A Fixed Deposit is an investment account where money is deposited for a fixed period and the interest rate does not change. A Fixed Deposit offers interest rates higher than ordinary savings accounts and is ideal if you want to save for a specific goal – like the deposit for a wedding or a year-end holiday.
What does it offer me?
- Interest may be paid into another account
- You can choose the date on which you want your investment to mature
- The funds in your account can be pledged and used as collateral
- There are no service fees charged
- You can choose an investment term from 1 to 12 months
- You can have more than one Fixed Deposit if you want to save for different goals
- You cannot withdraw funds from your Fixed Deposit account during the period of your investment. Early termination attracts a fee.
What do I need to apply?
- Be over the age of 18
- Minimum investment of at least K1,000.00.
Visit your nearest branch with the following documents and fill in an application form:
- Copy of your identity document (NRC or passport)
- Two passport-size photographs
- Proof of address - utility bill less than 3 months old.