This section gives you quick and easy access to the answers to the questions we're asked most frequently. If you don't find your question here please use the Ask the Banker or the email form on the Contact Us page and we will be happy to answer your question.
What is the investment objective of the PFIA?
To provide investors with returns above the ordinary savings rate through the generation of a predictable flow of income.
How long can I maintain a deposit in a PFIA?
Your deposit in a PFIA can be for a minimum of thirty (30) days or as long as over one (1) year.
Are there any risks associated with this deposit?
All investments carry some degree of risk. Notwithstanding,PFIA investments carry the full weight and backing of Bank of Saint Lucia Limited.
Can I withdraw from the account before maturity?
Withdrawals prior to maturity are not allowed. To facilitate drawdowns the account would have to be closed and subject to penalty.
Can I use this account as collateral for loans?
Yes. The PFIA can be used as collateral for your loans.
Who can invest in a PFIA?
Both individuals and institutions can utilize the PFIA.
Will this deposit be accepted as a prescribed security by the Registrar of Insurance?
Yes. Insurance companies utilizing the PFIA can pledge the account with the Registrar for their statutory requirements.
Who should invest in a PFIA?
The PFIA investment is suitable for all investors in any stage of their life cycle as shown below:
- Retired individuals seeking safety of their earnings, while receiving high income.
- Individuals in the early stage of their life cycle seeking to build up an Emergency Fund to
- Protect themselves and their family from any unforeseen circumstances.
- Investors who are risk-adverse and are seeking growth of capital within a short-to-medium term horizon.
- Investors seeking higher returns than the traditional savings and deposit investments.
Do I receive a certificate or a receipt after making my investment?
Yes, after your initial investment you will receive a receipt from Bank of Saint Lucia. Subsequent to this, annual statements will be sent to you.
What is the minimum amount required to open the account?
$100.00