Deposit Accounts
These provide investment opportunities to those with higher savings amounts and wishing to earn higher rates of interest.
Target Market:
- Individuals
- Business Entrepreneurs
- Non-profit organizations
- Limited companies
- Law firms
Benefits:
- Higher rates of return
- Advice is provided showing transactions and basis of interest calculated
- Competitive Interest rates
- Investment funds can be withdrawn on short notice to the bank
- Can easily top up from savings or current accounts and also transfer back
Features:
There are 2 types of deposit accounts for investment purposes;
- Call Deposit
- Preferable for very short investment periods i.e. for a few days
- Suitable when the funds can be required or called up anytime e.g. funds held on behalf of a client by a law firm
- Minimum amount to invest is Kshs 50,000
- Has no defined investment period
- Funds can be invested and liquidated at any time without penalty
- Earns lower rates of interest than fixed deposit
- The rates payable are advised every month by the Treasury and Liabilities departments and are based on current market conditions
- Fixed (term) deposit
- Earns higher rates of interest than call deposit
- Preferable for longer investment periods i.e. for a few months
- Minimum amount to invest is Kshs 50,000
- Has defined investment periods of 1 month, 2 months, 3 months, 6 months and 1 year
- The rates payable are advised every month by the Treasury and Liabilities departments and are based on current market conditions
- Funds can only be liquidated after the expiry of the investment period
- In the event the funds are prematurely withdrawn, the customer unreservedly accepts that all the interest that had accrued on the deposit shall be forfeited. The Bank may however, at its sole and absolute discretion, pay the customer interest which will be determined by the bank.