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Fixed Deposit Account

Overview

Save for a fixed period of time.

An investment account which gives you the opportunity to invest in fixed terms (Amount, Interest rate and Duration). The tenures are 3, or 6 or 12 or 24 months.

Fixed Deposit Account Can now be applied via SimBanking App.

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FAQs

The minimum fixing amount (i.e. initial opening balance) for the FIXED DEPOSIT Account is TZS. 1 Million or its equivalent in foreign currency. Remember! The customer is allowed to fix more than this amount

YES, FIXED DEPOSIT customer has access to a loan with his fixed deposit being the collateral of the loan

Deposits in the FIXED DEPOSIT Account can be fixed from 3 months up to 24 months. However, the contract can be revolved should the customer wish to extend tenure. Note: unless agreed otherwise, the applicable interest rate shall be the prevailing market rate at the time of renewal

The interest of the FIXED DEPOSIT Account is paid at the end of the contract (on maturity)

NO, FIXED DEPOSIT Account does not allow any set up of standing instructions whether to or from the account.

YES, the FIXED DEPOSIT Account can be cancelled on the customer’s request. However, there may be some penalties imposed on the earned interest

Like the principal amount, interest earned by the customer is credited into the customer’s current or saving account that initiated the FIXED DEPOSIT Account, at the maturity of the contract.

YES, FIXED DEPOSIT Account offers lucrative interest on deposits that is subject to review from time to time.

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