This is designed fixed deposit account where the customer invests funds for a special period of 3 years while enjoying monthly interest.
The target customer includes retirees or any individuals with excess funds and who have medium-term plans.
Initial Opening Balance- TZS 1 Mil|FOREX1000
Tenure 36 Months
Interest Payment: Monthly
The customer will be issued with traditional fixed deposit receipt (FDR)
Uplifting the deposit leads to foregoing 50% of the interest earned (recovered from the deposit)
Assured Monthly income without affecting the deposited principal amount
Opportunity to invest for a longer tenure
High-return investment with a competitive interest rate
Access to loan up to 90% of the deposit (lien)
It can be revolved
No monthly or operational fees
No Joint Account operations
Customer must be 18 years and above,
Own KCBL account
Legal ID (NIDA ID/Voter’s ID/Driver’s License/Passport/Zanzibar National ID).
VEO/WEO Letter (if using ID’s apart from National ID).