Term Deposit Terms and Conditions Interest rates are current as at 8am 09-Feb-2021 and subject to change. The above rates are based on interest paid at maturity for terms up to 12 months and interest paid annually and at maturity for terms greater than 12 months. Citibank Term Deposit: Earn 0.75% on 3 or 6 month terms with a deposit of $10,000 or more In comparison, take a look at the 6-month term deposit rates offered by the Big Four: ANZ, CBA, NAB.
| Currency | Term | Interest Rate |
|---|---|---|
| USD Only | 3 months | 1.5% p.a. |
| 6 months | 2.0% p.a. |
| • Minimum Term Deposit Size: USD5,000 per Term Deposit. |
| • Maximum Term Deposit Size: USD100,000 per account. |
| • Terms and Conditions apply. |
Please complete Term Deposit Application Form and email it to service@bankasia.com for assistance. Bank of Asia will contact you to confirm your deposit upon receiving your application form. Or you may contact Customer Services for assistance.
A Term Deposit is a fixed deposit available only in United States Dollars (USD) with the Bank of Asia (BVI) Limited (“the “Bank”). It earns a fixed rate of interest for a fixed term.
Your Term Deposit is subject to these terms and conditions and the Bank’s General Terms and Conditions. A copy of the Bank’s General Terms and Conditions can be obtained from www.bankasia.com.
Available interest rates and terms as of November 2020 are:
| Currency | Term | Interest Rate |
|---|---|---|
| USD Only | 3 months | 1.5% p.a. |
| USD Only | 6 months | 2.0% p.a. |
The interest is calculated on the year basis of 360 days.
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You can view the latest interest rates at www.bankasia.com which may change from time to time.
The minimum Term Deposit size is USD5,000 per Term Deposit, and the maximum Term Deposit size is USD100,000 per account.
On the maturity date of a Term Deposit, the principal and interest will be credited to your Bank of Asia account. If the maturity date falls on a day which is not a Business Day (a “Business Day” being any day other than a Saturday, Sunday or public holiday in the British Virgin Islands), the maturity date will be extended to the next Business Day.
Before the maturity date of your Term Deposit, any withdrawal of funds (a part or all of the funds) from your Term Deposit will result in early termination. Request for early termination require the completion, submission and approval of the Term Deposit Early Termination form. No interest will be earned on the Term Deposit if it is terminated early and an early termination administrative charge of USD100 will be debited from your account.
Upon maturity, your Term Deposit will not be automatically renewed, and the principal amount of the time deposit and interest will be credited to your Bank of Asia current account. If you wish to renew your Term Deposit, you should make a new Term Deposit application and the Bank has the right to accept or refuse your new application.
Bank of Asia does not accept any responsibility for the tax consequences of your Term Deposit held at the Bank. You should seek independent professional advice as to your particular tax position.
(a) The Bank may vary these terms and conditions from time to time, and the Bank may vary the fees and charges in relation to your Term Deposit from time to time by notice.
(b) The Bank is entitled without prior notice to you to debit any amount payable by you to the Bank (including any fees, expenses or interest) from any of the accounts maintained by you with the Bank irrespective of whether there are sufficient available funds, overdraft or other facilities in the said accounts. If any debit causes the relevant account to be overdrawn, you are liable to repay the outstanding amount to the Bank on demand together with any fees, expenses and interest accruing on the outstanding amount as such rate as the Bank may set.
(c) No person other than you and the Bank will have any right under the Contract Law (Rights of Third Parties) to enforce or enjoy the benefit of any of the provisions of these terms and conditions.
(d) In case of any disputes, the decision of the Bank on all matters relating to this Term Deposit shall be final and binding on all parties concerned.
(e) These Terms and Conditions are governed by and will be construed in accordance with the laws of the British Virgin Islands.
(f) These terms and conditions are effective from 1 November 2020.
Term Deposit Facility
Term deposits facilitate the implementation of monetary policy by providing an additional tool by which the Federal Reserve can manage the aggregate quantity of reserve balances held by depository institutions. Funds placed in term deposits are removed from the reserve accounts of participating institutions for the life of the term deposit and thereby drain reserve balances from the banking system. Reserve Banks offer term deposits through the Term Deposit Facility (TDF), and all institutions that are eligible to receive earnings on their balances at Reserve Banks may participate in the term deposit program. In the Policy Normalization Principles and Plans adopted by the Federal Open Market Committee (FOMC) on September 17, 2014, the FOMC indicated that during the process of monetary policy normalization, the Federal Reserve intends to use other supplementary tools, such as the TDF, as needed to help control the federal funds rate and move it into the target range set by the FOMC.
| Current Operations | ||
|---|---|---|
| May 30 | Announcement | Result |
| August 22 | Announcement | Result |
Term Deposit
Related Press Releases
Term Deposit Account
- Federal Reserve announces TDF test operation (February 12, 2016)
- Federal Reserve announces TDF test operation (November 19, 2015)
- Federal Reserve announces plans to continue periodic testing of its Term Deposit Facility operations in August (August 3, 2015)
- Federal Reserve announces plans for periodic testing of its Term Deposit Facility (May 14, 2015)
- Federal Reserve announces series of expanded TDF test operations with early withdrawal feature (February 2, 2015)
- Federal Reserve announces series of expanded TDF test operations with early withdrawal feature (September 4, 2014)
- Federal Reserve announces series of expanded TDF test operations (May 9, 2014)
- Federal Reserve plans to conduct a series of seven-day term deposit operations in March under the Term Deposit Facility (TDF) (February 21, 2014)
- Federal Reserve announces small-value fixed-rate term deposit operations (April 26, 2013)
- Federal Reserve Board approves amendments to Regulation D authorizing Reserve Banks to offer term deposits (April 30, 2010)
- Board authorizes ongoing small-value offerings of term deposits under the Term Deposit Facility (September 8, 2010)
- Federal Reserve announces schedule for small-value auctions of term deposits through the Term Deposit Facility (May 28, 2010)
- Board authorizes small-value offerings of term deposits under the Term Deposit Facility (May 10, 2010)