In deposit terminology, the term call deposit refers to a specific type of interest bearing investment account that allows a person to withdrawal their money from the account without a penalty. This is what is known as on demand withdrawals without prior notification to the bank. NMB call deposit account can be linked to the business current account to create a seamless movement of funds between the accounts
NMB call deposit account has the following features;
- Tiered interest rate structure – the higher the account balance the higher the interest earned,
- No minimum operating balance,
- Immediate access to funds,
- Interest is calculated daily and paid monthly,
- Intraday movement of funds,
- Can link call deposit account to a business current account.
- Investment opportunity without locking in funds
- Immediate access to funds
- Access to other products and services
Who would benefit?
Target market for call deposit account involves all clientele who are characterized with excess liquidity and have a need to invest with ability to utilize the funds on demand. Target market includes;
- Pension funds,
- Insurance companies,
- Oil & gas companies,
- Large corporates, etc.