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
What it offers you
An early termination fee is charged if you need to withdraw funds during the investment period
- Minimum investment of at least Tsh5,000,000/=
- You can choose the date you would like your investment to mature.
- The funds in your account can be pledged and used as collateral
- There are no service fees
- You can choose an investment period – from 1 to 12 months
- You can have more than one fixed deposit if you want to save for different goals
How to apply
Be over the age of 18 and serious about saving.
Visit your nearest branch with your valid identity document and fill in an application form.