Manage your funds with us… Meet your financial goals and Grow your Savings!
Have you managed to put aside some cash – What Now?
Your Savings stuffed into a mattress will never grow. But money deposited in a Savings Account or in a fixed term, works for you by earning interest – and is also a lot safer. The longer that saving stays in your account, the more you’ll make out of it.
Saving Accounts give you the ability to earn profit along with the flexibility to withdraw funds whenever you require offsetting a financial emergency or need. The profit is earned as per the mechanics of Saving Accounts which are mostly on the basis of Minimum Deposit maintained in the account.
Alternatively, investing in a term deposit product gives you a safety of knowing that your profit will not fluctuate.
Term Deposit Mechanics
Term deposits are investment options offered by banks where you deposit your savings for a certain ‘term’ or period of time – upon which it would earn a particular percentage as profit. Let’s say you decide to place your deposit for a term of 1 year at Allied Bank. Your deposit will be kept secured till the maturity date. If you do need to withdraw your funds prior to its maturity date, then there are pre-mature encashment charges that will apply.
At the maturity date of your term deposit, you may choose
- To withdraw your principal deposit along with the profit that your savings earned, or
- You roll over the funds altogether or partially for another term to gain more profit.
There is a core principle that relates to the term deposit i.e. The longer the period of time for which you are prepared to commit your funds with the bank, the better will be the rate and greater will be the income
Our Term Deposits can help you reach your savings goal.