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FDB Offering ‘Yaubula’ Deposits

FDB Offering ‘Yaubula’ Deposits
From left: Fiji Development Bank general manager Saiyad Hussain, Fiji Development Bank board chair Robert Lyon and chief executive officer Mark Clough launching the new term deposit product at Suva’s Grand Pacific Hotel on July 19, 2018. Photo: Fiji Development Bank
July 20
11:24 2018

The Fiji Development Bank (FDB) has introduced a new ‘Yaubula’ term deposit product that it says will allow the institution to better respond to the needs of Fijians.

The name ‘Yaubula’ was inspired by the pearl formation process inside an oyster and is FDB’s way “to protect its ability to deliver development financing.”

It was presented first-hand to some of Fiji’s top business leaders at Suva’s Grand Pacific Hotel yesterday.

A minimum investment of $50,000 is required by the bank to open a ‘Yaubula’ term deposit account.

Interest rates range from 3.7 to 4.5 per cent, varying from time-to-time depending on the amount and duration of investment.

At maturity, investors can fully withdraw principal and interest; withdraw interest earned only and re-invest principal; as well as re-invest both principal and interest.

The invested money can also be used as collateral for loans, the bank says, which is another way for FDB to meet the “changing” demands of customers.

The product has no hidden fees or charges and FDB says this makes it unique when compared to those offered by its competitors.

“The 50-year development bank has revamped one its products to a more formal and attractive tailor-made financial solutions, targeting corporate, larger individual customers,” said FDB Chairman Robert Lyon.

“The Yaubula term deposit is offering customers a secure and fixed investment opportunity with attractive terms.”

The bank has gone a step further to facilitate the opening of term deposit accounts, authorising a dedicated team to personally visit investors.

FDB, which is Fiji’s only development bank, has been around for some 50 years.

Its mission is to fuel the development of agriculture, commerce and industry through financial solutions and advice.

But intense competition in Fiji’s financial sector has forced the bank to give some of its products “a more formal competitive and tailor-made” look.

FDB’s main area of focus is the agricultural sector, a major national Gross Domestic Product contributor.

The bank offers a range of financial products – like farm development and fishing loans, to a name a few – in an effort to achieve its core objectives.

“In some respects, FDB has to be an enabler of those moves and to be an enabler we have to be nimble,” said FDB’s chief executive officer Mark Clough.

“So, by having an alternative capital base which is provided through term deposits, we can be nimble in delivering those planned development initiatives.”

Feedback:  sheldon.chanel@fijisun.com.fj

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