Commercial fixed deposit account
As a business banking customer, you earn higher interest on your fixed deposits than
personal banking customers, with accounts available in both local and foreign currencies.
- A fixed rate of return over an agreed period of 7 days to 1 year calculated flat on the principal
- Choice of account currency (SCR, GBP, EUR and USD)*
- Minimal cost on breakage of the deposit before maturity
- Minimum amount of SCR100,000
- A dedicated relationship manager assigned to your account
*Please consult our relationship managers for availability of fixed deposit in other foreign currency.
- To open a fixed deposit account for your business, you are required to have a business current account with us. Upon applying for your fixed deposit account, you can provide us with instructions on how to manage the principal and interest in the account upon maturity of the deposit or provide instructions when you receive your renewal notice.
- You may ask us to roll over the deposit plus interest at current rates, to roll over the deposit only and credit the interest to your current or call account, or to credit the principal plus interest to your current or call account.
- While you are guaranteed a fixed interest on the principal, you will be charged a breakage fee, should you break your deposit prior to maturity.
- You may use the balance in your fixed deposit account as a security for our secured business loan or secured overdraft facility.
- Your business registration documents such as business name registration certificate (in case of sole traders or partnerships), or company registration certificate and other company formation documents such as memorandum and articles of association (in case of companies)
- Business licence certificate if applicable to your business type
- Documentary proof of business address
- A valid identification document such as passport or national identity card for the proprietor, partners, shareholders and/or directors
- Documentary proof of address such as a utility bill (not more than 3 months old) for proprietor, partners, shareholders and/or directors
- Absa reserves the right to accept or decline any application based on internal policy. We may request additional documentation as deemed necessary.
- If you do not receive any bills in your name, you may bring along the bill of the owner of your residence with proof of relationship.
- Other documentary proof may be acceptable. Please consult our business banking relationship managers for more information.