VM iGain Certificate of Deposit

Product Overview

Fixed deposit / time account, accessible with minimum lump sum deposits held for predefined periods of up to 365 days. Amounts saved in this account earn a fixed  interest rate for the pre-determined period and attract a penalty if  withdrawals aremade from the account. 

If a saver wishes to make a partial withdrawal, a penalty  of 25% of  the interest will be charged and the balance will be reset for a prescribed period at the applicable rate of interest.

Deposits to the iSave account are facilitated through a ‘servicing’ account such as the regular deposit account. Funds are lodged to the savers ‘regular’ deposit account and automatically transferred on a specific date monthly. Salary deductions are encouraged when opening this account.

Product Variations

IGain Power*
iGain More*
IGain Extra*

* Product derivatives which are developed as promotional offers as required by the business to boost NSI

Debit Card Issue: No
Target Groups
  • Age range: 18 – 64 years
  • Gender: No restriction to gender
  • Characteristics:
    • Employed persons, self-employed and small business entrepreneurs
    • Individuals wishing to deposit lump sums (bonuses, gratuity, retroactive payments etc.) for the short -medium term
    • Time sensitive savers
    • Rate sensitive savers
    • Savers wishing to earn interest on interim sums intended for particular goals
  • Income level: None is defined
  • Maturity periods of 30, 90, 180 or 365 days
  • Minimum Investment of $10,000, US$1,000, CDN$1,000 and £1,000
  • Available in a choice of four currencies
  • Savings secured by Jamaica Deposit Insurance Corporation (JDIC).
  • JDIC insurance coverage may have specific limits
  • Interest on the account is allocated in tiers and are subject to change
    • 10,000 – 49,999
    • 50,000  – 249,999
    • 250,000  – 499,999
    • 500,000  – 999,999
    • 1,000,000 – 4,999,999
    • 5,000,000  – 9,999,999
    • 10,000,000  – 19,999,999
    • 20,000,000  and Over
  • Interest paid at maturity
Selling Points
  • Varied deposit minimums to suit multiple budget ranges
  • Interest paid is higher than the average savings account
  • Accounts fixed for longer periods attract higher interest rates
  • Flexibility to save in the choice of four currencies
  • The more saved, the more earned
  • Flexibility to periodically add to  deposits
  • Savings are secured by deposit insurance
  • Deposits may be reset for an additional period if desired
  • May be used as collateral on loans

VM iGain Certificate of Deposit

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