A fixed deposit, also called a certificate of deposit or CD, is a savings product that offers fixed interest rates if you save for a fixed period, usually 1 to 5 years, with restrictions and penalties if you break the deposit before the maturity date.

If you are saving for a goal 1 to 5 years away and you don’t need access to your money before then a fixed deposit may be right for you. In fact, with fixed deposits the longer you save the more compound interest you earn.

It’s pretty easy. You’ll need two forms of ID. You have to complete a simple form and make a minimum deposit of $10,000 to Development Finance after agreeing to the term of the deposit and the interest rate offered. DFL will then issue an official document to you certifying the terms of your deposit. Our finance department also reports the dollar value of your deposit to the Central Bank of Trinidad and Tobago.

DFL offers interest rates between 2.25% and 3.45%, compounded annually, for terms of 1 to 5 years.

We start at $10,000 for both TT- and US-dollar accounts.

Fixed deposits are considered one of the safest investments you can make for two reasons. First, unlike money market mutual funds, the interest rate on a fixed deposit is guaranteed up front. Second, any money you set aside in a fixed deposit up to TT$125,000 is fully covered by deposit insurance from the Deposit Insurance Corporation of Trinidad and Tobago.

Yes, your fixed deposit or certificate of deposit will be voided if you withdraw your money before the maturity date. When this happens a much lower interest rate, known as the ‘break rate’, will be applied to your original investment.

No, there are no fees associated with opening or maintaining a fixed deposit.

No, fixed deposits are not taxed.

No, the maximum term is 5 years but you are free to renew your deposit for as long as you need to.

Interest can be received monthly, quarterly, semiannually, yearly or at maturity. Interest on all Deposits over 1 year are compounded.

Easy, click here and use the compound interest calculator to see how your fixed deposit can grow over time.

Look at you being all negative…(just kidding). On a serious note, if something were to happen any money you have in a Fixed Deposit is fully covered by deposit insurance from the Deposit Insurance Corporation of Trinidad and Tobago up to TT$125,000.

Yes, but up to a point. Your money enjoys the protection of deposit insurance from the Deposit Insurance Corporation of Trinidad and Tobago up to TT$125,000.

Sure you can but both parties will need to complete and sign application forms and provide ID.

DFL is regulated by both the Central Bank of Trinidad and Tobago and the Trinidad and Tobago Securities & Exchange Commission. All fixed deposit certificates issued by DFL are filed with the Central Bank.

No, the total amount invested is fixed as are the term of the deposit and the interest rate it will earn.

No, the term is fixed and can only be changed when your fixed deposit matures.

Yes, you can have multiple single or joint fixed deposits covered by deposit insurance. Structured in the right way this can result in up to TT$500,000 being fully covered. Please contact us to discuss.

We’re at 10 Cipriani Boulevard, Port-of-Spain.

We just have one office at 10 Cipriani Boulevard, Port-of-Spain but you can do a lot online including opening a fixed deposit.

Please visit the DIC’s website here.