A savings product for persons intending to save for future expenses. Saving plan for annual rentals, school fees, holiday trips, loan repayments, and other planned regular expenses. The product is designed for salaried and non-salaried persons.
Recurring deposit is a systematic monthly saving to a bank account in which the account holder track with set goals on returns at the end of the chosen savings period / fixed deposits.
Target market - salaried and non-salaried persons with regular obligations.
- A minimum period of six months, a maximum of five years
- Available in Tanzanian Shillings and United States Dollars
- Minimum of TZS 20,000 in multiple of TZS 10,000 per month
- Minimum of USD 500 and in multiples of USD 100 per month
- Attractive interest rates, matching that of fixed deposits
- Extra benefits to senior citizens who receive higher interest rates
- Joint accounts allowed
- Corporates / sole proprietors / partnerships can also open the account
- Loan available against the deposit
- Currency - Tanzanian Shillings and United States Dollars (TZS & USD)
- Minimum balance - USD 500
- Opening balance - TZS 20,000
- Monthly ledger fees - nil
- Channels / accounts & information access - mobile banking, internet / online banking
- Ledger fees - nil
- Net interest shall be charged 10% withholding tax
- Interest rates TZS 10% - 11% & USD 0.5%
|Saving tenure||Monthly deposit (TZS)||Total deposit (TZS)||Interest rate||Net interest||Total maturity|