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Product Disclosure Statement for Interest in Advance Fixed Term

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					Bank of Cyprus Australia


Product Disclosure Statement for
Interest in Advance Fixed Term Deposit Accounts


01 June 2010




You should read this Product Disclosure Statement (PDS) before deciding to open one of our
Interest in Advance Fixed Term Deposit Accounts. If you would like further information relating to
this product, please contact us on 1300 660 550, or email service@bankofcyprus.com.au or
enquire at one of our branches.

See page 13 of this document for the definitions of words used in this PDS.




   The information in this PDS is up to date as at the date of this document. Some contents
   of the PDS may change from time to time. Where a change is materially adverse, we will
   issue a new PDS or a supplementary PDS. Information about other changes can be
   obtained at any time from us at one of our branches, or from our web site at
   www.bankofcyprus.com.au, or by telephone on 1300 660 550. We can provide to you a
   paper copy of any updated information, free of charge, upon your request.




BOCA01062010IATD


                                              Bank of Cyprus Australia Limited ABN 51 092 167 907
                                                   Australian Financial Services Licence No. 244611
                                                               CONTENTS

INTRODUCTION ..................................................... 3
SIGNIFICANT FEATURES & BENEFITS ............... 4

TERMS & CONDITIONS
  How to open an Account ..................................... 5
  Account holders ................................................... 5
  Authorised signatories ......................................... 5
  Trust Accounts ..................................................... 6
  Taxation .............................................................. 6
  Deposits and Withdrawals ................................... 7
  Interest Rates ..................................................... 8
  Account Fees ....................................................... 8

Changes to Terms and Conditions .......................... 8
Change of Name, Address, Signatories .................. 9
Closing your Account ............................................... 9
Unclaimed Money .................................................... 9
Anti Money Laundering and Anti Terrorism
Requirements .......................................................... 9

SAFEGUARDS...................................................... 10

SPECIFIC TERMS AND CONDITIONS FOR
INTEREST IN ADVANCE FIXED TERM DEPOSIT
ACCOUNTS
  ........................................................................... 11

OTHER INFORMATION
  Privacy Policy .................................................... 12
  Dispute Resolution Procedure ........................... 12

IMPORTANT NOTICE……………………………….12

DEFINITIONS…………………………………………13
  Interpretation ..................................................... 13
  Contact Details .................................................. 14




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                                                                          2
Introduction

   This Product Disclosure Statement (“PDS”) contains important information about the
   significant features, benefits and the terms and conditions for the Bank’s Interest in Advance
   Fixed Term Deposit Accounts.

   The PDS also lets you know how to access these accounts.

   The PDS is designed to provide you with information that will help you decide if this type of
   deposit account will meet your needs. You should read the PDS in full and ask us any
   questions you may have before you decide to acquire this product. If you do open an Interest
   in Advance Fixed Term Deposit Account, you should keep the PDS for your future reference.
   Please note, however, that this PDS may be updated or replaced from time to time.

   The PDS has been prepared without taking into account your specific objectives, financial
   situation or needs. You should therefore consider the appropriateness of the account in the
   PDS, in the light of your objectives, financial situation and needs, before opening an account.
   This may require advice from a professional adviser.

When will the PDS apply

   The PDS will apply to the new account immediately. By opening an account, you agree to the
   terms and conditions contained in the PDS.

Limitation of liability

   The Bank limits its liability to the maximum extent permitted by law in relation to terms implied
   by law, which cannot be excluded.

   You should consider this PDS in its entirety before making a decision whether or not to open
   an Interest in Advance Fixed Term Deposit Account.

IMPORTANT NOTICE

ASIC takes no responsibility for the contents of this PDS




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                                                  3
Bank of Cyprus Australia (BOCA) Significant Features & Benefits


                                   Interest in Advance Fixed Term Deposit Account
Description                     This is a fixed term investment account which allows you to
                               invest a specific amount of money for a fixed term. The Bank
                                   will pay you interest in advance at a fixed rate on this
                                                          investment.
Minimum Amount
                                                         AUD50,000
Term                           Fixed for 90 days or 180 days. Withdrawals prior to maturity
                               are subject to an interest adjustment and an early redemption
                                                              fee
Interest rate                    As set out in the Interest Rate Sheet or on our website at
                                www.bankofcyprus.com.au. See page 8 for further details.
Interest calculated daily                                    Yes
Interest paid frequency
                                     Interest is paid as a one-off payment in advance
                                                 at the start of your deposit.
Fees
                                                             Nil

Make account enquiries over
the phone*                                                  Yes

24 Hour access via ATM and
EFTPOS                                                       No

Cheque Book access
                                                             No

Direct Credit facility
                                                             No

Direct Debit facility
                                                             No

Periodical Payments
                                                             No

Certificate
                               A Certificate will be issued when you first deposit the funds in
                                            your Account to confirm your deposit.
Transactions - Credits
                                   Funds can be transferred from other BOCA accounts,
                                  received via mail, deposited over the counter at BOCA
                                  branches or via inward telegraphic transfer. Each new
                                      amount lodged is a new and separate deposit.
Transactions - Debits         Funds can be withdrawn at maturity over the counter at BOCA
                               branches via outward telegraphic transfer or Bank Cheque
                                                        issued.
Risks
                                           See page 11 for a discussion of risks.




*   Account enquiries are to be made to the branch where your account is held.




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                                                  4
TERMS & CONDITIONS

How to open an Account

  Under Australian law, we must identify any person opening a new account and any person
  becoming an authorised signatory on the account. We do this by sighting various
  identification documents. We are not allowed to open an account unless the identification
  process is fully completed at that time. To open an account you must complete the appropriate
  operating authority which is available at any Bank of Cyprus Australia branch or by calling us
  on 1300 660 550.

  The application form forms part of the governing terms of this deposit account product.

Account holders

  An account may be opened and held by one or more account holders. Where there is more
  than one account holder, they must decide, when opening the account, how the account will
  be accessed (i.e. whether one or more account holders may solely or jointly need to sign to
  operate the account).

  Each account holder is encouraged to read the PDS before opening an account. Notices,
  statements and other documents including changes to terms and conditions will be mailed to
  the nominated mailing address for the account, maintained in our records, and all account
  holders will be considered to have received the information sent to this address.



    Warning - You (the account holder) should keep the details of your account secure
    and prevent persons operating your account against your authority.



  If an account is held in joint names and one account holder dies, the Bank will treat the
  surviving account holder as the authorised account holder unless you have specified
  otherwise.



Authorised signatories

  Account holders may designate certain persons (who may not necessarily be account holders)
  to be authorised signatories on the account. These authorised signatories have authority to
  operate the account as decided by the account holders (eg. authority to make withdrawals).
  Authorised signatories are generally determined when the account is opened.

  Accounts can be set up so that one or more authorised signatories may solely or jointly need
  to sign to operate an account. Authorised signatories can only be changed on receipt of a
  written authorisation from all relevant account holders.




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                                               5
Trust Accounts

  We may open an account where the account holder is named as a trustee for one or more
  other persons. Examples include a parent holding an account for a child or a trustee holding
  an account on behalf of beneficiaries under a will.

  Where we open an account in the name of a trustee:

   •   we are not taken to be aware of the terms of the trust;
   •   you agree, in your own capacity and as trustee of the trust, to indemnify us against any
       claim made upon us in relation to, or arising out of that trust; and
   •   we do not have to verify that any transactions you carry out on the account are
       authorised by the trust.

Taxation

  Interest earned on an account is income and may be subject to income tax.

  Accounts earning interest are subject to Tax File Number (“TFN”) legislation. It is not
  compulsory for you to provide your TFN or Australian Business Number (“ABN”), but if you are
  an Australian resident and you choose not to provide your TFN or ABN (and a TFN exemption
  has not been supplied), withholding tax calculated at the highest marginal tax rate, plus the
  Medicare levy, will be deducted from any interest earned and remitted in your name to the
  Australian Taxation Office.

                                      Rate of withholding tax
  TFN not provided                            46.5%
  TFN Exemption Certificate not lodged        46.5%
  TFN Exemption Certificate lodged             Nil
  TFN provided                                 Nil

  Interest earned on accounts operated by non-residents is subject to non-resident withholding
  tax, which is calculated at a rate of 10%.

  Example

  Interest Earned                     AUD237.80
  10% of interest withheld            AUD23.78
  Interest credited
  to non resident account             AUD214.02


  Transactions (in particular withdrawals) may give rise to taxable gains or deductible losses.
  The treatment of these transactions for taxation purposes will depend on your individual
  circumstances and you should seek appropriate tax advice.




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                                               6
Deposits and Withdrawals

Deposits

  The initial minimum amount to be deposited is AUS50,000.

  You may lodge new deposits as follows:
  •    at any Bank of Cyprus Australia branch;
  •    by mail (non-cash deposits only); or
  •    by inward telegraphic transfer; or
  •    by transferring between Bank of Cyprus accounts..

  There is currently no maximum amount that can be lodged on deposit, however we reserve
  the right to set a maximum amount that may be lodged on deposit at any time, with immediate
  effect.



Cheque Deposits

  Proceeds of any cheque (or other item) deposited into an account will not be available until the
  cheque (or other item) is cleared. It usually takes three business days to clear cheques issued
  by Australian domestic banks. If a cheque (or other item), which has been provisionally
  credited to your account, is subsequently dishonoured, we may reverse that provisional credit.
  No interest in advance is payable for any amount deposited by cheque (or other item) until
  after the cheque (or other item) has cleared.

Withdrawals

  Withdrawals from your account can be made at the maturity date by:

   •    going into any Bank of Cyprus Australia branch and completing a withdrawal slip; or
   •    giving written instructions to us.
   •    an outward telegraphic transfer
   •    a bank cheque

  In certain circumstances, identification will be required.

   Cash withdrawals greater than AUD10,000 will be subject to a cash handling fee i.e.
   AUD2.50 per AUD1,000 or part thereof.

   Example:
   You have withdrawn from Bank of Cyprus Australia Branch AUD15,000 by completing a
   withdrawal slip. Cash handling fees of AUD12.50 will apply, as per the following:
   [(AUD15,000 − AUD10,000) ÷ AUD1,000)] X AUD2.50 = AUD12.50.




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                                                  7
Interest Rates on Interest in Advance Fixed Term Deposit Accounts

  Details of the current interest rates can be found on our website at www.bankofcyprus.com.au
  or are provided on the Interest Rate Sheet, which is available at any Bank of Cyprus Australia
  branch or from us on request.

  The interest rate will be fixed for the term of the deposit, and will be the rate stated on the
  certificate regarding your deposit.

  The daily rate of interest is calculated by dividing the annual rate of interest by 365 (or 366 if it
  is a leap year).

  Example

                               Annual interest rate
  Daily closing balance    X -------------------------------- =      Daily interest earned
                                       365

                                      3.35%
                 50,000    X ------------------------------- =    4.59   per day
                                       365

  Amount lodged AUD50,000
  Interest rate 3.35%pa
  Term 180 days

  Interest earned = AUD50,000 X 3.35% divided by 365 days multiplied by 180 days =
  AUD826.03

Account Fees

  There are no account keeping fees applicable to an Interest in Advance Fixed Term Deposit.

  If the Interest in Advance Fixed Term Deposit is withdrawn prior to the term maturing, an early
  redemption fee of AUD20 will apply.

  You hereby authorise the Bank to deduct from your account this fee if applicable.

  Other standard Bank fees will apply for related transaction requests for the account as follows.

  Outward Telegraphic Transfers                                            AUD 25.00
  Bank cheque Issuance                                                     AUD 5.00


Changes to Terms and Conditions

  We reserve the right to change the terms and conditions set out in the PDS at any time.
  These will apply to new deposits lodged after the specified date. If the change:

   •   introduces a new fee;
   •   is materially adverse to you; or
   •   changes the way interest is calculated, charged or paid to your account,


  we will send you a notice in writing, at least 30 days before the effective date of the change, to
  your address as shown in your records with us. Where a change is materially adverse, we will
  issue a replacement PDS or a supplementary PDS.

  All updates will be posted on our web site at www.bankofcyprus.com.au
BOCA010610IATD
                                                      8
Change of Name, Address and Signatories

  It is very important that you notify us in writing promptly of any changes in your name, your
  address, or the authorised signatories on your account.

  We will not be held responsible for any errors or losses associated with account changes
  where we have not received adequate prior notice.

Closing your Fixed Term Deposit

  An Interest in Advance Fixed Term Deposit can be closed by you or a suitably authorised
  signatory at the branch where your deposit is held.

  On closing your deposit at the maturity date, the credit (positive) balance of the deposit, ,less
  any fees or interest adjustments, plus any accrued interest up to the closing date will be paid
  to you.

  Special fees and conditions (interest adjustment and an early redemption fee) apply for the
  closing of Interest in Advance Fixed Term Deposits by you prior to the maturity date.

  We reserve the right to close any Fixed Term Deposit at any time at our discretion. If this
  happens, we will notify you in writing at the address shown in our records and will forward you
  the net credit balance of the deposit. If we close an account we do not charge you an early
  redemption fee, however we will make an interest adjustment.

Unclaimed Money

  In accordance with Australian law, monies held in accounts that have been inactive (i.e. no
  deposits, withdrawals or transfers (excluding any non-customer initiated transactions such as
  interest, fees or charges) for a period of seven years or more are treated as unclaimed
  monies. In such a case, we may close the account and, pursuant to Australian law, remit any
  credit balances of AUD500 or more to the Commonwealth Government. You should contact
  the Australian Securities and Investments Commission to reclaim any such unclaimed monies.

Anti Money Laundering and Anti Terrorism Requirements

  We may block, delay or refuse to make a payment to or from your account if we believe on
  reasonable grounds that making a payment may breach any Australian law or any foreign law.
  You agree that we will incur no liability to you if we do take such action.

  You must provide us with all information which we reasonably require to comply with any
  Australian law or any foreign law. We may disclose information which you provide to us where
  we are required to under any Australian law or any foreign law.

  Unless you have disclosed to us that you are acting in a trustee capacity or on behalf of
  another party, you warrant to us that you are opening and will operate your deposit on your
  own behalf. You must not instruct us to make payments that will breach any Australian law or
  any foreign law.




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                                                9
Risks

Significant Risks

As the interest is paid to you in advance (i.e. when you first place the term deposit with the Bank),
if you request the Bank to withdraw the funds prior to the maturity date (early redemption) and
provided the Bank agrees to allow the early redemption based on the circumstances, we will
calculate an interest adjustment (please refer to pages 12 and 13) to take into account your early
redemption. The interest adjustment we calculate is to reflect that you are not entitled to interest
for the unexpired portion of your term after redemption. Because of this interest adjustment plus
the early redemption fee of AUD20, you will be repaid an amount on early redemption that is less
than the initial deposit amount.

Certificate & Reinvestment

   We will issue you a Certificate upon acceptance of any new deposit into your Interest in
   Advance Fixed Term Deposit. However, we will not write or remind you, that the Interest in
   Advance Fixed Term Deposit is due to mature, so it is important that you make a note of the
   maturity date.

     Important - When you receive the Interest in Advance Fixed Term Deposit Certificate,
     you should carefully check all details are correct and contact us should you have any
     concerns.

     Important - At maturity, unless prior written instructions are received by us, we will
     reinvest the principal, for the same period as the original Interest in Advance Fixed
     Term Deposit at the interest rate applicable on the day, into a Fixed Term Deposit
     which pays interest at maturity. If your Interest in Advance Fixed Term Deposit is
     automatically reinvested by us in this manner, we will issue a Fixed Term Deposit
     Certificate for your new investment and mail this to you at your nominated mailing
     address. The Fixed Term Deposit Certificate will provide you with the details of the new
     Fixed Term Deposit, which pays interest on maturity.




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                                                  10
Specific Terms and Conditions for Interest in Advance Fixed Term Deposits

  The Interest in Advance Fixed Term Deposit must be in Australian Dollars, with the minimum
  deposit amount being AUD50,000. The interest rate will be fixed on and apply from the date of
  acceptance of the Interest in Advance Fixed Term Deposit by us for the whole of the
  nominated term of the deposit (refer to our website at www.bankofcyprus.com.au or the
  current Interest Rate Sheet which is available at any Bank of Cyprus Australia branch or from
  us on request).

  No additions to or withdrawals from the amount deposited will be allowed during the fixed
  term.

  Interest is calculated daily on the first day of the fixed term, on the assumption that the deposit
  will be retained for the entire term, and will be paid in advance i.e. on the date of the deposit
  being accepted.

  Interest in Advance Fixed Term Deposits can only have maturity terms of 90 or 180 days.

  Government withholding tax (if any) will be deducted from the interest payment amount at the
  time of placing the Interest in Advance Fixed Term Deposit. For further details please see the
  taxation section on page 6.

  We will issue an Interest in Advance Fixed Term Deposit Certificate upon acceptance of any
  new deposit into your Interest in Advance Fixed Term Deposit.

  We do not usually allow withdrawals from Interest in Advance Fixed Term Deposit prior to
  maturity. However, in the case of an emergency, you may apply for early withdrawal to the
  branch where the Interest in Advance Fixed Term Deposit is held, subject to an interest
  adjustment and an early redemption fee (see further below).

  All withdrawals prior to maturity are subject to an interest adjustment and an early redemption
  fee AUD20. The interest adjustment is to ensure that interest is calculated using the applicable
  “tiered Savings Account deposit interest rate” (refer to our website at
  www.bankofcyprus.com.au or the current Interest Rate Sheet available at any Bank of Cyprus
  Australia branch or from us on request) for the period up to redemption (rather than the rate
  that applied to the Interest in Advance Fixed Term Deposit had you left the money in the
  deposit). The interest adjustment we calculate is to reflect that you are not entitled to interest
  for the unexpired portion of your term after redemption.

  In almost all circumstances, since the interest amount has been paid to you in advance, an
  early withdrawal interest adjustment plus the early redemption fee will lead to the withdrawal
  amount to be repaid on early redemption being less than the original deposit amount.



Example

   Initial Term Deposit

   $60,000 for 180 days at 3.35%pa - Interest paid in advance = $991.23.

   Customer wishes to withdraw (early redemption) the TD after 120 days. The tiered Savings
   Account deposit interest rate applicable on that day = 0.25%pa.

   Revised Interest on $60,000 for 120 days at 0.25%pa = $49.32

   Original (paid in advance) interest $991.23 minus revised Interest $49.32 + $20 early
   redemption fee = Interest reduction $961.91.


BOCA010610IATD
                                                 11
   As the interest was originally paid in advance, the repayment (early redemption) amount will
   be $60,000 minus Interest reduction $961.91 = amount to be repaid $59,038.09.

  Withdrawal slips are available from any Bank of Cyprus Australia branch and must be signed
  by you or any properly authorised signatories.

OTHER INFORMATION

Privacy Policy

  The Bank collects personal (including financial) information about you so that we can provide
  your account and other products or services. When we obtain personal information about you,
  its collection use and disclosure is governed by our Privacy Policy, which can be viewed on
  our website at www.bankofcyprus.com.au, or made available to you on request at one of our
  branches or by telephone on 1300 660 550.

  In general, we will not use or disclose personal information collected about you otherwise than
  for a purpose set out in our Privacy Policy, for a purpose you would reasonably expect, a
  purpose required or permitted by law, or a purpose otherwise disclosed to, or authorised by,
  you.

  You may contact us on 1300 660 550 to find out what personal information we hold about you
  and, if necessary, to correct any inaccurate or incomplete information.

  We appreciate that you may not wish us to use or disclose your personal information for
  promotional or market research purposes. You may at any time contact us on 1300 660 550
  and request that you be excluded from such communications. The Bank may impose a fee for
  providing such information (though not for the access request itself).

  We strive to ensure that all personal information is accurate, complete and up to date. If any of
  your personal details change, please ensure that you update the Bank in respect of these
  changes.

Dispute Resolution Procedure

  We would like to know about any concerns that you may have about any of our products or
  services.

  Please raise your concerns with our staff at any branch. If your concern is still not resolved,
  our branch staff will assist you in completing a Customer Complaint Form and offer you our
  “Resolving Your Complaint” brochure, which outlines the steps we will take and the options
  available to you if you are not satisfied with the outcome.
  We aim to solve all complaints immediately if possible and investigate any unresolved
  complaints within 10 business days. If an investigation continues beyond 45 business days,
  we will inform you in writing of the reasons and provide you with a monthly update on the
  progress and the anticipated time for a decision to be finalised.

  When we advise you of the outcome of our investigation, we will notify you in writing of the
  reasons for our decision by reference to the conditions in the PDS (where applicable) and
  advise you of any adjustments we have made to your account.

  If you feel your complaint has not been resolved to your satisfaction, we invite you to contact
  our Dispute Resolution Officer at PO Box 379 Collins St West Melbourne 8007, or by
  telephone on (03) 8627 2727, for further investigation.
  If you still remain dissatisfied with the outcome, and you would like an independent external
  review of the complaint and the result, you can contact the Financial Ombudsman Service
  Limited, GPO Box 3A, Melbourne Vic 3001, phone: 1300 780 808.



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                                                12
DEFINITIONS

  In the PDS, the following words, abbreviations and phrases have the following meanings.

   “deposit” means a Interest in Advance Fixed Term Deposit.

  “deposit holder” is referred to as “you”.

  “authorised signatory” means a person authorised to operate your account including making
  withdrawals or fund transfers from your account.

  “day” means a 24-hour period commencing midnight in Sydney Eastern Standard Time or
  Eastern Summer Time, as the case may be.

  “Interest in Advance Fixed Term Deposit” or “Fixed Term Deposit” means the term
  deposits referred to in this PDS.

  “Interest Rate Sheet” means the Bank’s document that lists the deposit interest rates and the
  loan interest rates applicable at that time.

  "PDS" means the Product Disclosure Statement for Interest in Advance Fixed Term Deposit
  Accounts.

  “we”, “us”, “our”, “BOCA” or “the Bank” means Bank of Cyprus Australia Limited ABN 51 092
  167 907.

  “you” or “your” means the person or persons who signed an Account Application Form as
  account holder for an account, and includes their successors and assigns. You may be an
  individual, a partnership, trust, deceased estate, company or non-profit organisation (club,
  society, association).

  Interpretation

  Unless otherwise required by the context, a singular word includes the plural and vice versa.




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                                                13
Contact Details

Melbourne Corporate Banking Centre
Rialto Towers, Level 41, 525 Collins Street, Melbourne VIC 3000
Tel: 03 8627 2727, Fax: 03 8627 2777

Oakleigh Branch
15 Atherton Road, Oakleigh VIC 3167
Tel: 03 8574 3131, Fax: 03 8574 3111

Preston Branch
473A High Street, Preston VIC 3072
Tel: 03 8470 2100, Fax: 03 8470 2101

Sunshine
278 Hampshire Road, Sunshine VIC 3020
Tel: 03 8311 9700, Fax 03 8311 9799

South Yarra
356 Chapel Street , South Yarra VIC 3141
Tel: 03 9637 7700, Fax : 03 9637 7799

Marrickville Branch
276 Marrickville Road, Marrickville NSW 2204
Tel: 02 8226 5888, Fax: 02 8226 5858

Hurstville Branch
149 Forest Road, Hurstville NSW 2220
Tel: 02 8567 1111, Fax: 02 8567 1122

Burwood Branch
204 Burwood Road, Burwood NSW 2134
Tel: 02 9745 0400, Fax: 02 9745 0499

Maroubra
192b Maroubra Road , Maroubra NSW 2035
Tel:02 8347 7100, Fax 02 8347 7199

Adelaide Branch & Corporate Banking Centre
148 Henley Beach Road, Torrensville SA 5031
Tel: 08 8152 8200, Fax: 08 8152 8282




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