CRDB Bank to boost savings culture with new 9% interest rate product

Known as ‘Mzigo Flexi’, the two-month campaign markets a special deposit mobilization product that allows customers to keep their money in the bank for a pre-determined set period of time.

“It is basically a fixed term deposit where a certain amount of money is held in the account for a predetermined fixed term. It offers an investment term of three, six, 12 or 24 months and an interest rate of up to 9% per annum,” said Boma Raballa, Director of Retail Banking at CRDB Bank, noting that those who wish to participate can obtain the application. online forms, download them, complete them and submit them to the branch for further processing.

“Mzigo Flexi” targets individuals, including sole proprietors, employees, retirees, as well as groups, institutions and businesses, provided they are aged 18 or over and can invest in minus 1 million shillings.

Available in local currency, ‘Mzigo Flexi’ is opened as a referral sub-account of a client’s main savings account or current account.

“The client can have more than one ‘Mzigo Flexi’ and invest in several contracts. Each contract will be an independent contract…. the product has no monthly or withdrawal fees… the nine percent interest per annum is payable to the clients personal account according to the agreed interest liquidation period (monthly, quarterly, semi-annually, annually or on an annual basis). deadline),” Raballa said.

If a client decides to cancel the “Mzigo Flexi” arrangement, he will have to forfeit 50% of the interest earned and proceed to deposit the money according to the bank’s other normal arrangements.

Mzigo Flexi’ is organized in such a way that it also helps clients grow their money so that they can meet their professional and personal obligations. It is also an opportunity for those looking for regular income through short investments.

Stephen V. Lee