Well short answer is if you have a fixed term deposit the interest rate remains the same even if other new deposit rates are offered at at a lower interest rate . If you buy a negotiable bank bill or a government bond and the rates go down, then the value of the bond goes up depending on the relative period of the bond or bill and usually sold at a profit. If rates go up then the value of your negotiable instrument would drop if you wanted to sell. As far as i am aware ANZ Bank Fixed Deposits are not Transferable but the interest rate struck at time of deposit continues till maturity.
Bank RC & Govt Role, page-15
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