Fixed Deposit Bank Account

Fix rel="nofollow"ed deposit bank accounts are available in most major currencies and are an excellent means of investment, allowing cash flows to be predetermined. International entrepreneurs approach us to open fixed deposit bank accounts with major banks including HSBC and DBS. The following is an overview of the key characteristics of a fixed deposit account, including their benefits and disadvantages:

A fixed deposit bank account is an arrangement whereby cash sums are lodged in an offshore bank. The deposit period is flexible, ranging from just one week to 5 years.

The fixed deposit bank account enables the account holder to mitigate international currency fluctuations by holding funds in the currency in which income is paid. In this case, since there is no need to convert the funds into another currency the account holder does not have to pay foreign exchange fees.

Some fixed deposit bank accounts have restricted access to funds. For example, it may be possible to withdraw funds only upon payment of a penalty. Some fixed deposit bank accounts require written notice from the account holder should withdrawal of the funds be required.

Most fixed deposit bank accounts accrue interest daily and are credited quarterly. However, some accounts are credited only upon maturity.

Healy Consultants assists clients open all types of fixed deposit bank accounts, including i) demand accounts ii) savings deposit accounts and iii) time deposit accounts.