Do you have a fixed deposit account with CalBank, or do you want to know the interest rate on a fixed deposit at Cal Bank?
What about how much you are likely to earn on it per annum?
Then this guide is all that you need, as it will provide you with all the necessary information on what the interest rate for fixed deposit is at CalBank.
Cal Bank has been growing since its introduction in Ghana, serving many Ghanaians with the best of customer banking experiences, a friendly banking environment, and an easy way of accessing its products and services.
CalBank operates many accounts in its banking space, including investment, current, and savings accounts.
This guide our focal point will be the fixed deposit account and how much an individual can earn as interest if they opt to open one.
A fixed deposit account provides interest rates that exceed the one that a normal savings account can accumulate.
This financial instrument offered by CalBank Ghana is offered to anyone, whether a single individual or a group, provided you first qualify to register for the fixed deposit account with the bank.
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What Is the Interest Rate For Fixed Deposit in CalBank
The fixed deposit interest rate at CalBank is between 6.25% – 14.75%. It is determined based on these two financial indicators; amount invested and maturity period.
The maturity period refers to the time allocated for the invested amount to be done.
For instance, if you choose a time range of three (3) years for your fixed deposit account, your maturity period will be a maximum of three years.
Hence how long you invest in your fixed deposit account defines its maturity period.
The invested amount is the amount you agreed to deposit into the account, whether monthly or weekly.
With these two parameters, your interest rate is calculated at the end of the period allocated for the investment or as and when you demand to make a withdrawal from your fixed deposit account.
Below are the percentages you can earn as an interest on your invested amount over a period at any CalBank branch in Ghana:
1. For amounts ranging from Gh¢5000.00 to Gh¢9999.99, you attract the following as interest:
• 10.75% of the invested amount for one month
• 11.75% of the invested amount for 3 months
• 12.35% of the invested amount for 6 months
• 14.25% of the invested amount for 12 months.
2. When you invest an amount ranging from GHS50000 to GHS100000.00, you earn the following as interest:
• 11.25% of your amount over 1 month
• 12.25% of the invested amount for 3 months
• 12.75% interest rate over 6 months
• 14.75% of the invested amount per annum.
These interest rates are subject to change depending on the financial market condition in the nation.
What Is The Minimum Amount To Yield Interest On Cal Bank Fixed Deposit Account
This minimum amount is GHS5000.00.
This means before you can earn interest on your fixed deposit account at Cal Bank you need not have less than GHS 5000.00 in the fixed deposit account.
CalBank Ghana branches all operate the same interest rate and conditions for a fixed deposit account.
What Is The Maximum Duration For CalBank Fixed Deposit Account
CalBank has defined a twelve (12) months period as the maximum duration for CalBank fixed deposit account.
This also defines the maximum maturity level for the Cal Bank fixed deposit account in Ghana.
As the interest earned on the fixed deposit account is a function of the maturity period, it implies the longer the duration of the investment, the greater the interest yield.
Can I Cancel My Fixed Deposit Account
Yes, there is a way through which you can cancel your fixed deposit account with CalBank Ghana.
However, you will need to inform the appropriate authorities at the Cal Bank branch where the account was opened before disinvestment can be done.
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