Absolutely, the best SAVINGS PRODUCT available. The SAVE & PROSPER ACCOUNT pays the highest Interest Rates of any of our Savings Accounts. It has several advantages over the traditional FIXED DEPOSIT Accounts. These are:-
SAVE & PROSPER ACCOUNT
FIXED DEPOSIT ACCOUNT
Pays the highest interest rate, quarterly.
Pays a High Interest Rate but not like the S&P
Deposits can be made at any time earning
interest on the additional funds for the
period it spends in the account.
Deposits are not allowed during the period of
the Fixed Deposit.
Withdrawals without penalty are allowed
notice once is given. Withdrawals of current interest can be done even without notice.
Withdrawals are not possible during the period
of the Fixed Deposit
Operating Conditions
Interest Rate:
4.5% per annum
Annual compounded Rate:
5.09%
Minimum Balance to open an account:
$250,000.00
Minimum Balance to maintain this account:
$100,000.00
How interest is calculated:
On the whole number of $500.00 of the
principal balance on a daily basis.
When is interest credited:
Every quarter. Precisely on the 15 th of March, June,
September and December of each year.
Withdrawals:
One month's notice in writing must be
given for a withdrawal else a penalty of 5% of the
amount withdrawn for 3 months will be incurred.
Special Withdrawal facility:
The interest at the end of the quarter
can be withdrawn before the next interest due date
without incurring any penalty.
Account Closure:
All accounts must be in operation for
at least one year before closure.
