Account where a customer's deposits are fixed for the agreed period of time subject to non-withdrawals before the elapse of the period. Interest income will be forfeited for withdrawals made before maturity period.
Main Features
- Savings fixed deposit account ideal for short and long term, i.e. 3, 6 or 12 months
- Minimum amount to be fixed is UGX 1,000,000
- Deposits are made once at the start of the saving period
- No bank charges
- Certificate of deposit can be used as a guarantee to apply for a loan.
Benefits
- Account earns interest depending on the amount and period
- Account can be liquidated any time on notice
- Account can be pledged as collateral for loans.
Basic Requirements
- Individuals
- Proper identification documents i.e. valid ID, Passport or driving license
- Instructions to open a fixed deposit account.
- Limited Liability Company/ Associations/Groups
- Memorandum of Association
- Management resolution
For further information, contact us or call +256-41-4259651/2.