Jamaicans living overseas now have a new opportunity to invest in their country, while getting good returns, through JN Bank’s innovative JN Diaspora Certificate of Deposit (CD).
Maureen Hayden-Cater, managing director, JN Bank, said a portion of the interest earned by the certificate of deposit will be used to fund small business growth in Jamaica. The JN Diaspora CD's, available in the United Kingdom, United States of America, and Canadian currencies, go on the market on March 17.
“Many Jamaicans and those with Jamaican ancestry who live overseas, would appreciate having good investment options in their country of origin,” the managing director said. “They would also be facilitating national development, but need to ensure that their hard-earned funds are safe and earning solid returns.”
Tenured from one to five years, the tax-free instruments start at 1,000 pounds sterling, 1,000 Canadian dollars or 2,000 United States dollars (USD). Interest at the top end of the longest terms on these investments ranges from 1.5 percent in pounds, 1.1 percent in Canadian dollars, to 1.8 percent in USDs.
“The JN Diaspora CD allows you to earn a return on your investment and contribute to the growth and development of social enterprises within the SME sector,” Mrs. Hayden-Cater stated. “This is done through the Social Boost Enterprise Initiative of the JN Foundation in collaboration with the United States Agency for International Development (USAID).”
JN representatives can provide more advice about the JN Diaspora CD, and how your investment with JN Bank will contribute to nation building, the managing director said.