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FIXED DEPOSIT TERMS
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madammary
#1 Posted : Sunday, November 18, 2012 5:36:18 PM
Rank: Member

Joined: 9/23/2011
Posts: 175
Location: Nairobi
When does your fixed deposit mature? Let's say you put your money in a fixed deposit account on the 10th of april,2012- will it mature on the 10th of april next year?
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Ngong
#2 Posted : Sunday, November 18, 2012 7:25:12 PM
Rank: Veteran

Joined: 11/17/2012
Posts: 1,461
Location: Ngong Forest
I think so if UA deposit duration is one calender year,but six months late if its half year.
Buy the way whats the interest percentage for the high yield fixed deposit at standard bank,they dont answer my emails, am in rural!
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Pesa Nane
#3 Posted : Saturday, November 24, 2012 10:14:00 PM
Rank: Elder

Joined: 5/25/2012
Posts: 4,105
Location: 08c
madammary wrote:
When does your fixed deposit mature? Let's say you put your money in a fixed deposit account on the 10th of april,2012- will it mature on the 10th of april next year?


Correct. Only if it is a One Year Fixed Deposit. Be sure to read the renewal instructions!
Pesa Nane plans to be shilingi when he grows up.
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josiah33
#4 Posted : Sunday, November 25, 2012 10:35:52 AM
Rank: Elder

Joined: 1/27/2011
Posts: 1,777
Pesa Nane wrote:
madammary wrote:
When does your fixed deposit mature? Let's say you put your money in a fixed deposit account on the 10th of april,2012- will it mature on the 10th of april next year?


Correct. Only if it is a One Year Fixed Deposit. Be sure to read the renewal instructions!

What happens when u have automatic renewal after a year and u need the cash at the end of the fixed deposit term of one year,do you lose anything or do u get penalised?
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  | | Edit by user: Sunday, November 25, 2012 10:36 AM | Reason: Not specified
Pesa Nane
#5 Posted : Tuesday, November 27, 2012 1:22:47 AM
Rank: Elder

Joined: 5/25/2012
Posts: 4,105
Location: 08c
josiah33 wrote:

What happens when u have automatic renewal after a year and u need the cash at the end of the fixed deposit term of one year,do you lose anything or do u get penalised?


Issue new instructions within the stipulated period, if any, Otherwise... straight to penalty shootouts, no extra time.smile
Pesa Nane plans to be shilingi when he grows up.
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madammary
#6 Posted : Tuesday, November 27, 2012 8:08:11 AM
Rank: Member

Joined: 9/23/2011
Posts: 175
Location: Nairobi
Ok, if u put money in a fixed account for one year and it's supposed to have automatic renewal after an year and you decided to get your money at the end of the one year, do u get penalised just because the term was never renewed?
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Pesa Nane
#7 Posted : Tuesday, November 27, 2012 6:14:38 PM
Rank: Elder

Joined: 5/25/2012
Posts: 4,105
Location: 08c
madammary wrote:
Ok, if u put money in a fixed account for one year and it's supposed to have automatic renewal after an year and you decided to get your money at the end of the one year, do u get penalised just because the term was never renewed?

Nope, You only get penalized for terminated contracts. If the renewal term has began as a result of your instructions (new or inherited from previous term) you will be penalized for the termination. To simplify, always issue instruction against automatic renewal unless otherwise the bank is instructed by you in writing.
Pesa Nane plans to be shilingi when he grows up.
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bigbossman
#8 Posted : Tuesday, November 27, 2012 7:33:17 PM
Rank: Member

Joined: 1/14/2012
Posts: 201
Location: nairobi
Pesa Nane wrote:
madammary wrote:
Ok, if u put money in a fixed account for one year and it's supposed to have automatic renewal after an year and you decided to get your money at the end of the one year, do u get penalised just because the term was never renewed?

Nope, You only get penalized for terminated contracts. If the renewal term has began as a result of your instructions (new or inherited from previous term) you will be penalized for the termination. To simplify, always issue instruction against automatic renewal unless otherwise the bank is instructed by you in writing.

ok, at the end of the term period, is my money credited to my account(that is if the money for the fixed deposit came from your other account with the same bank and the account number is provided when taking out the fixed deposit)
LIFE IS SO GOOD
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  | | Edit by user: Tuesday, November 27, 2012 7:34 PM | Reason: Not specified
Pesa Nane
#9 Posted : Tuesday, November 27, 2012 11:19:45 PM
Rank: Elder

Joined: 5/25/2012
Posts: 4,105
Location: 08c
bigbossman wrote:

ok, at the end of the term period, is my money credited to my account(that is if the money for the fixed deposit came from your other account with the same bank and the account number is provided when taking out the fixed deposit)

When you issue your instructions, the principal is withdrawn from your account and held in a (virtual) holding account in your name. On maturity, the principal + interest is credited back to your account in cases on non-renewal.
You may also issue instructions to renew plus or minus the interest. When the interest is not re-invested, the sums are credited back to your account.
Pesa Nane plans to be shilingi when he grows up.
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bigbossman
#10 Posted : Wednesday, November 28, 2012 11:15:23 AM
Rank: Member

Joined: 1/14/2012
Posts: 201
Location: nairobi
Pesa Nane wrote:
bigbossman wrote:

ok, at the end of the term period, is my money credited to my account(that is if the money for the fixed deposit came from your other account with the same bank and the account number is provided when taking out the fixed deposit)

When you issue your instructions, the principal is withdrawn from your account and held in a (virtual) holding account in your name. On maturity, the principal + interest is credited back to your account in cases on non-renewal.
You may also issue instructions to renew plus or minus the interest. When the interest is not re-invested, the sums are credited back to your account.

thanx for your info.
LIFE IS SO GOOD
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