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PAL Micro Finance > Fixed Deposit Account

Fixed Deposit Account

FIXED DEPOSIT ACCOUNT

This is an interest bearing product designed for customers who have idle funds that do not require immediate use to invest prudently for good returns. This is a single deposit for a fixed term at a guaranteed fixed rate of interest. It can be used for both short and long term investment purposes.

Deposit a minimum amount of GH¢ 500.00 and earn competitive interest rates above the BOG Treasury bill rate. You may opt to receive your earned interest outright, monthly or wait till maturity and receive your accumulated interest and principal.

Every fixed deposit transaction must be through customer’s accounts Interest on this transaction is always on display and the advertised rates must be strictly adhered to. However, the appropriate manager, with approval of the Managing Director is mandated to negotiate rates for prospective customers above certain amount–to be determined by management.

FEATURES OF OUR FIXED DEPOSIT ACCOUNT

  1. A Fixed Term Deposit would be a definite sum of money lodged with the bank for a specific period at a fixed rate of interest.
  2. Fixed Deposits are distinguishable from savings deposits by the fact that they have fixed maturities for specific amounts of money. Savings Deposits can always be added to at the counter without the knowledge and approval of the Operations Manager. However, where a customer wishes to increase his Fixed Deposit with us, he has to negotiate with the Operations Manager for the issue of a fresh fixed deposit certificate for the new deposit, which may (or may not) be subject to different interest rate considerations.
  3. PAL Micro Finance would accept fixed deposits for periods of 3, 6, 9 and 12 months.
  4. PAL Micro Finance would display at the Branch a tariff of rates payable on deposits of varying maturities. Interest on such deposits ceases to accrue from the expiry of the period for which they have been accepted.
  5. Fixed Deposits may be accepted either in individual names or in the joint names of two or more persons (repayable to all jointly or to anyone in accordance with the depositors’ instructions) or in the name of firms, companies, Union, etc.
  6. Fixed Deposits, as the term implies, must be redeemed at maturity. However, subject to the agreement of the Depositor, such deposits may be “rolled over” for another fixed period, which may be shorter or longer.
  7. Where a Depositor insists on redeeming a fixed deposit before the agreed maturity date, the depositor will forfeit the total interest because the account was closed before the time. In instances, where interest is paid in installment on monthly basis, the total interest paid will be deducted from the actual amount investment.

FIXED DEPOSIT PROCEDURE

  1. Customer must first open a Savings account.
  2. Complete the Fixed Deposit Application Form.
  3. Customer deposits all her money into the Savings account.
  4. On the form, the customer indicates the desired maturity term, whether to rollover the principal and/or interest to a new Fixed Deposit upon maturity, and a Savings account that the balance will be credited to upon maturity.
  5. Give the Fixed Deposit Form to the Operations Manager, who will transfer the appropriate amount into the Fixed Deposit account and enter the appropriate information.
  6. A Fixed Deposit account is essentially a contract for a specific amount and a maturity date. Therefore, it is not possible for a customer to contribute additional amount to Fixed Deposit account after it has been opened – the customer must open a new account/contract with that additional amount.

  • Some loan products require an existing savings account to apply. Browse through our product page to learn more about our loans and their requirements.

  • In as little as an hour if you provide us with all the details and documents we need.

  • The minimum amount required depends on the type of account you would like to open. Browse through our products page to find out more about our products and their features and requirements.

PAL Micro Finance