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A fixed deposit is a money market type investment account where money is deposited for a fixed period and the interest does not fluctuate.
To apply for a Fixed deposit account, click here.
A fixed deposit account offers you these features and benefits:
- You must make a minimum investment of at least R1 000.
- You choose how long you want to invest - from 33 days to 5 years.
- The pick-a-date feature lets you choose the date on which you would like your investment to mature.
- The interest rate is determined by money market rates at the time of the investment, and is fixed for the full period of your investment.
- You can't add to your investment. If you have more money to invest you will need to open another investment deposit account.
- You cannot withdraw funds from your fixed deposit account during the period of the investment.
- Interest is paid monthly, quarterly, annually, or on maturity.
- If you are 55 years or older - or are a Standard Bank Consolidator customer - then you qualify for an extra 0,5% per annum interest on an investment of 12 months or longer for balances under R100 000.
- If you have a Standard Bank AutoBank card you may open and manage your electronic fixed deposit account using Internet banking, AutoPlus or by phoning our Customer Contact Centre on 0860 123 000. On these accounts:
- interest is only paid out monthly or when your investment matures.
- only investments of less than R100,000 may be made.
- your investment period options are limited to 3, 6, 12, 18, 24, 36, 48 and 60 months.
- By linking your existing fixed deposit account to your Standard Bank AutoBank card you can manage your account using Internet banking, AutoPlus and the Customer Contact Centre.
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For more information on interest rates click here.
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