What is a fixed Deposit?
A fixed deposit (FD), also known as a term deposit, is a financial instrument that allows depositors to place a lump sum of money for a fixed period at a pre-determined interest rate. Your funds are “locked in” for the agreed duration, and in return, you receive a higher interest rate than you typically would with a traditional savings account. At the end of the period, the principal amount along with the accumulated interest is returned to the depositor.
Benefits
Guaranteed Returns:
Once the fixed deposit is opened, the interest rate is locked in for the entire period. This provides certainty of returns, You know exactly how much you will receive at the end of the period.
Capital Preservation:
Fixed deposits are considered very low-risk investments. The principal amount deposited is safe and protected, thus, they are suitable for conservative investors who prioritize capital security. In Trinidad and Tobago, deposits up to TTD200,000 are insured by the DIC (Deposit Insurance Corporation).
Predictable Income Streams:
For FDs that offer periodic interest payouts (e.g., monthly, quarterly), they provide a predictable and steady income stream, which can be beneficial for retirees or individuals looking for regular supplemental income. For FDs with compounded interest, the final payout is predictable.
Simplicity and Ease of Use:
Opening a fixed deposit is straightforward and requires minimal financial expertise. Our team is here to guide you through the process
Flexibility:
Customers can choose from a range of tenors, from 1-5 years, allowing them to align their investment with their financial goals, eg. saving for a downpayment for a car, house etc.
TTD Fixed Deposit Value/Tenor | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
5K to 10K | 2.50% | 2.60% | 2.75% | 2.85% | 3.00% |
>10K -100K | 2.65% | 2.75% | 2.80% | 2.90% | 3.05% |
>100K -500K | 3.00% | 3.10% | 3.15% | 3.20% | 3.30% |
500K -1M | 3.15% | 3.20% | 3.30% | 3.40% | 3.50% |
1M + | 3.25% | 3.45% | 3.60% | 3.75% | 4.00% |
All rates are per annum and indicative.
USD Fixed Deposit Value/Tenor | 1 | 2 | 3 | 4 | 5 |
|---|---|---|---|---|---|
5K to 10K | 2.50% | 2.60% | 2.75% | 2.85% | 2.95% |
10K+ | 3.00% | 3.10% | 3.20% | 3.30% | 3.50% |
Rates are only firm at placement.
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