Before we accept a Deposit you must provide us with information and documents to enable us to identify you as specified in the BSP Finance (PNG) Limited Term Deposit application form.
At least two of the following means of establishing your identity must be provided and verified by BSPF before an account is established.
Identification of Individual / Company / Directors:
- Valid Passport
- Valid Work Permit (if non-citizen)
- Current Driver's License
- National Identification Card (NID)
- Tax Identification Number (TIN)
- IPA Registration Certificate
New and existing / personal & business customers.
The minimum amount is PGK25, 000.00.
Interest is paid quarterly or at Maturity. The customer can choose to have the interest re-invested with principal at maturity or credited to a nominated account.
Early redemption of this deposit in the normal course is not permitted however, if such a request is agreed to by BSPF, the redemption will attract an interest penalty to be advised at the time of the transaction.
Customer must be made aware of the following;
- A TD is a secure deposit option if a customer has excess funds with no immediate plan for use.
- There is a minimum amount to deposit.
- There are various terms to choose from.
- They must choose a term that suits their budget and needs.
- The interest rate is fixed so the return can be calculated upfront and is known by the customer.
- There will be an interest penalty for early withdrawal.
- A Government withholding tax of 15% is imposed on the interest earned.