Interest Rates
Interest paid on maturity
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Interest paid annually (every 365 days)
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Interest paid 6 monthly and on maturity
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Interest paid monthly (every 28 days)
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Interest paid fortnightly (every 14 days)
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Rates effective 1st December 2023. *Rates and terms negotiable for amounts over $100,000. Prepayment of your investment amount (i.e. withdrawal in part or in full prior to maturity) will be allowed by Us.
However, any amounts withdrawn before maturity will incur the following interest rate reduction:
* if the interest rate on your Account is higher than 3% p.a., the interest rate reduction is 3% p.a. for 12 months or the full term of the investment if that is 12 months or less;
* if the interest rate on your Account is 3% p.a. or less, the interest rate is reduced to 0.10% p.a. for 12 months or the full term of the investment if that is 12 months or less.
If upon maturity of your term deposit, you do not provide contrary instructions, your investment will be reinvested at the standard interest rate, which may be higher or lower than your current rate, and this will constitute a new facility. This document forms part of IMB's Product Disclosure Statement (PDS) for products and payment facilities listed in Page1 of IMB's Member Guide to Transaction Banking, which consists of the following documents IMB Member Guide to Transaction Banking PDS and PDS Fees and Charges for IMB Services and PDS Interest Rates for IMB Products, and any other supplementary PDS issued by IMB. Target Market Determinations, available here.
Fees, Charges and Limits
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Prepayment of your investment amount (i.e. withdrawal in part or full prior to maturity) will be allowed by us. However, any amounts withdrawn before maturity will incur the following interest rate reduction:
* if the interest rate on your Account is higher than 3% p.a., the interest rate reduction is 3% p.a. for 12 months or the full term of the investment if that is 12 months or less;
* if the interest rate on your Account is 3% p.a. or less, the interest rate is reduced to 0.10% p.a. for 12 months or the full term of the investment if that is 12 months or less.
If upon maturity of your term deposit you do not provide contrary instructions, your investment will be reinvested for the same term at the standard interest rate applicable at that time, which may be higher or lower than your current rate, and this will constitute a new facility. 6 month term is treated as 183 days for the purposes of term length and interest calculations.
You should consider the Product Disclosure Statement available from IMB before making a decision about this product. Target Market Determination, available here. This advice is general advice only and does not take into account your objectives, financial situation or needs.
