Key benefits

  • Interest is calculated daily and paid quarterly
  • Earn credit interest after maintaining an average monthly balance of TZS1,000,000
  • Monthly fees are waived if the group maintains a specific threshold on the average balance
  • Required operating balance: TZS10,000
  • Required opening balance: TZS20,000
  • A card linked to this account is for identification purposes only and cannot be used for withdrawals
  • Credit interest is applicable above the minimum threshold of the average balance
  • Fees

    • Monthly fee is free if the monthly average balance is greater than or equal to TZS1 million; otherwise it is TZS3,000
    • Counter cash withdrawal fee is TZS4,000 for amounts up to TZS20 million; otherwise it is 0.15% of the value with a maximum fee of TZS100,000
    • Chequebook fee is TZS500 per leaf
  • Documents required to apply

    • Registered or unregistered group constitution
    • Board resolution which clearly states the intension of the group to open an account with Absa Bank, signing members and signing mandates of signatories
    • Cover letter addressed to the bank for account opening
    • Address verification document of signatories (e.g. letter of introduction from either local government ward executive, advocate, or employer)
    • One of the identity cards (driving license, national identity card, passport, voter’s ID)
    • One passport-sized photo from each signatory
Need more help?

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0800750078 (Toll free)
+255 (0)746 882 000 (Network charges apply)

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