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How do I renew a Term Deposit at maturity?

  1. 5 business days prior to term deposit maturity date, Westpac will email the maturity advice letter to the school. Note: This will be sent to the general school inbox.
  2. On maturity date, Westpac NSW Government Service team contact the school to confirm the term deposit is maturing and instructions are required by 2pm, to either rollover for an additional term or mature the deposit and credit the schools bank account. Note: a rollover could involve principal funds only, principal + interest, or partial principal being reinvested.
  3. NSW Government Service will request instructions to be provided through either the Corporate Online Term deposit module (guidance provided to the school when required) or via written instructions signed by the Principal/Authorised signatory on a schools letterhead using the PRO FORMA Letter - Term Deposit Maturity Instructions template (DOC 21KB). Note: Written instructions can be provided to the NSW Government Service Team (  by the school ahead of the maturity date where a school is unable to provide them on maturity date due to absences etc.
  4. If no instructions are received by 2pm from the school on the maturity date, the principal and interest is credited to the schools bank account. In this instance if the schools wishes to place the funds on term deposit for another term, a new term deposit will need to be created. Schools will create the term deposit through the term deposit module in Corporate Online.
  5. Term deposits cannot mature on Weekends, Bank or Public Holidays. It is recommended that School Term Deposits are not scheduled for maturity during school holiday periods.

Below is a Pro Forma letter to be used on a schools letterhead.

PRO FORMA Letter - Term Deposit Maturity Instructions template (DOC 21KB)

Should you have any enquiries please contact us at: or call us on (02) 8254 5622, option 5.