Type of Deposit: Notice Deposit.
Initial Period: 92 Days.
Notice Period: 92 Days notice is required to withdraw part or all of the deposit. Account balance to remain above R500 000.00.
Minimum Deposit: R500 000.00.
Interest Rate: 75% of the Prime Overdraft Rate.
Interest Instructions: Paid out or capitalised monthly.
Additional Deposits: Additional deposits may be made into the account subject to the same withdrawal notice of 92 days on the additional amounts.
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 electronically or by post monthly per calendar month.
Rate Changes: Should the Prime Overdraft Rate change the rate will be adjusted accordingly on the same date.
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