Utility Tools
Fixed Deposit Account
A Standard Bank fixed deposit account is an investment account which allows business to invest their funds for a fixed period of time.
What does it offer me?
- Minimum balance is MWK10, 000.00
- Funds can be pledged and used as collateral
- No service fees
- Disposal instructions can be amended before maturity
- Several investment period options
- A customer may have more than one deposit
- Funds are available upon maturity.
- Early termination attracts a penalty
Key benefits:
- Interest is earned on funds held in the Fixed deposit
- The funds can be used as collateral for borrowings
- The account helps to act as a fall-back position for the business when there is a cash flow squeeze
Periods available:
- 1 month
- 2 months
- 3 months
- 6 months
- 9 months
- 12 months
What do I need to apply?
Any individual wanting to invest
Documentation required:
- For existing clients no additional requirements are required they simply need to go to their branch and fill application forms,
- For new clients the following documents will be required
- Valid identity documents for the proprietor i.e. Passport or Drivers Licence
- Business Registration certificate
- Proof of residential address i.e. copies of current utility bills or tenancy agreements
