Fixed Term Deposit
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
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.