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Certificates of Deposits

Features and Benefits:

  • Available in J/USD/GBP/CAD
  • Initial deposit: JMD 25,000 or USD/GBP/CAD 1,000
  • Minimum Balance: JMD 25,000 or USD/GBP/CAD 1,000
  • Penalty for early withdrawal.
  • The customer does not have to provide notice to the bank to break the deposit before maturity, however, a penalty charge is applicable.
  • The deposit can only be broken at the issuing branch.
  • CDs can be used as collateral against loans at RBC Royal Bank, and at other banks, but the latter is rarely done.
  • Interest is paid at the end of the period or at specified intervals.
  • 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.

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