Funds on the call deposit account earn interest and can be accessed within a 48 hour notice period. Call deposit accounts can be opened by businesses (organisations) and individuals, specifically:
- Retirement Benefits Schemes
- Insurance Firms
- Fund Managers
- High Net-worth Institutions
Features & Benefits:
The minimum investment amount is UGX 50,000,000 or the equivalent in foreign currency. The institution does not need to open an account with the bank and the Investments can be made in UGX, EUR, USD and GBP.
The interest rate is dependent on the size of the investment amount held on the account and the anticipated call deposit period (ranges between 1- 6%).
What you need to get started:
- Introduction of signatories who will act on behalf of the institutions
- Duly signed signature card
- Duly signed call deposit instruction
How are withdrawals made?
As far as withdrawals are concerned, a customer can access your balance via your current account, savings account or Custody account within 48 hours of instructing the transfer. In the event of partial withdrawals, the remaining balance in the Call account continues to earn interest at the relevant conditions.