Foreign Fixed Deposit Account
Account where a customer’s deposits in foreign currency are fixed for the agreed
period of time subject to non-withdrawals before the elapse of the period. Interest
income is forfeited for withdrawals made before maturity period.
- Cash deposit in foreign currency fixed for a specified period ie 3 months, 6 months, 9 months, or 12 months
- Minimum amount to be fixed is USD 10,000/= or equivalent i.e. GBP, EURO
- Maximum amount to be fixed is open.
- Account earns interest depending on the amount and period.
- Account can be liquidated any time upon notice.
- Account can be pledged as collateral for bank loans.