Fixed Deposit Account
Account where a customer's deposits are fixed for an agreed period of time subject to no withdrawals
before the elapse of the period. Interest income will be forfeited for cash withdrawals made before
maturity period.
Main Features:
- Minimum amount to be fixed is UShs. 300,000/=.
- Maximum amount to be fixed is open.
- Can be held in both local and foreign currencies.
- Cash withdrawals personally made to the account by holders.
Benefits:
- Account earns interest.
- Account can be liquidated any time on notice.
- Account can be pledged as collateral for loans.