enjoy the rewards of a high interest investment.

Please complete Term Deposit Application Form and email it to service@bankasia.com for assistance. Bank of Asia will contact you to confirm your deposit upon receiving your application form. Or you may contact Customer Services for assistance.

A Term Deposit is a fixed deposit available only in United States Dollars (USD) with the Bank of Asia (BVI) Limited (“the “Bank”). It earns a fixed rate of interest for a fixed term.

Term Deposit Rates

Your Term Deposit is subject to these terms and conditions and the Bank’s General Terms and Conditions. A copy of the Bank’s General Terms and Conditions can be obtained from www.bankasia.com.

Available interest rates and terms as of November 2020 are:

The interest is calculated on the year basis of 360 days.

You can view the latest interest rates at www.bankasia.com which may change from time to time.

The minimum Term Deposit size is USD5,000 per Term Deposit, and the maximum Term Deposit size is USD100,000 per account.

On the maturity date of a Term Deposit, the principal and interest will be credited to your Bank of Asia account. If the maturity date falls on a day which is not a Business Day (a “Business Day” being any day other than a Saturday, Sunday or public holiday in the British Virgin Islands), the maturity date will be extended to the next Business Day.

Before the maturity date of your Term Deposit, any withdrawal of funds (a part or all of the funds) from your Term Deposit will result in early termination. Request for early termination require the completion, submission and approval of the Term Deposit Early Termination form. No interest will be earned on the Term Deposit if it is terminated early and an early termination administrative charge of USD100 will be debited from your account.

Term Deposit Rates

Upon maturity, your Term Deposit will not be automatically renewed, and the principal amount of the time deposit and interest will be credited to your Bank of Asia current account. If you wish to renew your Term Deposit, you should make a new Term Deposit application and the Bank has the right to accept or refuse your new application.

Bank of Asia does not accept any responsibility for the tax consequences of your Term Deposit held at the Bank. You should seek independent professional advice as to your particular tax position.

(a) The Bank may vary these terms and conditions from time to time, and the Bank may vary the fees and charges in relation to your Term Deposit from time to time by notice.

(b) The Bank is entitled without prior notice to you to debit any amount payable by you to the Bank (including any fees, expenses or interest) from any of the accounts maintained by you with the Bank irrespective of whether there are sufficient available funds, overdraft or other facilities in the said accounts. If any debit causes the relevant account to be overdrawn, you are liable to repay the outstanding amount to the Bank on demand together with any fees, expenses and interest accruing on the outstanding amount as such rate as the Bank may set.

(c) No person other than you and the Bank will have any right under the Contract Law (Rights of Third Parties) to enforce or enjoy the benefit of any of the provisions of these terms and conditions.

(d) In case of any disputes, the decision of the Bank on all matters relating to this Term Deposit shall be final and binding on all parties concerned.

(e) These Terms and Conditions are governed by and will be construed in accordance with the laws of the British Virgin Islands.

(f) These terms and conditions are effective from 1 November 2020.

A time deposit or term deposit (in the United States also known as a certificate of deposit) is a deposit in a financial institution with a specific maturity date or a period to maturity, commonly referred to as its “term”. Time deposits differ from at call deposits, such as savings or checking accounts, which can be withdrawn at any time, without any notice or penalty. Deposits that require notice of withdrawal to be given are effectively time deposits, though they do not have a fixed maturity date.

Unlike a certificate of deposit and bonds, a time deposit is generally not negotiable; it is not transferable by the depositor, so that depositors need to deal with the financial institution when they need to prematurely cash out of the deposit.

Time deposits enable the bank to invest the funds in higher-earning financial products. In some countries, including the United States, time deposits are not subject to the banks’ reserve requirements, on the basis that the funds cannot be withdrawn at short notice. In some countries, time deposits are guaranteed by the government or protected by deposit insurance.

Interest[edit]

Time deposits normally earn interest, which is normally fixed for the duration of the term and payable upon maturity, though some may be paid periodically during the term, especially with longer-term deposits. Generally, the longer the term and the larger the deposit amount the higher the interest rate that will be offered.^[1]

The interest paid on a time deposit tends to be higher than on an at-call savings account, but tends to be lower than that of riskier products such as stocks or bonds. Some banks offer market-linked time deposit accounts which offer potentially higher returns while guaranteeing principal.

At maturity[edit]

At maturity, the principal can be either paid back to the depositor (usually by a deposit into a bank account designated by the depositor) or rolled over for another term. Interest may be paid into the same account as the principal or to another bank account or rolled over with the principal to the next term.

The money deposited normally can be withdrawn before maturity, but a significant penalty will normally be payable.

Best Term Deposit

See also[edit]

High Interest Term Deposit

References[edit]

Term Deposit Nz

1. ^'Time Deposit'. Investopedia. 2003-11-24. Retrieved 2016-11-01.

Term Deposit Facility