Fixed Deposit Account

Fixed Deposit Account

A fixed deposit account enables you to earn a higher rate of interest. The term ‘fixed deposit’ means that the interest is payable after a specified,agreed period of time. The period of fixed deposits ranges from 30 days to 365 days.

On maturity, Account holders have the option of rolling their holdings i.e. the interest earned is capitalized, added to the principal and “fixed” for another agreed period or to invest in a similar (without capitalization of the interest earned) or another instrument with the Credit Union.

The rate of interest paid for fixed deposit will vary and changes according to amount deposited. In order to gain the agreed interest rate, it is recommended that you do not withdraw from the account until the expected maturity date of the fixed deposit. In cases of emergency, you can request early closure of your account. However, a penalty is charged for early closure and this penalty is charged on accrued
interest.

Alternatively, an option open to our members with fixed deposit accounts during an emergency is to apply for a “Loan Within Deposit” 

Why should you open a Fixed Deposit Account today? 

  1. You will earn higher interest rate on your savings
  2. You will develop a good savings habit
  3. You may borrow against your fixed deposit savings
  4. You are directly contributing to your financial well-being

Remember:

  • COK has Fixed Deposit 30 – 365 DAY plans
  • There is no penalty for additions to the plan
  • There is no penalty for partial or full encashment on the maturity date
  • The plan can be used as collateral/security for a loan, if needed.

Just start with a minimum of $10,000 and create wealth for you and your family today.

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