First National Bank, one of South Africa’s most innovative commercial banking institutions prides itself on providing its clients with quality financial solutions. In a country like South Arica, the bank is working hard to promote a culture of saving.
Through various banking platforms, including online banking and ATMS, FNB clients are able to save by investing in a fixed deposit.
The fixed deposit offered by FNB is designed to assist individuals to save large sums of money over a set period of time and to benefit by earning interest on this investment.
What is a fixed deposit?
A fixed deposit is an amount of money you save that cannot be accessed until maturity and no additional funds may be added to this investment. Various institutions have different options for fixed deposit types.
With FNB fixed deposits you must have a minimum opening deposit of R10 000 minimum. The investment time period usually varies from 7 days to 5 years, so you can decide for how long you’d like to save. Furthermore, interest rates on fixed deposits from FNB are usually between 4% and 7.5%.
What benefits are offered?
Interest can be capitalised or withdrawn on demand, however, withdrawal of the deposit before maturity is not allowed.
Clients can benefit from free deposits, balance enquiries and provisional statements.
You can capitalise your interest, earning you interest on interest. You can also choose when you would like your interest to be paid out, either monthly, quarterly, half yearly, annually or at maturity.
Once the fixed deposit amount has matured, clients will have earned a significant amount of interest and will have the freedom to use the money however they please. Whether it’s used to pay for a child’s education, or for a well-deserved holiday, FNB fixed deposits allow individuals to make the most of their finances.