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Fixed Deposit Account

 

Mhasibu Zao Scheme (Fixed Deposits)

 

Key management features of the product

 

1. Minimum earning balances is KES 10,000


2. Members cannot convert their current deposits in the Sacco


3. Fixed deposit Periods are 3 - 6 Months @ 9% p.a. and above 6 months @ 10% p.a.


4. On maturity, the investor can;

      • Re-invest the whole amount
      • Withdraw the whole amount (Principle plus interest)

 

5. The Fixed Deposit Account can be used to secure loans at 100%


6. Withdrawal before the fixed period will lead to loss of the interest income.