Type of Deposit: Notice Deposit.
Initial Period: 64 Days. The funds have to be in for a minimum of 32 days before notice can be given.
Notice Period: 32 Days notice is required to withdraw part or all of the deposit on or after the minimum period of 32 days. On withdrawal any remaining deposit may not drop below the minimum investment size.
Minimum Deposit: R1 000 000.00.
Interest Rate: 78% of the Prime Overdraft Rate.
Interest Instructions: Paid out or capitalised.
Additional Deposits: Additional deposits may be made into the account without this affecting the notice period on the account.
How to Deposit: Depositors are required to open an account with Grindrod Bank Limited using the standard deposit mandate and provide FICA documents. Funds are to be deposited into the bank account of Grindrod Bank Limited.
Giving Notice: Clients can give notice telephonically, electronically or in writing. Payments to third parties require a letter / fax signed by the client clearly indicating their instruction.
Confirmations: Sent out electronically by Email, SMS or by post on receipt and withdrawal of funds.
Statements: Sent out monthly per calendar month.
Rate Changes: When the Prime increases the rate will increase immediately. When Prime decreases the rate will immediately decrease.
Please note the Flexi Notice product is closed for new Investments.
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