Set aside pre-tax income from your profitable years and earn interest on it – so you can have it available when you most need it.
Features of our Farm Management Deposit (FMD) Account
With our fixed rate and variable rate Farm Management Deposit (FMD), primary producers can use income from profitable years in other years when it is needed more.
Designed for primary producers who’ve earned a taxable non-farm income of $100,000 or less over a financial year.
You can have more than one Farm Management Deposit, up to a combined value of $800,000 per farmer.
Customers maybe eligible for an FMD Offset Account which can assist to reduce your primary production business costs on eligible Rural Bank Term Loans.
Choice of a self managed Rural Bank ONE (online) or Staff Assisted (in branch/phone) Farm Management Deposit.
Earn competitive interest rates on a choice of fixed terms.
No monthly account service fees or transaction fees apply to Rural Bank Farm Management Deposit accounts.
How do I apply or find out more?
Contact our customer service team
Contact your local Relationship Manager
Visit your nearest branch
Farm Management Deposit (FMD) Offset Account
To better manage risk and strengthen your financial future, our new FMD Offset Account works hard to give you more options to manage your farm finances. This means you can now use your FMD balance to offset a farm term loan, which may reduce your interest costs.
FMD interest rates
Farm Management Deposit Fixed Rate - Interest paid yearly
| Tier | 12 month | 24 month |
|---|---|---|
| $5000 to $49,999 | 4.80% p.a. | 4.00% p.a. |
| $50,000 to $399,999 | 4.80% p.a. | 4.00% p.a. |
| $400,000 to $800,000 | 4.80% p.a. | 4.00% p.a. |
Interest rates quoted on a per annum basis and subject to change without notice. Interest is calculated daily and paid or credited as specified. Minimum deposit $5,000. Maximum aggregate balance is $800,000 for all FMDs. No additional deposits will be accepted on the Fixed Rate FMD product. Other eligibility criteria apply, refer Terms and Conditions.
Farm Management Deposit Fixed Rate - Interest at maturity
| Tier | 3 month | 6 month |
|---|---|---|
| $5000 to $49,999 | 3.00% p.a. | 3.85% p.a. |
| $50,000 to $399,999 | 3.00% p.a. | 3.85% p.a. |
| $400,000 to $800,000 | 3.00% p.a. | 3.85% p.a. |
Interest rates quoted on a per annum basis and subject to change without notice. Interest is calculated daily and paid or credited as specified. Minimum deposit $5,000. Maximum aggregate balance is $800,000 for all FMDs. No additional deposits will be accepted on the Fixed Rate FMD product. Other eligibility criteria apply, refer Terms and Conditions.
Farm Management Deposit Fixed Rate - Interest paid quarterly
| Tier | 12 month | 24 month |
|---|---|---|
| $5000 to $49,999 | 4.75% p.a. | 3.95% p.a. |
| $50,000 to $399,999 | 4.75% p.a. | 3.95% p.a. |
| $400,000 to $800,000 | 4.75% p.a. | 3.95% p.a. |
Interest rates quoted on a per annum basis and subject to change without notice. Interest is calculated daily and paid or credited as specified. Minimum deposit $5,000. Maximum aggregate balance is $800,000 for all FMDs. No additional deposits will be accepted on the Fixed Rate FMD product. Other eligibility criteria apply, refer Terms and Conditions.
Farm Management Deposit Fixed Rate - Interest paid monthly
| Tier | 12 month | 24 month |
|---|---|---|
| $5000 to $49,999 | 4.75% p.a. | 3.95% p.a. |
| $50,000 to $399,999 | 4.75% p.a. | 3.95% p.a. |
| $400,000 to $800,000 | 4.75% p.a. | 3.95% p.a. |
Interest rates quoted on a per annum basis and subject to change without notice. Interest is calculated daily and paid or credited as specified. Minimum deposit $5,000. Maximum aggregate balance is $800,000 for all FMDs. No additional deposits will be accepted on the Fixed Rate FMD product. Other eligibility criteria apply, refer Terms and Conditions.
Farm Management Deposit Variable Rate - Interest paid yearly
| Tier | Rate |
|---|---|
| $5000 to $49,999 | 0.25% p.a. |
| $50,000 to $399,999 | 2.00% p.a. |
| $400,000 to $800,000 | 2.00% p.a. |
Interest rates quoted on a per annum basis and subject to change without notice. Interest is calculated daily and paid and credited as specified. Minimum deposit $1,000. Maximum aggregate balance is $800,000 for all FMDs. Other eligibility criteria apply, refer Terms and Conditions.
Farm Management Deposit Offset account - Discounted offset rate
The following interest rate is used to calculate the discounted interest on eligible Term Loan accounts that are linked to a Rural Bank FMD Offset Account. For more information refer to clause 23.4 of the Rural Bank Banking Accounts Terms and Conditions.
| Offset type | Interest rate |
|---|---|
| Full offset* | 0.00% p.a. |
*The term loan being offset must have a variable rate and the purpose for which must relate wholly to a primary production business carried on by the FMD owner either directly as a sole trader or through a partnership.
Useful information
You may also be interested in
Farm Management Deposit Offset
Reduce your primary production business costs on eligible Term Loans.
Term Deposit
Watch your savings grow with a competitive fixed interest rate and flexible terms.
Online Term Deposit
Our Rural Bank ONE online term deposits gives you competitive interest rate and flexible terms.
Online Saver
A Rural Bank ONE Saver account lets you invest in competitive rates via the convenience of the Internet.
Eligibility criteria
For further information on FMD eligibility criteria and conditions refer to the Australian Government Department of Agriculture and Water Resources (www.agriculture.gov.au/ag-farm-food/drought/assistance/fmd) and also the Australian Taxation Office (www.ato.gov.au).
- Available to primary producers with a taxable non-primary production income of no more than $100,000 for the financial year.
- Must be held for at least 12 months to be eligible for taxation benefits.
- Must be held in the name of an individual. Deposits cannot be made by two or more people jointly, or made on behalf of two or more people.
- Companies, trusts and partnerships are not eligible. However, they are available to certain beneficiaries of trusts and individual partners of a partnership.
- The combined value of your FMD accounts cannot exceed $800,000.
- To maintain potential taxation benefits when switching FMD providers, FMD funds must be electronically transferred to Rural Bank.
- Interest must be credited to another account (held in the account holder’s name) with either Rural Bank or another financial institution.
Things you should know
Interest rates quoted are subject to change without notice. Information is subject to change. All applications for loans or credit are subject to normal lending criteria. Terms, conditions, fees and charges apply and are available by phoning our Customer Service Team on 1300 660 115, online, or by contacting your local Rural Bank relationship manager.
