Term Deposit

Earn a guaranteed rate of return on your funds over a fixed period.

Essentials

Features and benefits

  • No monthly account service fee or establishment fee1
  • Competitive interest rates with fixed amounts, rates and terms
  • A range of fixed investment terms available to suit your needs
  • Interest paid monthly, annually, or at maturity2.



Refer to the PNG Customer Services Fees & Charges Brochure (PDF 182KB) for details.

Opening an account

New customers

To open a Westpac business account, you’ll need to provide us with a signed and completed company account opening form, along with some current identification documents.

We are required to verify:

  1. Full name of the company
  2. Registered office or business address, including country
  3. Incorporation number/Business registration number
  4. Place of incorporation/registration
  5. Date of incorporation/registration
  6. Business licence number (if any)
  7. Source of funds
  8. Tax Identification Number (TIN)
  9. Nature and business of the company
  10. Ownership structure

Personal identification requirements

Under PNG banking regulations, each director, secretary, any shareholder who owns 20% or more and any person(s) authorised to operate on the account are required to meet personal identification requirements.

They will need to provide us with a signed and completed associated party form, along with some current identification documents.

Company and personal information must be verified from a combination of identification documents. Download the Opening a business transaction account brochure (PDF 167KB) for a list of accepted identification documents and any other requirements that you may need to meet.

Existing customers

You may have already provided necessary identification or you may need to provide some additional current identification documents. Visit your local branch to get started.

Download the forms you need

FATCA SDF Entity (PDF 203KB)

Personal Account Opening From Associated Party Form (PDF 781KB)

Sole Trader Account Opening Form (PDF 72KB)

Term Deposit Association Co-operation Account Opening Form (PDF 811KB)

Term Deposit Company Account Opening Form (PDF 818KB)

Term Deposit Government Body Account Opening Form (PDF 798KB)

 

Need help?

Simply speak to a Banking Representative by calling (+675) 322 0888.

Things you should know

Deposit Terms and Conditions (PDF 147KB)

Customer Banking Agreement (PDF 102KB)

Papua New Guinea Personal Fees and Charges Booklet

 

Conditions apply. Offer excludes corporate, institutional and government customers. If you are on a special rate and your Term Deposit rolls over automatically, the Term Deposit may be automatically re-invested at a lower rate than the current interest rate.
 

1. Early termination fee applies if the Term Deposit is ended before the full term.
 

2. Confirmation, Maturity, Renewal and Repayment advices sent. Once your fixed term ends, you can withdraw your funds by bank cheque, cash or direct credit into another bank account.