Nest Egg Account

Nest-Egg-medFEATURES

  • This account is a Long Term Savings Account (LSA) and will be exempt from withholding tax as long as the following conditions are adhered to:-
    • Each deposit or investment is held for a period of five (5) years without withdrawal from the principal sum.
    • The total contributions in any calendar year cannot exceed One Million Dollars ($1,000,000.00). This includes deposit(s) or investment(s) in any other tax-free Long Term Savings Account(s) held in any financial institution in Jamaica.
    • In the first nine (9) months no withdrawal of interest is allowed, thereafter not more than 75% of the interest earned in any calendar year can be withdrawn.
    • The deposits or investments cannot be assigned or used as collateral.
  • The tax free conditions are set by law and may vary over time.
  • Funds are invested in securities issued or guaranteed by the Government or Bank of Jamaica.
  • Interest is compounded.

TERMS AND CONDITIONS

  • Add to your account at any time through salary deduction, standing order or your own cheque. Contributions can also be made at any branch of Royal Bank of Canada (RBC).
Statement frequency - Quarterly

Recommended that funds are invested for a minimum of  5 years.