The RRSP Fixed Rate Term Deposit, RRIF Fixed Rate Term Deposit and TFSA Redeemable Term Deposit must be made and confirmation must be issued during the period from January 11, 2021 to March 31, 2021.
The deposit must be made by an individual holder of the RRSP, RRIF or TFSA plan/account, as applicable and must be held in that plan/account. Customers are solely responsible for determining whether any contribution to their RRSP or TFSA plan/account is within their contribution limits as imposed by applicable law.
The RRSP Fixed Rate Term Deposit, RRIF Fixed Rate Term Deposit or TFSA Redeemable Term Deposit must be in Canadian currency (CAD).
The RRSP Fixed Rate Term Deposits may be made in Branch and by Telephone Banking services. The RRIF Fixed Rate Term Deposits may only be made in Branch. TFSA Redeemable Term Deposits can be made in Branch, via Online Banking and by Telephone Banking services.
An online purchase option is also available with a maximum deposit amount of $499,999.99 (CAD) per certificate for the TFSA Redeemable Term Deposit. Please note that the aggregate daily Online Banking transfer limit of $499,999.99 in Canadian dollars or foreign currency equivalent applies to the accounts held under the same customer number (the first 9 digits of a Chequing or Savings account number).
Interest is calculated daily and is paid as follows:
For 1-Year RRSP and RRIF Fixed Rate Term Deposits, interest is compounded annually and is paid at maturity.
For 2-Year and 3-Year RRSP and RRIF Fixed Rate Term Deposits, interest is compounded annually and is paid annually.
For 1-Year, 2-Year and 3-Year TFSA Redeemable Term Deposits, interest is not compounded and is paid annually.
The “Interest Payment Frequency” field in the confirmation for TFSA Redeemable Term Deposit and RRSP and RRIF Fixed Rate Term Deposit purchased in Branch or by Online banking or Telephone Banking services (where available) must state “Annually”.
There is no limit on the number of term deposits obtained under this Offer per customer.
Redemption or withdrawal of all or a portion of the TFSA Redeemable Term Deposit, RRSP Fixed Rate Term Deposit prior to the end of the term is allowed. We will not pay you any interest on the withdrawn amount.
For the RRIF Fixed Rate Term Deposit, the deposit is redeemable. If redeemed prior to maturity, we will pay you interest at the 1 year, 2 year or 3 year special rate, as applicable, up to the date of redemption. However, we will not pay you any interest on any amount withdrawn or redeemed prior to maturity for the purpose of transferring funds to another financial institution.