Fixed Deposit Account


Account Description

A fixed deposit account or term deposit is a type of a saving in which the account holds a specific amount of money for a specified duration i.e. 3month, 6 months or longer at a pre- agreed interest rate with the bank.


Features
  • Annual Interest rate varies depending upon the amount and saving period (as per the tariff).
  • Interests are accrued on daily basis and be posted at the maturity date.
  • Minimum savings period is three (3) months.
  • Minimum amount to save is Rwf50,000.
  • Withdraw before maturity is subject of a penalty of 2% +VAT of the amount withdrawn.
  • No account maintenance fee.

Benefits
  • Secured income growth.
  • Competitive interest.
  • Possibility of withdraw before Maturity.
  • No management fee.
  • It can serve as collateral for borrowing.

Requirements
  • Fill an application form.