1. What is Fixed Deposit?
It is an account that provides a fixed rate of return for the term of the product. With no monthly fees, you are guaranteed a specific amount at the maturity date provided.
2. What documents are required for opening a Fixed Deposit Account?
The required documents for Fixed Deposit Account are:
◾ For individuals
o Original National ID for residents
o Original passport and valid visa for non-residents
◾ For corporate/organization
o Original and latest completed memorandum and articles of association
o Certificate of commercial registration/incorporation issued by Ministry of commerce or certificate of registration scanned with QR code
o Original board of directors resolution to appoint signatory(ies) and account condition
o Original and valid National ID or passport of all shareholders and directors
o Original and valid National ID or passport of all authorized signatory(ies)
o Business tax patent (if applicable)
3. What is the maturity date of a Fixed Deposit Account?
The maturity date is the day the current term ends and the funds are now available to the customer for any changes. To find your maturity date, refer to your statement or your original certificate of FD.
4. Is there monthly maintenance fee for Fixed Deposit Account?
There is no monthly maintenance fee for Fixed Deposit Account.
5. What is the minimum balance for a Fixed Deposit Account?
The minimum balance for opening a Fixed Deposit Account is $500.
6. What is the maximum deposit that I can make to Fixed Deposit Account?
The maximum balance per Fixed Deposit account is unlimited.
7. Does my Fixed Deposit Account automatically renew at maturity date?
If you do not go to your home branch where you opened your account to close your account and get your principal money and interest rates, your FD will be automatically renewed to the same term at the current interest rate and at the time of maturity.
8. How can I close my account?
You can go visit your home branch to close your account. There will be USD10 penalty fee for closing your account within 2 weeks from the opening date. However, savings interest rate will apply for pre¬-maturity withdrawal. Interests paid including tax shall be returned (pre¬maturity withdrawal) if pre¬mature withdrawal of monthly interest payment Fixed Deposit is requested.
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