A fixed account is an investment account where you deposit funds for a fixed period and the interest rate does not fluctuate during the investment period. This is a perfect account for your investment if you want to invest a lump sum of money and will not access it until the specified period matures.
Main Features of the Account
- Minimum balance of Ksh 5,000.
- You can choose how long you want to invest either for 3 months, 6 months , 9 months or 12 months.
- The interest rate is fixed for the full period of your investment and its currently at 7% p.a
- You cannot add to or withdraw from your investment during the investment term.
- Can Act as a facility for collateral on borrowing – this account acts as a security on acquisition of a sacco loan.
- No fees are charged on this account