The Minimum Guaranteed Interest Rate is an annual rate that is the minimum annual payment you will receive. The Minimum Guaranteed Interest Rate is not compounded for the Scotiabank Equity Powered GIC - Canadian Income and is paid annually.
This is the maximum potential return in any given year of your term available from the basket of underlying shares, if any. The actual return may be lower and it is not guaranteed. No return in excess of the Minimum Annual Guaranteed Interest Rate will be paid if the average of the share returns of the shares is the basket of shares is lower than the Minimum Annual Guaranteed Interest Rate. You will receive an annual payment which will be calculated using the maximum of The Minimum Annual Guaranteed Interest Rate and The annual average of the Share Returns of the Basket. For more information on Scotiabank Equity Powered GICs, the underlying basket of shares, return calculations and payments, please see the Scotiabank Equity Powered GIC Fact Sheet.
Scotiabank Equity Powered GICs – Canadian Income is a non-redeemable GIC. The GIC issue amount (the principal amount initially invested plus any interim interest earned until the issue date) and return, if any, will be paid on the maturity date.