Fixed Deposit Account
This is an investment account, where money deposited for a fixed period earns a higher interest rate than a savings account. You can get fixed deposit accounts for different periods like 30, 60, 90, 180 and 364 days.
What does it offer you:
- Safety and flexibility
- Earns you high interest
- Offers you different periods, ranging from 30 days to 10 years, to suit your investment plan.
How much it will cost you:
- The interest earned is subject to a 10% withholding tax.
- COT is charged for third party withdrawals.
What you need to apply:
For customers with existing accounts:
- A filled form stating the following: account name, account number, deposit amount, duration of deposit and signature
For customers without an existing account:
- A completed deposit mandate form.
- Two passport photographs and a means of identification.
- Completed reference forms if cheques will be paid into the account and issued in favour of third parties.