The deposit must be held for a minimum of 366 days and cannot be broken during the term of the deposit. Interest is paid at the end of the period.
Interest is calculated daily and is paid at maturity.
The interest rate that is applicable on the term deposit is relevant during the life of the deposit – it will not be adjusted if term rates change. If, at maturity, the customer wishes to reinvest the funds, they would be reinvested at the new rate.
At maturity, principal and interest are rolled automatically, unless the customer specifies instructions.