KBZ Fixed Deposit Accounts with Higher Interest Rates – FAQs
November 11, 2021November 11, 2021
What is Fixed Deposit?
A fixed deposit is a good money-saving plan that helps customers to save money at a predetermined rate of interest for a fixed period. At the end of the tenor, the customers receive more lump sum, along with an interest compared to other kind of saving accounts. More over the Bank will provide the customer with Certificate of Term Deposit contained such information as the amount of deposited cash, tenor, maturity date, interest, etc.
Can a representative of the account holder conduct account closing or account transfer of the fixed deposit account?
No, he/she cannot. Account closing or account transfer of the fixed deposit account shall be conducted only by the account holder himself/herself (if it is joint account, all the joint account holders).
Is it required to present Certificate of Term Deposit to conduct account closing or account transfer of the fixed deposit account when it is on maturity?
The account holders shall present Certificate of Term Deposit to the bank (without fail) to conduct account closing or account transfer when the deposit account becomes mature. For this purpose, the account holders shall keep the Certificate of Term Deposit issued by the bank properly.
How can cash be withdrawn from the fixed deposit account when it becomes mature?
Account closing shall be carried out by the account holder (s) themselves by visiting the bank on its maturity (For rollover customer only during the first 5 working days ushering into the new tenor). To close the account, the amount in the fixed deposit will be transferred into normal Call/Current accounts desired by the account holder. The customer can withdraw cash from the said normal Call/Current accounts.
How many numbers of fixed deposit account can be opened by a customer?
In line with the Initial Deposit and Minimum Balance rules, customers can open fixed deposit accounts without limitation.
At which branches opening and closing of fixed deposit account can be conducted?
Customers can open fixed deposit account at every KBZ branch throughout the country. For closing the fixed deposit account, the account holders, themselves shall visit the Home Branch at which the account has been opened.
Can more cash be deposited into the already opened fixed deposit account?
No, it cannot. Cash/fund transfer cannot be added into the existing fixed deposit account from its opening to account closing. If a customer desires to deposit cash/ fund transfer in fixed deposit account, he/she needs to open another new account.
After the principal of the fixed deposit account has been made renewal on its maturity, can only interest be transferred into the normal current account of the account holder?
Yes, it can. After the principal of the fixed deposit account has been made renewal on its maturity, only interest can be transferred into the normal Current account of the account holder.
Can account holders make Auto Rollover for both interests and principal of fixed deposit account?
Yes, they can. When the account is opened, the account holders can choose any options they desire a) make auto rollover of both interests and the principal on its maturity b) make account transfer for the interest and make auto rollover only for the principal on its maturity and c) close the account on its maturity for both interest and the principal without making them auto rollover.
How can customers change to ‘Close on Maturity’ option from ‘Auto-rollover’ option of the fixed deposit account if they do not wish the account to rollover anymore?
The customers shall visit the branch in person two weeks in advance before maturity date to submit applications for making a change to ‘Close on Maturity’ option from ‘Auto-rollover’ option of the fixed deposit account (or) they can just inform the branch to do so during a phone call made by the branch two weeks in advance before maturity regarding customer’s Fixed Deposit account.