A Bendigo Bank Farm Management Deposit (FMD) can be an effective risk management tool that allows primary producers to set aside and earn interest on pre-tax income from profitable years and use it when needed most. This is especially important for primary producers with fluctuations in income streams.
You have a choice of a variable or fixed rate FMD account, or a combination of both, depending on your investment requirements.
FMD’s at a glance:
Variable Rate
Fixed Rate
Term
At-call deposits must usually be held for a minimum of 12 months to receive taxation benefits
3, 6, 12 or 24 months
Competitive interest rates
Yes
Yes
No account - keeping fees
Yes
Yes
Deposits and withdrawals permitted during term
Yes
No
Minimum and maximum balance
Minimum: $1,000
Maximum: $400,000
Minimum: $5,000
Maximum: $400,000
Interest frequency
Calculated on the daily closing balance and payable:
Annually – 1st July for variable rate accounts
At maturity – For 3 and 6 month terms
For 12 and 24 month terms
Monthly – 1st of the month
Quarterly – on open date
Annually – on open date
Farm Management Deposit eligibility criteria and additional conditions:
Available to primary producers with an off farm taxable income of no more than $65,000 for the financial year.
Must usually be held for at least 12 months for primary producers to be eligible for taxation benefits.
Companies, trusts and partnerships are not eligible. However FMD accounts are available to certain beneficiaries of trusts and individual partners of a partnership.
The combined value of your FMD accounts cannot exceed $400,000.
To maintain potential taxation benefits when switching institutions, FMD funds must be electronically transferred to their Bendigo Agribusiness FMD account.
For further information, Terms & Conditions, Schedule of Fees & Charges and the Interest Rate Schedule, select the appropriate account:
If you would like one of our agribusiness managers to contact you, please use the contact form, or phone 1300 BENDIGO (1300 236 344) for details. Alternatively come into your local branch.
As the information in the website has been prepared without taking into account your objectives, financial situations or needs, before acting on the information, you should consider how appropriate it is having regard to your objectives, financial situations and needs. All rates subject to change.
