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Term Deposit Account

Banif Bank (Malta) plc offers an array of term deposit accounts which give you a guaranteed return of interest on your capital. Banif offers a range of Term Deposit Accounts starting from a one-month term deposit, going all the way to a three-year term and can be denominated in euro and the major foreign currencies including GBP, USD, AUD and CAD. Term deposits in euro currency may be opened for a maximum period of five years.

Interest rates vary according to the amount of capital and the term of the deposit. Interest on term deposits with a duration of over one year are paid yearly, while that on shorter terms is paid on maturity and can either be transferred to another account or added to your capital.

 


Terms and Conditions

These Terms and Conditions, in conjunction with the General Condition to operate an account, govern the use of the Banif Term Deposit Account. Account means the Term Deposit Account held by the Bank in the name of the Account Holder(s).

Please read the Terms and Conditions carefully.

  1. Term Deposit Accounts are not transferable and are subject to a minimum balance of € 500.
  2. Additions to and withdrawals from capital on the account can only be effected on maturity date of the account. No transactions may be effected on the account during the term of the deposit, unless in exceptional circumstances at the sole discretion of the Bank.  In such instances the Bank reserves the right to alter or add to the original terms and conditions for operating the account.
  3. Funds placed on a Term Deposit Account are repayable upon maturity date as shown on the relative statement/certificate of deposit. Account Holder(s) shall provide specific disposal/renewal instructions to the Bank, prior to maturity date of the account or up to two working days following the date of maturity, failing which, the balance on the account will be renewed automatically for a further term at the rate and on the conditions prevailing at maturity date.
  4. Credit interest is calculated on a daily basis at the contracted rate and will be paid on maturity date of the term deposit. In the case of term deposits exceeding one year  interest will be paid annually.  Other interest payment frequencies may be established by the Bank on particular term deposit categories or in agreement with the Account Holder(s).
  5. Interest will be paid according to the Account Holder(s) instructions by: A deposit into a savings or current account held with the Bank; or Adding to existing capital (this is only possible for terms up to 1 year).
  6. The Term Deposit Certificate will be delivered to Account Holder(s) upon opening of account and when the account is renewed. In the case of accounts with terms in excess of one year, statements will be issued annually and upon maturity.
  7. The Bank reserves the right to lay down further conditions or to amend these terms and conditions (including any fees or charges) subject to giving a reasonable notice to the Account Holder(s).



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Banif Bank (Malta) plc is a credit institution licensed by the MFSA to undertake
the business of banking in terms of the Banking Act 1994.