It is a contractual account that is there must be an agreement between the bank and the customer over duration of placement and the interest rate.
- The customer must complete a Fixed Deposit form
- Lodge a minimum of GH¢100.00
- Must be issued with receipt to cover the placement
- There are three (3) types of duration namely, 3 months, 6 months and 1 year with varying interest rates.
- The interest rate is negotiable
- It attract interest higher than the ordinary savings
- Withdrawal before maturity period does NOT attract interest
- The rolling-over of deposit is optional but done on maturity.