As a licensed financial institution, PFL is authorized to accept deposits from the public, in the form of Interest-Bearing Deposits. These deposits earned interest based on the prevailing market conditions and the term that the deposit was placed.
It is a special deposit made by client into the organization (Authorized Bank or Financial Institution) that cannot be withdrawn before a set date or for which notice of withdrawal is required.
E.g.: RICKS WALU
Public Organization – PNG NRA
Partnership – Harro & Leo Enterprises<
Corporations – Steamships
Private Organization – Southern Cross Insurance Ltd, Law firms, etc.
Churches, e.g.: SDA Mission
Land Owner Groups
Others
Above customers should have existing active bank accounts with any banks operating in Papua New Guinea
Individual
Completed IBD Application Form.
Acceptable identifications as listed below:
Valid Passport
Valid Drivers’ License
Valid Firearms License
Employee ID or Letter of Identification (Employed persons)
Unemployed or self-employed persons without any of the above can produce identification letter from any of the following:
A recognized church leader
Senior banker
Registered Lawyer
Accountant
Doctor
Senior Police/ Army Officer
Any senior Public Servant of high status
Note: The letter must be authentic and that the vouching person must have known the intended depositor for at least three (3) years and must mention this fact in the letter
OTHERS
Registration papers.
Certificate of Incorporations/Associations.
Completed IBD Application Form.
Only the following are acceptable deposits:
Personal cheque
Bank cheque
Direct deposit to Papua Finance Bank account
Bank of South Pacific
Vision City Branch
Account No. 1008662833 or Kina Bank Ltd – 600615-02
Under no circumstances that cash will be accepted over the counter. All cheques are subject to clearing. Interest Bearing Deposit is considered void and cancelled from the date of deposit if the bank subsequently dishonors the cheque.
If the deposit is partly cheque and subsequently dishonored by the bank, the total deposit is considered void and cancelled from the date of deposit.
