Fixed Deposit Account
Earn competitive interest on money saved for a fixed period
This account allows Sacco members to save money for a minimum period of 3 months up to a maximum period of 12 months at competitive interest rates
Features of Fixed Deposit Account:
1. The minimum amount one can fix is Kshs 100,000.
2. One automatic rollover is allowed
3. Interest rates depend on the period fixed as follows:
– 3months – 3%
– 6months – 4%
– 9months – 5%
– 12months – 6%
4. Contributors KRA PIN required.
5. Withholding tax deducted on interest upon redemption.
6. A processing fee of Kshs 1000 is charged upon redemption.