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Dual Currency Deposits

An alternative to traditional term deposits - Structuring Your Investment

If you would like to take advantage of foreign exchange movements and potentially earn a higher rate of interest when compared to a conventional term deposit, you may wish to consider investing in a Dual Currency Deposit.

What is a Dual Currency Deposit?

The Dual Currency Deposit, which comes with the option of receiving your principal amount in an alternative currency at maturity offers a higher interest rate than the standard rates on normal deposit products of NAB.

When you apply for a dual currency term deposit, a strike rate is set. At maturity, the Bank repays the principal amount of the deposit in either the deposit currency or the alternative currency depending on the judgment rate at maturity. The judgment rate is determined by the Bank based on the prevailing exchange rate at 10 AM Melbourne time on the maturity date (judgment date).

Interest on the DCD will always be paid on the maturity date in the deposit currency.

No foreign exchange fee is charged even when the deposit is redeemed in the alternative currency.

Increase your return potential

The minimum principal amount is JPY 2,000,000 (or its equivalent in other currencies).

You can select from a range of deposit periods - 2-week, 1, 2, 3, 6, and 12-month.

Based on your selection of deposit period, currency pair and pre-determined exchange rate, the Bank will quote an applicable interest rate.

JPY 2,000,000 or equivalent, JPY5,000,000 or equivalent for new customer.   

Currencies available

  Japanese Yen (JPY)

United States Dollars (USD)

Australian Dollars (AUD)

New Zealand Dollars (NZD)

Great Britain Pound (GBP)

 Canadian Dollars (CAD)

Euro (EUR)

 Swiss Franc (CHF)

Deposit rates

INDICATIVE RATES AS AT 28 March 2017 

Unit: % (Annual interest rate before tax)

Currency Amount 1 Month 2 Months 3 Months 6 Months 12 Months 2 Years 3 Years
AUD under 100K 0.1 0.1 0.3 0.4 0.5 0.6 0.7
100K+ 0.3 0.3 0.5 0.6 0.7 0.8 0.9
NZD under 100K 0.1 0.1 0.3 0.4 0.5 0.6 0.7
100K+ 0.3 0.3 0.5 0.6 0.7 0.8 0.9
USD under 100K 0.01 0.01 0.01 0.01 0.01 0.01 0.01
100K+ 0.05 0.05 0.05 0.15 0.15 0.15 0.15
EUR under 100K 0 0 0.01 0.01 0.01 0.01 0.01
100K+ 0 0 0.01 0.01 0.01 0.01 0.01
GBP under 100K 0.01 0.01 0.01 0.01 0.01 0.01 0.01
100K+ 0.01 0.01 0.01 0.1 0.1 0.1 0.1
CAD under 100K 0.01 0.01 0.01 0.01 0.01 0 0
100K+ 0.01 0.01 0.01 0.1 0.1 0 0
CHF under 100K 0 0 0 0 0 0 0
100K+ 0 0 0 0 0 0 0
JPY under 10mio 0 0 0.001 0.001 0.001 0 0
10mio+ 0 0 0.001 0.001 0.001 0 0
30mio+ 0 0 0.001 0.001 0.001 0 0
50mio+ 0 0 0.001 0.001 0.001 0 0
100mio+ 0 0 0.001 0.001 0.001 0 0

Notes:

  • For Term deposit with the indicative rate of zero, currently, we don’t offer those Term Deposit.
  • Japanese Yen term deposit (1, 2, 3, 6, and 12-month periods)
  • Foreign currency term deposit (1, 2, 3, 6, and 12-month periods),  (2- and 3-year term deposits are also available for Australian Dollars (AUD), New Zealand Dollars (NZD), US Dollars (USD), Euros (EUR), and Great Britain Pound (GBP).)
  • Higher rates may be available for deposits over 250,000 in any currency (other than JPY). Please contact the Bank for more details.
  • Our term deposit interest rates are updated every day. Further, these rates may change without notice within any given day due to market movements.
  • Currently tax of 20% is deducted on deposit interest paid. From January 1, 2013 to December 31, 2037, the special income tax for reconstruction will be introduced, therefore tax of 20.315% will be deducted from this date.
  • The Bank may not accept deposit depending on the amount.

Click to view:

(535 kb) DCD Information Flyer (Japanese version only)

(584 kb) Document to be delivered before making a contract (Japanese version only)

(759 kb) Terms and Conditions for our deposits accounts (English translation is available in the latter part of the document)

(32.5 kb) Amendments to Terms and Conditions for Deposit Accounts (telephone banking)

613 kb) Information on Savings Accounts (Japanese version only)

(253 kb) Fees and charges (Japanese version only)

* The currencies we accept may change from time to time at the Bank's discretion.

 

Note on Dual Currency Term Deposit with Currency Options:

This product is subject to foreign exchange risks. Foreign currency exchange rate movements may be sudden and drastic, and may be affected by many complex factors.

If the deposit is redeemed in the deposit currency based on the "Special Contract on Payment of Principal": While there is no principal risk, you receive no benefits of depreciation of the deposit currency even if the rate of the alternative currency is stronger against the "strike rate" set at the time deposit was initially made. If the deposit is redeemed in the alternative currency based on the "Special Contract on Payment of Principal": The "strike rate" set on the application date is applied for conversion to the alternative currency. Therefore, it is possible that the strike rate may be less advantageous than the prevailing foreign exchange rate including foreign exchange fees on the judgment date (maturity date). If converting the repaid principal into the deposit currency on the maturity date after the principal was repaid in the alternative currency, the amount of the principal in the deposit currency may be lower than the amount of the original deposit. For more details, please refer to "Assumed Loss Amount".

In principle, the deposit, once applied for, may not be canceled before maturity regardless of whether the actual deposit has been made or not. In case a customer requests to make an early withdrawal and the deposit is canceled before the maturity date for a reason that NAB considers unavoidable, NAB will apply the early withdrawal rate (0% per annum) prescribed by it and charge handling fee of JPY 5,000 + consumption tax to the customer. In addition, given that this deposit is managed in the financial market, handling an early withdrawal requires having to newly procure (restructure) a deposit for the period between the date of early withdrawal and the maturity date under the same terms and conditions as those for the deposit subject to early withdrawal. Therefore, the Bank may charge the customer for the restructured amount of the deposit and costs associated with the restructuring as damages computed based on the Bank’s prescribed formula. In this case, the amount and level of damages charged to the customer are calculated based on the prevailing market rates at the time of early withdrawal, and consequently, the Bank cannot indicate the exact amount and level of early cancellation damages at the time customers apply for the deposit. In general, the stronger the prevailing spot rate of the deposit currency at the time of early withdrawal, and the shorter the time lapse since the date of initial deposit, the greater the amount of damages charged. Since damages are deducted from the principal redeemed, customers are subject to principal risks as the amount of repayment will fall considerably below the initial deposit amount. For more details, please refer to “Assumed Loss Amount”

Contact us

Tokyo Branch

Muromachi Higashi Mitsui Building 18F
2-2-1 Nihonbashi Muromachi, Chuo-ku
Tokyo 103-0022, Japan

Tel: +81 3 3241 8781
Fax: +81 3 3241 8951
tokyocs1@nabasia.com

Enquiry Form

Service Hours:
Over the Counter: 9:00a.m.-3:00p.m.,
Telephone: 9:00a.m.-5:00p.m. (Monday- Friday)

Please make an appointment by telephone before coming to the branch.  

Osaka Sub-branch

Hanshin Sankei Sakurabashi Building 11F
2-4-13 Umeda, Kita-ku, Osaka-shi
Osaka 530-0001
Japan

Tel: +81 6 6456 3481
Fax: +81 6 6456 3482
tokyocs1@nabasia.com

Enquiry Form

Service Hours:
Over the Counter: 9:00a.m.-3:00p.m.,
Telephone: 9:00a.m.-5:00p.m. (Monday- Friday)

Please make an appointment by telephone before coming to the branch.