KCBL Bank - Kilimanjaro Cooperative Bank
Internet Banking

Mafao Account

A saving account designed for retirees to enable a safer way to receive their pensions, gratuity monthly pensions, and other transfer benefits

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)
  • This account can be opened and operated by individual customers, Companies, or institutions.

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

  • The 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 IDs apart from National ID).
  • 2 Passport size photos
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