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.