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Deep Chlorophyll Maxima (DCMs) are ubiquitous in low‐latitude oceans, and of recognized biogeochemical and ecological importance. DCMs have been observed in the Southern Ocean, initially from ships and recently from profiling robotic floats, but with less understanding of their onset, duration, underlying drivers, or whether they are associated with enhanced biomass features. We report the characteristics of a DCM and a Deep Biomass Maximum (DBM) in the Inter‐Polar‐Frontal‐Zone (IPFZ) south of Australia derived from CTD profiles, shipboard‐incubated samples, a towbody, and a BGC‐ARGO float. The DCM and DBM were ∼20 m thick and co‐located with the nutricline, in the vicinity of a subsurface ammonium maximum characteristic of the IPFZ, but ∼100 m shallower than the ferricline. Towbody transects demonstrated that the co‐located DCM/DBM was broadly present across the IPFZ. Large healthy diatoms, with low iron requirements, resided within the DCM/DBM, and fixed up to 20 mmol C m−2 d−1. The BGC‐ARGO float revealed that DCM/DBM persisted for >3 months. We propose a dual environmental mechanism to drive DCM/DBM formation and persistence within the IPFZ: sustained supply of both recycled iron within the subsurface ammonium maxima, and upward silicate transport from depth. DCM/DBM cell‐specific growth rates were considerably slower than those in the overlying mixed layer, implying that phytoplankton losses such as herbivory are also reduced, possibly because of heavily silicified diatom frustules. The light‐limited seasonal termination of the observed DCM/DBM did not result in a "diatom dump", rather ongoing diatom downward export occurred throughout its multi‐month persistence. Plain Language Summary: Deep Chlorophyll and Deep Biomass Maxima are typically observed in the low latitude oceans where they contribute to regional ecology and biogeochemistry. They are cryptic features not observable from satellites. They are being more frequently observed in the Southern Ocean due to increased deployment of robotic profilers. The mechanisms that lead to their formation are not well understood in the Southern Ocean. Little is known about their seasonality or biogeochemical role. We use multiple observational platforms to address these issues. Key Points: Coupled Deep Chlorophyll Maxima (DCM) and Deep Biomass Maxima (DBM) subsurface features in the polar Southern Ocean are formed while mixed layer chlorophyll is not depletedThese subsurface features are dominated by large diatoms, and persist for around 3 months before declining due to low light conditionsDCM/DBMs photosynthetically fix low levels of carbon but their longevity results in a substantial amount of carbon export to depth [ABSTRACT FROM AUTHOR]