Fixed Deposit Account

Overview

It is a time deposit with fixed terms where a certain amount of money is kept in the account for a predetermined fixed time and interest rate.

Key features of a fixed deposit account for your business are;

Funds are invested for a fixed period
Interest is paid on maturity
Investment duration ranges from 3 or 6 or 12 or 24months
Fixed Deposit receipt is given to a customer as a certificate of deposits which is presented for payment during maturity
It can be renewed as per the customer’s instructions
It can be opened in either TZS, USD, and EURO
Premature withdrawal attracts a penalty

A customer knows in advance the amount of interest to be earned
A flexible maturity of 3, 6, 12, and 24 months enables a customer to choose a suitable investment plan
Risk-free investment with a guaranteed return
Easy to access an overdraft facility in case of need (It can be used as a lien/collateral for a loan)
The renewable investment enables customers to maximize his / her interest earning

Application letter for account holders (existing customers) or for new customers
Letter of introduction for your business
Introduction letter from local government and voter registration card or passport or NIDA ID
A referee holding an account with CRDB Bank and voter registration card or passport
Two passport size photographs
Initial deposit amount