Term Deposit

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

How to open an account in 3 steps

Application form

Download and complete the application form ahead of time.

Need help? You can complete your application form at your local branch.

Download form

Identification

You'll need to provide:

  • Photo Identification: Current Passport, Current Driver's Licence, National ID
  • Proof of Residential Address: Utility Bill (e.g. electricity, water), Rental Agreement, Superannuation Statement
  • Proof of Income: Letter from current Employer, Bank Statement, Current Payslip (not older than 6 months)*

Need more options? Download acceptable IDs (PDF 200KB)

Note: In some instances, and to comply with Westpac's legal and regulatory obligations, additional customer due diligence checks may be required. Please note that in such cases, the account opening process may take longer to complete.

Contact us

Book an appointment at your local branch to open your account. Make sure to bring your completed form and ID. If additional documents are required, we’ll let you know.

Find us

Features and benefits

No Fees, Just Growth

Grow your savings with no maintenance or establishment fee. Keep every dollar you earn. 

Guaranteed Interest

Fixed interest rate paid on balances of K1,000 or more for predictable returns you can rely on. 

Flexible Terms

Interest paid quarterly, six monthly or on maturity to match your financial goals and lifestyle. 1

Grow your money

Save with confidence knowing your money earns solid returns whether you're building a habit or locking in for the future.

Tip: come prepared, open faster

Check the 3-step guide above to see what you'll need to open an account, it'll help you get set up faster and avoid extra trips.

Need help? Contact our customer care team on 3220888. They're ready to help you every step of the way.

Come prepared

Fill out the form and gather the required ID and documents before visting us.

Download form

Give us a call

3220888

Monday to Friday from 8:00am - 6pm

Visit us

Find the nearest branch near you. 

Find us

Things you should know

In some instances, and to comply with Westpac's legal and regulatory obligations, additional customer due diligence checks may be required. Please note that in such cases, the account opening process may take longer to complete.

 

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 Confirmation, Maturity, Renewal and Repayment advices sent. Once your fixed term ends, you can withdraw your funds by direct credit into a nominated transaction account.

 

Important notice for foreign residents:

If you are a foreign resident opening an account with Westpac PNG, you are required to complete the FATCA (Foreign Account Tax Compliance Act) Self-Certification Form – Individual (PDF 270KB) in addition to the standard account opening documentation.

This form is mandatory for all customers, regardless of nationality or residency status, to comply with international tax reporting regulations. It helps Westpac PNG determine your tax residency status and fulfill its obligations under global tax transparency agreements, including those with the United States and other jurisdictions.

 

Terms Deposit Brochure (PDF 164KB)

Deposit Terms and Conditions (PDF 356KB)

Customer Banking Agreement (PDF 76KB)

Customer Service Fees and Charges  (PDF 1MB)