There are many benefits of having a term or time deposit. Emergency funds are safe from being spent on shopping when kept in the form of deposits.
If you have a number of long-term financial goals, for example, you want to start building your child’s education funds, saving for retirement, saving to buy a house and so on, term deposits are also the right choice. The goal is the same, by saving money or investing in deposits, you secure money from being used not according to its purpose.
Talking about deposits, now you can have a Term Deposit at Bank Jago.
Benefits of Investing in Jago’s Term Deposit
1. No penalties in case of premature withdrawal
When opening a term deposit, you are required to choose the desired period, and during this period it is best if you don't withdraw it. Because if it is withdrawn prematurely, you will be subject to a fine or penalty of a certain percentage, depending on where you opened the deposit.
The great thing is, it doesn't apply when you open a Term Deposit with Jago. Sometimes, something urgent or an emergency comes along and you need money to deal with it immediately. When this happens, if you have a Term Deposit, you can withdraw the deposit right away without worrying about fines or penalties.
To help you understand better, let Jagomin give an example. Jagoan A chose to save money in a Term Deposit for 3 months. However, in the second month, Jagoan A's parents slipped in the bathroom and needed surgery. Without thinking twice, Jagoan A immediately withdraws his Term Deposit. When withdrawn, the money in the Term Deposit will go straight into his Jago Pocket and can be used immediately.
The Term Deposit is perfect for saving your emergency fund, isn’t it? Speaking of which, the period for the Term Deposit varies and you can choose for yourself, starting from 1, 3, 6 to 12 months. So, apart from saving your emergency fund, you can plan for the future and save for any goal you wish to fulfill by opening a Term Deposit. Be sure to choose a timeframe that suits your goals.
2. No need to go to the bank, open a Term Deposit and withdraw the funds directly from the application
If you can choose the easy one, why choose the complicated one? Just like you don't need to stop by a Bank Jago branch when you want to print a passbook or request a debit card, it’s the same with opening and withdrawing a deposit.
In other words, you can open a Term Deposit anytime and anywhere you are, as long as you have your cell phone with you. Likewise when the deposit matures or when you want to withdraw it early. Besides being more practical, it's easier and faster too right?
Also read: Security and Conveniences Offered by Digital Banking
3. No need to invest a large amount right away and can enjoy interest rates of up to 6% per annum
Want to try a new investment instrument or just started to plan for the future? The Term Deposit is the right choice. You can save money starting at Rp1,000,000 with a competitive interest. The latest Deposit interest rates can be seen on this page.
But, you can also save more money as an emergency fund or invest larger amounts for long-term financial goals. The more money you invest in a Term Deposit, the greater the interest you will receive every month.
Interest or Profit Calculation Simulation for Bank Jago Deposit
So, how much do you want to save in a Term Deposit? You can calculate the amount of interest you will get at the end of the period or once the deposit matures by using the formula in the following visual.
It's time to start saving in the Term Deposit to make your future dreams come true, achieve your financial goals and secure your emergency fund.
