What is HiSAVE Term Deposit?

HiSAVE Term Deposit is Fixed term Fixed rate deposit account with the bank. You would earn a prefixed interest rate on the money deposited for a fixed tenure.

What are the requirements to open HiSAVE Term Deposit?

To open a HiSAVE Term Deposit, you must have a HiSAVE Savings Account.

What are the tenures and interest rates available for HiSAVE Term Deposit?

You may deposit your funds for tenures of 6 months or 1 year. The interest rates for both the tenures are available in Interest rate tables.

How do I apply for HiSAVE Term Deposits?

You may apply for a HiSAVE Term Deposit Account by logging into your account online and submitting a request for opening the term deposit .You may also call us at 08081314151 and instruct our phone banking officer to create Term Deposit for the amount you want.

Once your request to open a Term Deposit is received, we would create the Term Deposit within 3 working days. A confirmation of the deposit would be sent to you by an email after opening of the deposit. You may check the deposit details online by logging into your account or by calling 08081314151 anytime after a transaction entry appears in your HiSAVE Savings Account for creation of the Term Deposit.

How do I transfer funds to my HiSAVE Term Deposit?

You can only transfer funds from your HiSAVE Savings Account to your HiSAVE Term Deposit account.

How do I close my Term Deposit prematurely?

As it is a deposit for fixed term, we would expect you to keep the deposit for the full tenure. Though under exceptional circumstances, you may close your Term Deposit at a reduced penal interest rate. You may write to us through secure email in logged in section by selecting subject line “Term Deposit: Premature withdrawal/ closure of HiSAVETD” or call us on 08081314151. We would close your Term Deposit within 4 days of your request. Money would be transferred to your HiSAVE Savings Account.

Is there an auto renewal option available for my HiSAVE Term Deposit?

Yes, you can give instruction to auto renew your deposit for the same tenure at the time of opening the HiSAVE Term Deposit or you can instruct to close the HiSAVE Term Deposit at maturity and transfer the funds to the HiSAVE Savings Account. In the event there are no instructions provided the HiSAVE Term Deposit shall be automatically renewed for the same period at the end of the tenure at the prevailing rates at that time.

I have submitted R85 for HiSAVE account. Would I get tax benefit on HiSAVE Term Deposit also?

Yes, if you have submitted R85 form with us, your HiSAVE Term Deposit would be treated in same way as your HiSAVE Savings Account is treated for tax benefits.