Rural Bank Farm Management Deposit

A highly effective risk management tool that earns interest on pre-tax income during profitable years, which you can then use to manage income streams during seasonal and economic fluctuations. Rural Bank offers both fixed and variable Farm Management deposits, giving you the flexibility you need to manage your tax position and maintain your income.

Suitable for	Primary producers seeking a risk management tool that can assist them in dealing withuneven income streams.
Eligibility criteria	Primary producer with an off-farm taxable income of less than $65,000 per annum. Australian resident. A FMD can only be opened in the name of an individual. A FMD must be deposited for a minimum of 12 months to receive or retain any applicable taxation benefit. The total of all FMD's held in the client's name must be held in the client's name and must not exceed $400,000.
Minimum account balance	Minimum opening balance $1,000 for variable rate accounts or $5,000 for fixed rate accounts. Minimum operating balance $1,000 for variable rate accounts or $5,000 for fixed rate accounts.
Maximum account balance	Aggregate balance of all FMD accounts must not exceed $400,000.
Minimum withdrawal	$1,000. Withdrawals from fixed rate accounts are subject to bank approval (a penalty may apply)
Minimum deposit	$1,000 for variable rate. No deposits allowed for fixed rate accounts after initial deposit, until the account matures.

 

To find out more about how Elders can assist with your finance needs, contact your local Elders branch.

 

This information has been prepared without taking into account your personal circumstances, objectives, financial situation or needs. Special legislative requirements must be adhered to. You should consult your taxation advisor. Terms, conditions, fees, charges and lending criteria apply and are available by phoning the Rural Bank Customer Service Centre on 1300 660 115, online at www.ruralbank.com.au, or by visiting your local branch. All information is subject to change. Products are issued by Rural Bank Limited and distributed by Elders Rural Services Australia Limited. Rural Bank Limited ABN 74 083 938 416 AFSL 238042. Registered office: Level 1,27 Currie Street,Adelaide SA 5000.