Farm Management Account

 Product Features

• Digital Banking Additional Information: Access your account balances 24/7 wherever you are and whenever you want with RAB mobile and internet banking.

• Other Additional Information: No account keeping fee

• Other Additional Information: Funds held in a FMD account will be deducted from your assessable income in the year in which the deposit is made. Withdrawals are considered assessable income for that year's tax return. Keep in mind, deposits in the FMD account must be kept for at least 12 months to be eligible for tax benefits.

• Other Additional Information: Combined balances of up to $250,000 per account holder are guaranteed and secured by the Australian Government.

• Other Additional Information: Helps balance good and bad times, by allowing eligible customers to set aside their individual pre-tax income in good years as a cash reserve to withdraw from in less profitable years.

 Product Eligibility

• Other Additional Information: As a customer-owned bank, customers must also become a shareholder of Regional Australia Bank to be eligible to open an account.

• Residency Status - Australian Resident. Additional Information: Individuals must be citizens or permanent residents of Australia.

• Other Additional Information: To open a Farm Management Deposit account you must first meet special legislative requirements.This includes, but is not limited to being a primary producer as defined by Australian tax law. Please refer to the Regional Australia Bank Product Disclosure Statement for more information.

 Bank Fees and Charges

• Early Redemption Adminstration Fee (Variable), Amount: Not Listed.. Additional Information: This fee may apply when you request to redeem your deposit prior to the maturity date. A reduced Interest Rate applies in addition to this fee.

• Cheque Withdrawal Fee (farm Management Only) (Withdrawal), Amount: 2.25. Additional Information: Applies per withdrawal or Interest payment from a Farm Management Account made by cheque.

 Limitations & Restrictions (Constraints)

• Max Balance of 800000.00 Additional Information: Maximum deposit is $800,000.00

• Min Balance of 1000.00 Additional Information: A minimum $1,000 investment applies to this product.

• Opening Balance of 1000.00 Additional Information: A minimum $1,000 investment applies to this product.

 Document Downloads

  farm-20management-20deposit-20pds.pdf (151 K)