Fixed Deposits Account
What is fixed deposit?
Fixed deposit is a term deposit that provides a higher rate of interest than a regular savings account, at the given maturity date. The bank will issue the fixed deposit certificate with the maturity date.
Do we need to show the certificate to withdraw initial deposit amount at maturity?
At the maturity date, the deposit amount will be transferred to the bank account as per the account holder’s instruction. The account holders can make withdrawals as usual from his/her bank account.
What should I do with matured certificate of fixed deposit and can I make extension on the fixed deposit term?
At the maturity date, the deposit is already transferred to the bank account as per the account holder’s instruction. Yes, customers can make term extensions.
How can I make an extension?
The Account Holder has to visit the bank’s Head Office or Branches and give instructions to extend. CB Bank will issue a new certificate for extension.
Do I need an active savings account at CB Bank to open fixed deposit account?
Yes, however, for the customer who does not have a CB Bank account, we will open a savings account together with a fixed deposit contract.
If my certificate is lost, what should I do?
If the customer’s certificate is lost, please contact CB Bank to issue you a copy of the certificate at the bank where you initially opened account.
How is the interest calculated?
Interest is calculated based on tenure and your interest will be credited to your account at maturity.
Is the certificate of fixed deposit transferrable?
No, the certificate is not transferable.