Fixed Deposits – Corporate

Throughout the fixed deposits account, CAC Bank's customers’ sole proprietorship or investment companies can obtain valuable and guaranteed returns. CAC Bank always strives to offer competitive rates against what is prevalent in the local banking market.

Service Features:

• Obtaining high interest rates according to the approved pricing that can be added every (3, 6 or 12 months) as per the customer request.
• Opening a current account without a minimum opening balance that is used to credit periodic interests.
• You can transfer any amount from the deposit account to the company's current account in condition that the amount doesn’t exceed the deposit line.
• You can obtain loans or credit facilities for your company secured by the fixed deposit.
• Deposits are subject to the guarantee of the “Banking Deposit Guarantee Corporation” and the Bank is considered as one of its founding members.

Terms and documents required to obtain the service:

For Sole Proprietorship institutions:

• A copy of valid Commercial Registration.
• Providing the original personal ID (valid electronic card) of the owner.
• For foreign residents, they have to provide a passport copy, a copy of the residence card and the need of a letter from the employer.

For Corporates:

• A copy of incorporation contract of the company attested by the related authorities.
• A copy of establishment resolution.
• A copy of memorandum and articles of association attested by the related authorities.
• A request to open the accounts approved by the Board of Directors along with determinations of the authorized signatures to manage the account.
• The original personal ID (valid electronic card) shall be provided of the owners and the authorized signatures.
• Filling in the application forms of opening the account required by the bank.
• Minimum opening balance for account is YR 300,000 or the equivalent in other currencies.
• The current account can be opened in the local currency or any of the approved foreign currencies.