We offer a comprehensive range of foreign exchange solutions through our SBM Foreign Currency - Short Term Deposit, which has been designed for you to save or invest in Foreign Currencies (FCY). This product is applicable for individuals aged 18 years and above and the minimum deposit is 5 000 units acceptable in the following foreign currencies: USD ($), EUR (€) and GBP (£). The features and benefits of the SBM FCY – Short Term Deposit are as follows:
- Minimum deposit amount: 5 000 units in USD ($), EUR (€), GBP (£)
- FCY deposits offered for periods of 1, 3, 6 or 12 months
- Fixed Deposit certificate issued
- Acceptable as collateral for Banking facilities
- Very competitive interest rates
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- Interest may be forfeited if funds are withdrawn within 3 months of date of deposit.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.
Will the interest fluctuate with the changes in Foreign Exchange rate?
- Once you put your money into a Foreign Currency (FCY) deposit, the interest rate will remain fixed for the term of deposit.