Deposit Product:

FIXED DEPOSIT
A fixed deposit account refers to a distinct savings account that pays a fixed rate of interest until a given maturity date. But may be withdrawn upon prior notice to the bank and/or by having a penalty levied.

The fixed deposit product is typically a savings account, which is lodged for a fixed tenure of 3 months, 6 months, 9 months, or 12 months. The rate of return is very attractive and highly competitive.

 

Features

  • Fixed deposit applicants should have an account with the bank.
  • It accepts a specified sum of money determined by the bank and is payable to the customer on maturity.
  • The minimum deposit duration shall be three months.
  • Premature redemption of the deposit is subject to emergencies. Principal amount in addition to the interest applicable at the time. The customer shall lose 10% of the interest accrued on his/her deposit.
  • Fixed Deposit Certificates may be offered to the bank as collateral for a bank loan.

Benefits 

•  It encourages a savings habit for a longer period of time.
•  It enables the depositor to earn a high interest.
• Customers can invest as much as possible. 
• Can be pledged as security for any borrowing

 

NORMAL SAVINGS
Normal savings are meant for individuals operating singly or jointly with other individuals, associations, clubs, etc.

Features

  • The main objective of this account is to promote savings.
  • There’s no restriction on the amount of deposit.
  • A savings account is of continuing nature. There’s no maximum period of holdings. However, it can be classified as dormant after 3 years of inactivity on the account.
  • Frequency of withdrawals could be regulated by the bank.
  • A minimum amount of GH₵50.00 has to be kept in a savings account to keep it functioning.
  • A check may be lodged into the account subject to it being cleared before payment.
  • It’s an interest-bearing account, which is determined by the bank periodically.

 Benefits
• Statements of account are given upon request.
• Savings can be used as security to apply for loans from the bank.
• Interest calculated on a daily basis and credited monthly

 

SUSU SAVINGS
This involves the mobilization of cash savings at a defined daily or weekly minimum amount per customer that aggregates as a monthly sum that may be withdrawn or continued to be saved at the bank. This innovative savings product is designed for clients who find it difficult to leave their homes and workplaces to go to the bank and for those with small cash holdings. It gives you the unique opportunity to save with the bank through the network of the bank’s mobile banking staff.

Features

  • The minimum daily deposit to be contributed by each Susu savings customer shall be GH¢ 5.00, with a weekly minimum total of GH¢ 35.00 and a monthly collection of not less than GH¢ 30.00.
  • A minimum amount of GH30.00 has to be kept in a savings account to keep it functioning.
  • The bank may pay interest to depositors who maintain a minimum monthly balance of an amount determined by management and approved by the board.
  • The Susu customer may withdraw from his/her Susu account at any time.



CURRENT ACCOUNT
It can be operated by individuals, sole proprietary concerns, partnership firms, companies, clubs, associations, trusts, government/local bodies, cooperative societies, etc., who have a higher number of regular transactions with the bank. It is also known as a demand deposit account.

Features

  • Non-interest-bearing account
  • It is a check-bearing account.
  • It may attract a Cost on Turnover (COT) or service charge.
  • It has a continuing nature, as there is no fixed period to hold a current account. However, three years of inactivity can classify it as dormant.
  • Overdrawn balances or short-term funds (overdraft) borrowed from the bank are subject to interest charges upon request.

 

Easy Benefits

Access to Bank Credit Facilities
Fully networked and efficient banking services
• Access to financial information
• Instant statements of account upon request

 

Salary Account
All salaried workers, both in the public and private sectors, who receive their salaries and allowances through a bank, are specifically eligible for this account type.