A fixed deposit account or term deposit is a type of a saving in which the account holds a specific amount of money for a specified duration i.e. 3month, 6 months or longer at a pre- agreed interest rate with the bank.
- Annual Interest rate varies depending upon the amount and saving period (as per the tariff).
- Interests are accrued on daily basis and be posted at the maturity date.
- Minimum savings period is three (3) months.
- Minimum amount to save is Rwf50,000.
- Withdraw before maturity is subject of a penalty of 2% +VAT of the amount withdrawn.
- No account maintenance fee.
- Secured income growth.
- Competitive interest.
- Possibility of withdraw before Maturity.
- No management fee.
- It can serve as collateral for borrowing.
- Fill an application form.