A Fixed deposit is an investment account where money is deposited for a fixed period of time and the interest does not fluctuate.  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.

You choose how long you want to invest – from one month to one year. 

 Features and benefits

• You must make a minimum investment of at least Tsh 500 000.
• You can choose the date on which you would like your investment to mature.
• The funds in your account can be pledged and used as collateral.
• There are no service fees charged for a Fixed deposit.
• Several investment period options are available – from 1 to 12 months.
• You can choose to 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 penalty.

Who can apply
If you’re over the age of 18 and serious about saving for a specific goal, a Fixed deposit account is for you! 

How to apply
Opening a Fixed deposit account is easy!  Just visit your nearest Stanbic Bank branch with your valid Identity document and complete an application form.