12. Term deposits

Term deposits are deposits that you are required to keep with I&M Bank for a fixed period of time (called a “term”) in order to benefit from the full range of its features.

Interest on term deposits

• Interest on a term deposit is paid at a rate that is agreed at the start of the Interest rates are generally determined by the size and term of the deposit and are published from time to time. The applicable interest rates and corresponding terms are available by contacting your Branch.
• Interest on term deposit is paid at the end of the term, when the term deposit
• You must instruct us before the maturity date (and in the case of foreign currency deposits, at least 2 banking days before the maturity date) whether you want:
  • • to renew the term deposit; or
    • us to pay you the principal and interest on the maturity date. Otherwise, we may (but have no obligation to) renew the term deposit for a similar term with interest at the prevailing interest rate for that term.
• Interest ceases to be payable after the maturity date unless the term deposit is renewed.
• Term deposits may not be withdrawn before the maturity If you wish to withdraw a term deposit before the maturity date, it will be at our absolute discretion and there may be reduced or no interest and additional conditions (including requiring a period of notice and paying us an administrative fee or unwinding costs).