An investment where money is saved for a fixed term at a fixed interest rate for a desired period ranging from 3months to 5years. The interest rates are more favourable than in a savings account where money can be deposited and withdrawn at any time. This type of investment is usually beneficial in saving for a specific objective due at a certain time. The interest rate grows with the term e.g. 1year investment earn interest higher than 3 months investment. The longer the investment term, the higher the interest rate.
- Existing operating account
- Minimum opening balance M1000.00
- No withdrawal fees on maturity
- More than one account is allowed