Term Deposit
- Term Deposit Interest Calculator
- Term Deposit Facility
- Term Deposit Calculator
- Term Deposit Meaning
- Term Deposit Interest Rates
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. Guaranteed Investment Certificates (GICs) and Term Deposits are a safe way to save money. TD offers a wide variety of GICs including Cashable and Non-cashable options, making it easy for you to find one that meets your investments goals. Browse the full selection of GIC and Term Deposit rates that TD offers. A term deposit is an investment of cash placed with a financial institution for a fixed period of time, known as the term, with a fixed interest rate for your return at the end of the term. A term deposit is commonly referred to as a TD, but can also be known as a certificate of deposit or CD. Funds placed in term deposits are removed from the reserve accounts of participating institutions for the life of the term deposit and thereby drain reserve balances from the banking system. Reserve Banks offer term deposits through the Term Deposit Facility (TDF), and all institutions that are eligible to receive earnings on their balances at.
| Currency | Term | Interest Rate |
|---|---|---|
| USD Only | 3 months | 1.5% p.a. |
| 6 months | 2.0% p.a. |
| • Minimum Term Deposit Size: USD5,000 per Term Deposit. |
| • Maximum Term Deposit Size: USD100,000 per account. |
| • Terms and Conditions apply. |
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.
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:
| Currency | Term | Interest Rate |
|---|---|---|
| USD Only | 3 months | 1.5% p.a. |
| USD Only | 6 months | 2.0% p.a. |
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.
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.
Term Deposit Interest Calculator
(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.
Term Deposits
Term Deposit Facility
Too busy to track stocks, monitor the housing market, horde piles of gold and predict the future? Or wanting to diversify your investments?
Look at a Term Deposit with Gateway Bank, providing you an investment with certainty and stability. Lock in a great interest rate for the term of choice between 3 months and 5 years, and build your wealth with a guaranteed return on your Term Deposit account.
Term Deposits allow you to plan for your future and invest with confidence, knowing that you will receive a higher rate of return than many savings accounts over a fixed term. Take advantage of our competitive interest rates, no monthly account or service fees, and seamless interest payments directly into your Everyday Account.
- Interest is calculated daily and can be paid either monthly, 6 monthly or at maturity*
- No setup or monthly service fees
- Interest can be paid directly to your Everyday Account
- Available for SMSF and Trust Accounts
- Your first $250k is protected by the Australian Government Deposit Guarantee
Term Deposit Calculator
Product Features:
Term Deposit Meaning
Savings & Bank Accounts | |
|---|---|
| Monthly Fee : | $0 |
| Annual Fee : | $0 |
| Minimum Amount : | $1,000 |
| Cheque Book : | No |
| Funds Available : | If the deposit or any part of it is withdrawn before maturity, an interest rate adjustment fee will apply. |
| ATM/EFTPOS Access : | No |
| Online & Phone Banking : | No |
| Direct Entry (Credit/Debit) : | No |
| Interest Income : | Compounding interest option available for various terms |
| Debit Card : | No |
| Branch Access : | No |
| BPAY® : | No |
| Overdraft : | No |
| Periodic Payments : | No |
No Hidden Fees
Ensure that the profits from your investments are being used to grow your wealth, not pay unnecessary fees. Our Term Deposits are free from account setup, monthly account keeping or service fees, so you can invest with confidence.
Invest Your Way
Invest how it suits you with your choice of terms between 3 months and 5 years, and the option to have your interest paid monthly or at maturity, straight into your bank account.
Government Guaranteed
As Gateway Bank is an Authorised Deposit-taking Institution, your first $250k is protected by the Australian Government Deposit Guarantee, ensuring the safety of your fixed term investment if anything were to happen to Gateway.