Your term deposit is invested subject to the following conditions.
- The investment is for the term as shown.
- Interest is calculated daily at the rate shown and is paid on maturity.
- Where terms exceed 12 months, interest is capitalised annually, interest payable in respect of the last 12 months or part thereof is added to the balance at maturity.
- This certificate is not a negotiable instrument and the deposit cannot be assigned during the term of the deposit.
What happens at maturity?
At maturity you can:
- Do nothing; your deposit and interest will automatically be reinvested on the maturity date for the same term at the then-current published term deposit interest rate. If the same term is no longer available then the reinvestment will be for the published standard (ie non premium certificate) term closest to the original term.
- Re-invest your term deposit and interest for another term, add extra funds or withdraw part or all of your term deposit amount. To arrange this we require your signed written instructions prior to the maturity date. Your request will be actioned on the maturity date or the next business day.
- Any variation to this method of interest payment will be specified in the written confirmation of your term deposit.
Early redemption of your term deposit.
- The term deposit is intended to be held for the agreed term, until maturity. Despite this, we may permit you to access your term deposit funds before maturity.
- A pre-payment adjustment and fee may apply. The extent of the pre-payment adjustment will depend on the percentage of the original term elapsed when early access is given.
Term deposits of two years and less.
- You may ask us to release your term deposit before maturity by calling us or visiting your local branch during business hours. You must give us at least 24 hours notice. If we agree to release the term deposit we will process your redemption within one business day of your request.
Term deposits over two years.
- Where the initial term of your term deposit is more than 2 years, you may access your term deposit amount before maturity. You will however need to provide us with 24 hours notice. Please call us on 1800 033 139 or visit your nearest Defence Bank branch to discuss.
- As there is a risk that interest rates may change, we have allowed a five-business-day grace period after your renewal in which to enable you to change your instructions without a pre-payment adjustment or any other fee being applied.
For further terms and conditions.
How to contact us.
Should you wish to vary your deposit or have any questions please contact Defence Bank by calling 1800 033 139 (8am to 6pm), Monday to Friday, or email email@example.com