A Fixed deposit is an investment account where money is deposited for a fixed period of time and the interest does not fluctuate. A Fixed deposit offers interest rates higher than ordinary savings accounts and is ideal if you want to save for a specific goal – like the deposit for a wedding or a year-end holiday. You choose how long you want to invest – from one month to one year.
What does it offer me?
Features and benefits
- You must make a minimum investment of at least MWK10 000
- You can choose the date on which you would like your investment to mature
- The funds in your account can be pledged and used as collateral
- There are no service fees charged for a Fixed deposit
- Several investment period options are available – from 1 to 12 months
- You can choose to have more than one Fixed deposit if you want to save for different goals
- You cannot withdraw funds from your Fixed deposit account during the period of your investment. Early termination attracts a penalty
How to apply?
Who can apply
If you’re over the age of 18 and serious about saving for a specific goal, a Fixed deposit account is for you!
How to apply
Opening a Fixed deposit account is easy! You must have transaction account with standard bank then visit your nearest Standard Bank branch with your valid Identity Document and complete an application form