High Notes
For investors, Merchant Finance has also provided opportunities for investment to commercial entities, statutory bodies and private individuals through its “High Notes” term deposit product. This product now provides the principal source of funding for Merchant Finance.
Interest Rates Per Annum
The rates for institutional investments are as follows:
| Current Rates and Terms |
Merchant Finance Minimum Deposit $2,000.00 to $99.000.00 |
Merchant Finance $100,000.00 and more |
| Months |
Rate % |
Rate % |
| 03 Months |
5.00 % |
5.00 % |
| 06 Months |
5.50 % |
5.50 % |
| 09 Months |
6.00 % |
6.00 % |
| 12 Months |
7.00 % |
7.00 % |
| 24 Months |
7.25 % |
7.25 % |
| 36 Months |
7.50 % |
7.50 % |
| 48 Months |
7.50 % |
Consult MFIL |
| > 48 Months |
7.50% |
Consult MFIL |
These rates would apply to all new term deposits you may wish to place with us.
Interest Payments
Interest for term deposits can be paid to you periodically or compounded for the entire term. If you request to be paid, we will personally deliver the interest cheque to you or deposit it into your nominated bank account. We will also send you periodic statements of your investment, if required, at no extra cost. We also prepare your audit certificates upon request for a nominal fee.
Costs
Apart from an administrative cost associated with the preparation of audit certificates and verification letters to third parties, there is absolutely no other charges or fees associated with the High Notes facility.
Guarantees/Security
Like other commercial (non-government) institutions, Merchant Finance does not guarantee Investments placed with the company. However, each year of operations have shown a profit and an adequate return to our shareholders (as shown in the Annual Report). As a licensed Financial Institution, our operations are monitored, and reviewed closely by the Reserve Bank of Fiji.
Requirements for Opening New term Deposit Accounts
The following requirement is to be submitted together with the completely filled form by the applicant upon opening of a new term deposit with MFIL:
- Identification – passport/drivers licence or any identity card with the applicants photo
- Tax identification number if applicant is to lodge returns to Fiji Islands Revenue & Customs authority or exemption number if applicant is retired, unemployed, pensioner, student or child.
- Personal details including applicants full name, postal and residential address, telephone numbers, fax numbers, and occupation.
- Bank details
- Payment method (third party cheques are not acceptable)
- Source of funds (this is a requirement set by the Fiji Financial Intelligent Unit of the Reserve Bank of Fiji)
Enquiries
For further queries and enquiries pertaining to the “High Notes” facility or regarding the company and it’s operations, please do not hesitate to call our Investment Officer or the Manager Finance and Administration.