FNBB introduces 7-day notice deposit business account

Staff Writer | Monday July 27, 2015 15:15

The 7-Day Notice Deposit Account is an investment account with a difference, as it does not have a maturity date and has two interest rates applied; the first, after 32 days and again the second after 64 days later.

With the account, business clients can make withdrawals from their account provided a seven-day notice period has been issued to the Bank.  This means customers benefit from greater flexibility when it comes to accessing their money, whilst at the same time promoting greater saving. The client is able to transfer into their 7-Day notice account at any time and the higher their investment amount, the higher the interest earned.

FNBB Director of Marketing and Communications, Ms. Bomolemo Selaledi said, “In a continued effort to provide innovative and convenient banking solutions for our customers, the 7 Day Notice Account allows FNBB business clients access to funds with a short notice period made at the nearest FNB Branch.

This is a first in the market and a direct effort towards ensuring our valued clientele continue to benefit from innovative banking. It has been observed that some businesses lack the confidence in forecasting their cash flows hence the 7 Day Notice Deposit minimizes customers’ angst of a longer notice period in order to access their funds. 

In keeping with the Bank’s ‘Bricks-to-Clicks’ strategy, which promotes greater use of digital platforms, only transfers and payments from electronic channels are accepted into the account. For instance, no cheque or cash deposits are permitted. With tiered balances attracting tiered interest rates, clients are able to influence the interest rate with the funds available in their account. The interest which is calculated on a daily basis is paid out monthly, with a variety of options such as capitalization or redirecting funds to another FNB account. “A 7-Day Notice Deposit Account not only frees up funds on short notice, but is also our way of encouraging businesses to have financial sustainability and enjoy better returns on balances above P500, 000.00.

Balances below P500, 000. 00 enjoy a call account interest rate. We have also limited the notice instructions to one at a time, meaning that only once the first notice has been paid out can a second notice be put in place by the client,” concluded Ms. Selaledi.

No fees or charges are applicable with the 7-Day Notice deposit account. Should customers choose to close the account, the same notice period will have to be served.