Fixed Term Deposit

Service/Product Target

For customers with excess funds which they intend to commit to an investment for a fixed period of time.

Product Attributes/ Features

• Minimum balance of MK25,000
• Predetermined fixed period
• Interest is paid on expiry of each contractual period

Benefits To The Customer/User

• No bank charges
• Can be used as security for borrowing.
• Relatively high interest rate.
• Very low risk
• Once paid for each period, interest is added to the principal and earns interest in the subsequent contractual period.

Costs To Access The Product

None

Account Opening Requirements

• Account opening forms
• KYC documentation as advised by the bank

Terms and Conditions

Interest is forfeited if withdrawals are made before maturity.