Any request for withdrawal of funds from the term deposit prior to its maturity will be subject to 31 days’ notice. If regular access to funds is required, another account may be more suitable.
For term deposits with terms less than 2 years where interest is paid at maturity, approval of any request for either a full or part redemption of funds prior to the expiry of the agreed term is at the discretion of Bank Australia.
If we approve a request for withdrawal of funds from the term deposit prior to its maturity where interest is paid at maturity, an early release adjustment to the accrued interest will apply.
The interest rate applicable to principal amounts withdrawn early will be adjusted by the percentage of the current term over the original agreed term.
For example, if the term deposit is held for 80% of the original term, 80% of the accrued interest on the amount withdrawn will be paid upon early redemption. Any funds not redeemed will remain in the account until final expiry of the agreed term and will attract the full rate of interest as originally specified. The minimum investment amount must be retained in the applicable term deposit.
Monthly income term deposit redemptions prior to the expiry of the agreed term will be approved with 31 days notice. During the notice period, no interest will be earned on the portion of the term deposit being withdrawn.