Foreign Fixed Deposit Account

Account where a customer’s deposits in foreign currency are fixed for the agreed
period of time subject to non-withdrawals before the elapse of the period. Interest
income is forfeited for withdrawals made before maturity period.

Main features: 
  • Cash deposit in foreign currency fixed for a specified period ie 3 months, 6 months, 9 months, or 12 months
  • Minimum amount to be fixed is USD 10,000 or equivalent i.e. GBP, EURO
    or KES.
  • Maximum amount to be fixed is open.
Basic Requirements:: 
  • Account earns interest depending on the amount and period
  • Account can be liquidated any time upon notice
  • Account can be pledged as collateral for bank loans
Benefits: 
  • Account earns interest depending on the amount and period.
  • Account can be liquidated any time upon notice.
  • Account can be pledged as collateral for bank loans.