A unique savings product tailored for senior citizens from the age of fifty-five. The senior citizens can earn income on a monthly basis from their retirement benefits kept in Faraja Account. The product is available in major currencies of Tanzanian Shillings and United States Dollars.
Target market - senior citizens from the age of fifty-five.
Benefits
- No minimum balance / no monthly ledger
- Availability in two major currencies - TZS & USD
- Interest paid monthly on balances from TZS 500,000 and above
- TZS 5% pa
- USD 1% pa
- Mastercard debit card (in TZS Only)
- TZS 100 on ATM cash withdrawal (within DTB domain)
- Free over the counter transactions
- Free internet banking (i24/7) - access to view option only
- Access to Mobile Banking (m24/7)
- 10% discount on safe deposit locker services
Features
- Currency - Tanzanian Shillings and United States Dollars (TZS & USD)
- Minimum balance - nil
- Opening balance - nil
- Channels / accounts & information access - Mobile banking (m24/7) / Internet banking (i24/7)
Charges
- Debit card - Mastercard
- New card issuance fee - free
- New PIN request / reset - free
- Card replacement - TZS 10,000
- Cards uncollected and destroyed - TZS 10,000
- Capture card fee - in DTB ATM'S - TZS 1,000
- Annual fees - TZS 3,000
- Withdrawal Fees -:
- Cash withdrawal - DTB ATM per withdrawal TZS 100
- Free cash withdrawal over the counter
- Other bank ATM withdrawal - in Tanzania TZS 3,000
- Other bank ATM withdrawal - Outside Tanzania TZS 5,000
- USD withdrawals -:
- Withdrawals up to USD 10,000 - free
- Withdrawals from USD 10,001 - 0.5%
- Cash handling denominations less than USD 50 - 5%
- Mobile Banking (m24/7) Fees -:
- Mobile banking registrations - free
- Monthly subscription charges - free
- Credit alerts - free
- Daily / Weekly / Monthly balance alerts - TZS 50 / USD 0.10
- Internet Banking (i24/7) Fees -:
- Internet banking registrations - free
- Monthly subscription charges - free
- Token fee (Soft Token) - free
- PIN re-generation - free
- *All fees are subject to 18% Value Added Tax
- *Cash handling and cheque fees care applicable
product_id
8