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.
Features
Multi-currency: TZS|USD|EURO|GBP
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)
Benefits
Assured Monthly income without affecting the deposited principal amount
Opportunity to invest for a longer tenure
High-return investment with a competitive interest rate
Risk-free investment
Access to loan up to 90% of the deposit (lien)
It can be revolved
No monthly or operational fees
No Joint Account operations
Requirements
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).
