The products referred to below are offered only by Scotia Jamaica Building Society (a wholly owned subsidiary of The Bank of Nova Scotia Jamaica Limited).

What is ScotiaGROW?

ScotiaGROW is a long-term savings account. Each ScotiaGROW account has a life of five years.

Why should I open a ScotiaGROW account?

• ScotiaGROW is tax-free (no withholding tax or income tax¹)
• Your deposit will grow faster as interest is compounded quarterly
• ScotiaGROW is a safe way to save towards long-term goals

How much do I need to open an account?

A minimum deposit of $50,000 is required to open a ScotiaGROW account.

If I open an account with $50,000, can I put more money into the account?

No. Each deposit is treated as a separate account. Therefore, each deposit must be a minimum of $50,000 and will have its own five-year term, calculated from the date of the deposit.

May I save any amount?

You may save up to $1 million each year and up to $5 million over five years. If you open more than one ScotiaGROW account, then the total deposited in all your accounts during the year must not exceed $1 million. This holds true whether the accounts are held only at SJBS or at SJBS and other financial institutions.

Will I need to make regular deposits?

No. Furthermore, there are no management fees.

May I open a joint account?

Yes. However, once the account has been opened, names may not be added or deleted except in the case of the death or bankruptcy of an account holder.

What do I need to open an account?

You will need:

• Tax Registration Number (TRN); note that Social Security Numbers cannot be used in place of your TRN
• Valid picture identification: your passport, driver’s licence or voter’s registration card
• Two (2) letters of reference

Where may I open an account?

You may open a ScotiaGROW account at Scotia Jamaica Building Society or any branch of Scotiabank.

How is interest calculated?

Interest is calculated daily and paid quarterly on:

• January 31
• April 30
• July 31
• October 31

Note: Interest is compounded quarterly. Therefore, interest for quarter 2 will be calculated on principal plus interest paid for quarter 1 (and so on).

What is the interest rate?

The more you save, the more you earn. Rates are variable and subject to change; however, for current interest rates visit the Current Rates section of this web site.

Do I automatically get the tax benefit?

Yes. Once the following conditions are met:

• The amount (principal) with which the account was opened was not withdrawn during its five-year term
• Withdrawals do not exceed 75% of the interest credited to the account in the year of the credit

What will happen if I withdraw some of the principal?

The account will no longer be designated as a ScotiaGROW account, and interest payments made up to that point will become taxable. Other conditions will also apply. Please contact us today or visit any of our Scotiabank branches for more details.

Will I receive a passbook?

No. You will receive a certificate for each deposit and an annual statement as at December 31.

Is this a safe investment?

Yes. It is fully backed by government securities and will not be used to fund mortgages. In addition, the deposit is insured with Jamaica Deposit Insurance Corporation (JDIC). Furthermore, Scotia Jamaica Building Society, the subsidiary of Scotiabank offering this product, is safe and secure.

May I use my ScotiaGROW account(s) as collateral?

Ownership of this account is not transferable; therefore, it cannot be used as collateral.

Notes:

• Each ScotiaGROW account must be registered under the Income Tax Act. SJBS will provide you with proof of registration
• ScotiaGROW accounts must be registered with the Ministry of Finance & Planning in keeping with regulatory requirements (relevant since the account is exempt from income tax, if properly operated)
• Violations of the terms and conditions will result in closure of the account, and:
  • The agreed interest rate is reduced by 2%, applicable to all interest paid to date
  • Interest payments made up to this point become taxable
• Account features subject to change without notice

¹Subject to the applicable tax laws as revised from time to time.