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Frequently Asked Questions
A Fixed Deposit is an investment instrument used to grow your savings with utmost safety. It is one of the most preferred avenues that enables you to deposit a lump sum amount with your financier, and choose a tenure/term as per your convenience. On completion of the pre-decided tenure, your deposit starts earning an interest, throughout the chosen duration, as per the interest rate at which you locked in your deposit.
1. 2 Forms of I.D. – National Identification Card, Driver’s License or Passport (must be valid, verified & discernible)
2. Proof of address –
– Utility Bill not older than three (3) months or;
– Bank Statement from a financial institution not older than three (3) months
*Cellular bills not accepted*
3. Proof of Income
– Job Letter or Salary Slip
– If retired, NIS Slip, Pension Statement or Bank Statements showing the Pension funds
4. Bank Account Statement (not older than 3 months)
6. Foreign Nationals (without local National ID or Passport) employed in Trinidad and Tobago must provide valid work permit / CSME certificate / or residency certificate.
7. A banker’s reference is needed if customer has no local financial history
8. FATCA W-8BEN / W-9 Form (for depository accounts of US Persons)
1. Low risk – Fixed Deposit is one of the safest investment instruments, which offers the highest stability.
2. Returns on Fixed Deposit are assured and there is no risk of losing the principal
3. There is no effect of market fluctuations on your Fixed Deposit which ensures greater safety of your investment capital.
4. You can opt for periodic interest payouts to help you manage your monthly expenses.
5. Coverage/Insurance on TT$ Fixed Deposits by the DIC (Deposit Insurance Corporation of Trinidad and Tobago) for up to TT$125,000.00 .
1. May lose interest returns. Fixed deposits are not very flexible. If you withdraw your money before the tenure ends, you could forfeit your interest returns.
2. Lower returns compared to investing. If you’re a younger investor who can afford to take some risk, you should not rely entirely on fixed deposits to grow your funds. That’s because other investment options (even low-risk ones) have potential to yield higher returns.
You will receive your interest when the Fixed Deposit matures at the end of the 3-year period
No, there are no entry or exit fees. However, if you decide to break your fixed deposit, a break fee may be applied.
If you withdraw your funds before the fixed deposit tenure ends, a special break rate will apply instead of the 3% interest rate.