Resident Withholding Tax

If you provide us with your IRD number, Resident Withholding Tax will be deducted from any interest credited to your account at the appropriate rate.  For incomes under $14,000 this is $10.5%; for incomes between $14,001 - $48,000 this is 17.5%; for incomes between $48,001 - $70,000 it is 30% and for incomes over $70,000 the rate is 33%.  You will need to advise us of the correct RWT rate on your account application form.

If you don’t give us your IRD number, we have to deduct tax on interest at 33%.

If you or the organisation you’re opening an account for has an IRD withholding tax exemption certificate please send a copy with your account application.