The interest rates on these deposits are mostly negotiated between the customer and the Bank. Interest is however calculated daily.
To maximize the yield on one’s investment, a customer could operate both a current account and a call account in which case instructions could be given that balances above a certain threshold on one’s current account could be transferred to the call account so as to earn higher interest.
In the event of the customer’s current account not being able to meet an anticipated debit, instructions could be given for a transfer from the customer’s call account to his current account to meet the debit.
The rate of interest is negotiable depending on the amount being invested.
The minimum invested amount is GH¢500 and may be deposited for one month, three months, six months or longer.
The Fixed Deposit Certificates could be used as collateral for a loan from the Bank.
Government Bonds purchased are another form of security and such investments may be retired or rolled over on the date of maturity depending on what the customer wants.
With the 91 and 182-day bills, interest can be discounted up front and the bill again rediscounted before maturity (i.e. it can be redeemed before maturity).
