Type of Deposit: Notice Deposit.
Initial Period: 120 Days. The investment is for a minimum of 88 days before notice may be given.
Notice Period: 32 Days notice is required to withdraw part or all of the deposit on or after the minimum period of 88 days. On withdrawal, the deposit may not drop below the minimum investment size.
Minimum Deposit: R50 000.00.
Interest Rate: 73% 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 32 day notice period on the account.
How to Deposit: Depositors are required to open an account with Grindrod Bank Limited and provide the necessary FICA documentation. 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