How to use BSP Internet Banking to Do Term Deposit and Make Money : 10 Steps PNG

 Papua New Guineans can now make money using BSP Bank Internet Banking and Term Deposit, a convenient and secure way to grow their savings. By logging into their BSP Internet Banking accounts, individuals can easily access the term deposit feature, which allows them to invest a specific amount of money for a fixed period at competitive interest rates. The process is simple: customers choose the amount they wish to deposit, select the desired tenure—ranging from months to years—and confirm the transaction online. Once the term deposit is set up, the funds are locked in for the chosen period, earning a fixed interest rate that provides predictable returns. This method not only encourages disciplined saving but also helps Papua New Guineans take advantage of BSP’s reliable banking services from the comfort of their homes or offices.

Making money through BSP’s Term Deposit is an excellent strategy for those looking to build wealth steadily and securely. By locking funds into a term deposit, individuals benefit from higher interest rates compared to regular savings accounts, especially when opting for longer tenures. Additionally, the compounding effect of reinvesting the interest earned upon maturity can significantly boost savings over time. This approach is particularly advantageous in Papua New Guinea’s economic environment, where stable investment options are essential for financial growth. With BSP’s user-friendly Internet Banking platform, customers can monitor their investments, manage their finances, and maximize returns without the need for frequent branch visits. By leveraging this tool, Papua New Guineans can achieve their financial goals while ensuring their money works for them in a safe and profitable manner.

How to use BSP Internet Banking to Do Term Deposit and Make Money : 10 Steps PNG 

Internet Banking and Term Deposit with Bank South Pacific.

Requirements

1. BSP Bank Account
2. Internet Banking
3. K5000  K250 000 in bank account

Internet Banking

1. Go to BSP website : www.bsp.com.pg
2. click on login
3. enter your username and password (Note : These credentials are issued by BSP when you sign up with internet banking.

1. After you login,
2. Click on Term Deposit 
3. Click on New Deposit

and follow the steps below to sign up. 

Step-by-Step Guide for Setting Up a Term Deposit

1. Holding Type

• Single: Personal or one account holder.
• Joint: Couple, multiple account holders, or businesses.

2. Select a Product

There are several products you can choose from:

• Retail Term Deposit for Monthly Interest Payout
• Retail Term Deposit for Quarterly Interest Payout (Every three months)
• Retail Term Deposit for Half-Yearly Interest Payout (every six months)
• Retail Term Deposit for Annual Interest Payout (12 months)
• Retail Term Deposit Interest Payout at Maturity. This applies if you set certain dates for payouts.

3. Deposit Amount

• You can deposit between PGK 5,000 and PGK 250,000.
• If you want to deposit more, visit a BSP Bank branch to inquire about their requirements.
• Enter the deposit amount you want to invest in the Term Deposit.

4. Select the Deposit Tenure

You can choose between:

Tenure: Set the number of years for your investment.

• Minimum: 2 years
• Maximum: 5 years

By Date: Select the "Date" radio button and enter the specific date when you want the interest to be paid into your account.

5. Select the Funding Account

• Choose the account from which you will invest in the Term Deposit.

6. Maturity Payment Options

There are several options for receiving payments at maturity:

• Renew Principal and Pay Out the Interest - Your principal is redeposited, and the interest is paid to your nominated account.
• Renew Interest and Principal - Both the interest and principal are redeposited.
• Close on Maturity - No further deposits; you receive both your principal and interest upon maturity.
• Renew Special Amount and Pay Out the Remaining Amount  - You can adjust the amount to be reinvested after maturity.

7. Assign the Pay-To Account

Select the account where you want the interest or principal amount to be paid.

8. Review and Confirm

Review your settings before finalizing.

If you are satisfied, click the Create button to set up your Term Deposit.

Important Notes

If you withdraw or cancel your investment before the maturity date, you will not receive any interest.

Consult BSP Bank for further details.

This guide is based on BSP Internet Banking. BSP reserves the right to change information at any time, and we are not liable for any inconvenience.

Also watch the video below on how to go about it