product term

A savings product for minors under the age of eight. The product is designed to instill the discipline of saving in children while also helping guardians / parents save towards turning their children’s dreams a reality. This product is available in Tanzanian Shillings and United States Dollars only. Customer enjoy two withdrawals annually while still keeping the interest on savings

Target Market - children under the age of eight (minors).

  • Building a savings culture within children
  • Two withdrawals per year while still keeping the interest
  • Free internal transfers
  • Special rates on fixed deposits
  • Currency - Tanzania Shillings & United States Dollars (TZS & USD)
  • Opening amount - TZS 50,000
  • Minimum balance - USD 250
  • Monthly ledger fees - nil
  • Channels / accounts & information access - mobile banking, internet / online banking
  • Ledger fees – nil
  • USD withdrawals -:
    • Withdrawals up to USD 10,000 - nil
    • Withdrawals from USD 10,001 - 5%
    • Cash handling denominations less than USD 50 - 5%
  • Interest rates -:
    • USD 0.5%
    • TZS 5%
  • *All fees are subject to an 18% value added tax
  • *Exchange rates are subject to change depending on market availability
product_id
5