When you open the account you decide how long you want to invest for and the interest rates are fixed throughout the investment period. Deposits can only be made once to the account. You can choose minimum investment periods of 3, 6, 9 or 12 months. Interest rates are based on the market’s expectations of trends in interest rates during the fixed investment period. The interest rate current on the day the account is opened applies throughout the fixed investment period.

When creating a term deposit account customers have to provide an investment amount and a disbursement account. Upon the creation of the term deposit, the given amount will automatically be withdrawn from the disbursement account. At the end of the fixed investment period the balance plus interests are returned into the disbursement account. If there are not sufficient funds in the disbursement account upon creation the term deposit account will no be created.