SBM Foreign Currency (FCY) – Long Term Deposit offers foreign currency deposits in USD ($), GBP (£) and EUR (€) at very competitive rates for periods of up to 24, 37, 48 or 60 months. This product is applicable to individuals aged 18 years and above and the minimum deposit amount is 5000 units. The features and benefits of the SBM FCY – Long Term Deposit are as follows:
- Deposits offered for periods of up to 24, 37, 48 or 60 months. Floating interest rates, repriced quarterly on 1st January, 1st April, 1st July and 1st October of every year.
- Interest is repriced and capitalised quarterly with interest payable at maturity. Interest can be credited into either a MUR or Foreign Currency account.
- Acceptable as collateral for banking facilities
- Provides a hedge against currency fluctuations
- Extremely competitive interest rates; benchmarked against LIBOR
What is the minimum amount required for deposits in USD/GBP/EUR?
5000 units in any of these currencies
How is my interest paid?
Interest is repriced quarterly, will be capitalised to be paid at maturity and can be credited into either a MUR or Foreign Currency account.
What do I do if I need the money prior to the maturity date?
- Encashment of deposit prior to maturity is at the discretion of the bank
- Interest may be forfeited if funds are withdrawn within 3 months of date of deposit
- A penalty of either 1% or the cost incurred by the Bank for replacement of the Deposit (whichever is higher) may be charged at the Bank’s discretion