Term deposit is the amount of money that a customer deposits at a credit institution for a certain period of time according to the agreement between the customer and the credit institution.
Are you looking for a safe and profitable investment solution? Term deposits at SeABank is the perfect choice, helping businesses preserve capital, maximize profits and be flexible in cash flow management. Discover useful information about this product and make wise investment decisions in the article in the category News.
Term deposits and their benefits
According to Clause 1, Article 4 of Circular No. 49/2018/TT-NHNN, Term deposits the amount of money that a customer deposits at a credit institution for a certain period of time according to the agreement between the customer and the credit institution with the principle of fully repaying the principal and interest to the customer.
The benefits of choosing “Term deposit" specifically as follows:
Safety: Keeping a lot of cash at home or with you is very dangerous and risky, the risk of theft is always present. Customers can be completely assured when depositing money at the bank because there is a management system from the State to organizations and equipped with multi-layered protection.
Profitable investment: Customers depositing idle money into the bank for each term will have a stable and attractive profit.
Stable, risk-limited: Compared to other investment channels, term deposits at banks are investment channels with fixed interest rates for the period that customers choose to deposit. Customers can be completely assured that the amount of money is not affected by external factors.
Term deposits are a safe and stable investment channel.
Difference between term and non-term deposits.
Below is a summary table of the differences between demand deposits and term deposits.
Factors
Non-term deposits
Term deposit
Interest rate
Interest rates are typically low and are calculated based on the ending balance only.
Interest rates are much higher than demand deposits.
Term
No fixed term.
Flexible term: Weekly/monthly or yearly
Interest payment method
Interest is paid periodically or at the time the customer settles the deposit.
There are 3 forms of interest payment: Prepayment, periodic payment or final payment.
Early withdrawal
Customers are allowed to withdraw funds at any time.
Customers can still pay off the entire deposit before maturity or withdraw a portion of the deposit before maturity and enjoy non-term interest (the remaining principal continues to enjoy interest as signed in the deposit contract)..
Minimum deposit limit
Depends on the bank.
10,000,000 VND/500 USD/500 EUR
If customers have idle money and do not plan to use it for a long time, they can choose the "Term Deposit" form to enjoy the most preferential interest rate.
Term deposit interest rates are higher than non-term deposit interest rates.
Which bank should I choose for term deposits?
When choosing to deposit money for a certain period of time, customers need to pay attention to the following issues:
Choosing a reputable bank: To ensure the security of customer information and transaction accounts, customers should choose reputable banks with a long history of operation in the market and advanced technology systems to ensure transparency and limit information theft.
Attractive interest rates: Each bank has different interest rates, customers should consider choosing an attractive interest rate to maximize profits for their business.
Diverse deposit terms and methods of principal and interest withdrawal: Choosing a bank that offers a variety of deposit terms and flexible methods of principal and interest withdrawal will help customers be proactive in their plans.
Many accompanying promotions: These promotions can help you increase interest from your deposit.
Customers choose Term Deposit at SeABank
With the above criteria, SeABank is known as one of the prestigious banks trusted by many customers. With the current ecosystem, SeABank provides a variety of products related to Accounts & Depositsthathave a term to meet the maximum needs of customers such as: Periodic interest deposit, term deposit, Flexible principal withdrawal deposit, daily term deposits, margin deposits... with flexible terms from 1 week to 60 months. Choosing the product "Term Deposit" at SeABank, customers will be supported to maximize benefits for their business.
Some frequently asked questions
Can I withdraw money before maturity?
Customers are still allowed to withdraw money before the maturity date, however, if not really necessary, they should not withdraw because withdrawing before the maturity date will only receive non-term interest, instead of receiving the interest rate according to the original commitment.
Understanding the needs of customers, SeABank has designed many products with diverse terms for customers to choose from to maximize business benefits. For example, in case of financial emergency, SeABank has a flexible principal withdrawal deposit product for customers to consider.
Some questions that you are interested in about term deposits
If I am too busy to withdraw money on the due date, will there be any problem?
Depending on the policy of each bank and each product, if you cannot make full payment on the due date, there will be options such as:
(i) The principal amount automatically rolls over according to the original term with the interest rate updated at the time of transfer;
(ii) The principal amount is automatically rolled over according to the original term according to the new interest rate updated at the time of transfer, the interest amount is transferred to the payment account;
(iii) The principal and interest are automatically transferred to the payment account..
These options will be selected by the customer at the time of opening the deposit contract.
Conclusion
It can be seen that “Term deposit” is a product that brings many benefits to customers. Although it does not have the ability to generate high profits like real estate, stocks, etc., in terms of stability and safety, this is the number 1 choice for customers' idle money. For more information about term deposit products at SeABank, please contact at website or Hotline 1900.599.952 (Business customers) for advice and experience.
