Commercial Fixed Deposit Account
What you can expect
- Available in both local and foreign currencies
- Choice of account currency (TZS, GBP, EUR and USD)
- A fixed rate of return over an agreed period of 7 days to 1 year calculated flat on the principal
- Higher interest earned as a Business Banking customer
- Minimal cost on breakage of the deposit before maturity
- A dedicated relationship manager assigned to your account
- Minimum deposit amounts apply.
- To open a Fixed Deposit Account for your business, you must have a Business Current Account with us.
- When you apply for your Fixed Deposit Account, you can instruct us on how to manage the principal and interest in the account upon maturity of the deposit or provide instructions when you receive your renewal notice.
- You may ask us to roll over the deposit plus interest at current rates, to roll over the deposit only and credit the interest to your current or call account, or to credit the principal plus interest to your current or call account.
- While you are guaranteed a fixed interest on the principal, you will be charged a breakage fee, should you break your deposit prior to maturity.
- You may use the balance in your fixed deposit account as a security for our Secured Business Loan or Secured Overdraft Facility.
- Your business registration documents*
- Business licence certificate if applicable to your business type
- A documentary proof of business address
- ID documents (passport, voter’s ID, driver’s licence or national ID for Zanzibar only)
- A documentary proof of address (not more than 3 months old) such as a utility bill for proprietor, partners, shareholders and/or directors
*Such as business name registration certificate (in case of sole traders or partnerships), or company registration certificate and other company formation documents such as memorandum and articles of association (in case of companies)