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If you want to earn high interest rate, save your money in a fixed deposit account. Your money will yield up to 18% interest on your savings. Below is a list of best banks with fixed deposit accounts:
—Botswana Savings Bank
Product Features
- Minimum opening balance is P1000
- Interest payable on the account is tax free
- Interest rate is tiered as follows:
| Period | 1,000 – 9,999 | 10,000 – 199,999 | 200,000 – 499,999 | 500,000+ |
| 3 Months | 0.80% | 0.85% | 0.90% | 1.00% |
| 6 Months | 1.40% | 1.45% | 1.6% | 1.75% |
| 12 Months | 1.85% | 1.95% | 2,10% | 2.20% |
| 18 Months | 2.25% | 2.35% | 2.40% | 2.55% |
| 24 Months | 3.35% | 3.45% | 3.55% | 3.80% |
—Standard Chartered Bank
Fixed Term Deposits
Botswana Citizens
Application Eligibility
- Age requirement: Minimum 18 years old
- Must have an active Current/Savings Account with Standard Chartered Botswana
Documents Required
- Proof of residence (Latest Utility Bill, Current Lease Agreement, Employment letter, Police Affidavit, Letter from Travel Administration)
- Proof of Income (Payslip, Confirmation letter of Employment, Sponsorship letter)
Expats
Documents Required
- Proof of residence (Latest Utility Bill, Current Lease Agreement, Employment letter, Police Affidavit, Letter from Travel Administration)
- Proof of Income (Payslip, Confirmation letter of Employment, Sponsorship letter)
Expats:
- Valid Passport
- Photo of your face or a Selfie
—-BBS Bank
Product Information
BBS Bank has introduced a fixed deposit account with varied interest rates, with a range of amounts and with an investor having the choice of investment period. A minimum investment amount is also proposed in order to encourage existing customers to diversify rather than switch their current investments for the fixed deposit product.
Maturity Periods
The available maturity periods range from 12 months to 60 months. The movements in rates are generally difficult to predict over the medium-to-long-term. The rates, therefore, take into account that market rates are likely to fall in the short to medium term. The fixed rates offered are meant to provide a cushion to investors against this eventuality, and also to provide the assurance of a good return even when general market rates fall.
Interest ranges from 2.01% to 5.11%.
—ABSA Bank
Fixed deposits
Standard/Classic
This fixed deposit account type has a fixed tenure and pays interest only after maturity
Minimum amount: P1,000.00
Minimum tenor: 1 month
Maximum tenor: 36 months
Interest payout: Upon maturity
Roll-over: Principal or Interest
Monthly interest
Receive interest on a monthly/quarterly/half yearly basis as opposed to at maturity
Minimum amount: P100,000.00
Minimum tenor: 12 months
Maximum tenor: 36 months
Interest payout: Monthly
Roll-over: Principal only
Multi-Unit interest
Split investments up to 5 units. The 1st certificate breaking is free
Minimum amount: P100,000.00
Minimum tenor: 12 months
Maximum tenor: 36 months
Interest payout: Monthly/maturity
Roll-over: Principal or interest
Upfront interest
Interest is paid upfront and the principal is left for maturity
Minimum amount: P100,000.00
Minimum tenor: 12 months
Maximum tenor: 36 months
Interest payout: Monthly
Roll-over: Principal only
—Bank of Baroda
Rates and Charges
| Type of Deposit Account | Nominal Interest Rates (%) | Actual Interest Rates (%) | Minimum Opening Balance | ||
| BWP | (Lowest-Highest) | (Lowest-Highest) | (P’ 000) | ||
| Current | 0.00-0.00 % | 0.00-0.00% | 3000 | ||
| Call | 0.00-1.00% | 0.00-1.01% | 1000 | ||
| Savings | 0.00-2.00% | 0.00-2.03% | 100 | ||
| 91-Days Fixed Deposit | 1.50-1.50% | 1.50-1.50% | 500 | ||
| 6 months | 1.75-1.75% | 1.75-1.76% | 500 | ||
| 12 months | 4.00-4.00% | 4.00-4.09% | 500 | ||
| 24 months | 4.50-4.50% | 4.50-4.57% | 500 | ||
| Over 24 months | 4.75-4.75% | 4.75-4.83% | 500 | ||
| USD | (Lowest-Highest) | (Lowest-Highest) | (USD) | ||
| 3 months Fixed Deposit | 0.00-0.00% | 0.00-0.00% | No Minimum Balance | ||
| 6 months | 0.20-0.25% | 0.20-0.25% | 5000 | ||
| Over 12 months | 0.45-0.50% | 0.45-0.50% | 5000 | ||
| ZAR | (Lowest-Highest) | (Lowest-Highest) | (ZAR) | ||
| 6 months | 2.00-2.00% | 2.01-2.01% | 1 million | ||
| Over 12 month | 3.00-3.00% | 3.03-3.03% | 1 million | ||
| Baroda Prime Lending Rate (BPLR) 6.51% p.a. w.e.f 08.12.2023 | |||||
| Lending Rates | Nominal Interest Rates (%) | Average Effective Interest Rates (%) | |||
| MoPR | 2.40 % | 2.40% | |||
| Prime Lending Rate | 6.51% | 6.71% | |||
| Mortgage Facility | 6.51-12.00% | 6.71-12.68% | |||
| Overdraft Facility (Revolving Credit Lines) | 6.51-11.75% | 6.71-12.40% | |||
| Credit Card | NA | NA | |||
| Lease Loans | 6.51-11.75% | 6.71-12.40% | |||
| Unsecured Personal Loans (excluding overdrafts, mortgage and credit cards) | 8.50-14.75% | 8.84-15.79% | |||
| Other Long-Term Loans | 6.51-11.75% | 6.71-12.40% | |||
—–FNB Botswana
- You can make additional regular deposits of any amount
- Only 1 day notice period required
- Two withdrawals allowed during the 6 month or 12 month term, subject to a maximum of 15% of the available balance per withdrawal
- Statements available on request
| Type of Deposit | Nominal Interest | Actual Interest | Minimum | |
| Account | Rates (%) | Rates (%) | Opening Balance | |
| (Lowest – Highest) | (Lowest – Highest) | (Pula) | ||
| Current (Individual) | Nil | Nil | Nil | |
| Call | 0.83% to 0.83% | 0.83% to 0.83% | 1,000 | |
| Money Maximiser | 3.50% | 3.56% | 100,000 | |
| Savings (Poloko) | 1.20% to 1.90% | 1.21% to 1.92% | 500 | |
| FutureSave | 0.50% – 0.65% | 0.50% – 0.65% | 100 | |
| Future Forward | 0.50% – 0.65% | 0.50% – 0.65% | 50 | |
| Savings Pocket | 1.30% – 1.60% | 1.31% – 1.61% | – | |
| Flexi Fixed (3 Months) | 2.70% to 2.95% | 2.73% to 2.99% | 100 | |
| Flexi Fixed (6 Months) | 3.80% to 4.10% | 3.87% to 4.18% | 100 | |
| Flexi Fixed (12 Months) | 4.50% to 5.00% | 4.59% to 5.12% | 100 | |
| 7 Day Notice | 0.75% – 2.00% | 0.75% – 2.02% | 100 | |
| 32 Day Notice Plus | 2.00% – 2.75% | 2.02% – 2.78% | 1,000 | |
| 1 Month Fixed deposit | 0.90% – 0.95% | 0.90% – 0.95% | 1,000 | |
| 3 Months Fixed Deposit | 1.60% | 1.61% | 1,000 | |
| 6 Months Fixed Deposit | 2.10% to 2.15% | 2.11% to 2.16% | 1,000 | |
| 12 Months Fixed Deposit | 2.15% to 2.75% | 2.16% to 2.77% | 1,000 | |
| 24 Months Fixed Deposit | 2.60% to 3.05% | 2.62% to 3.07% | 1,000 | |
| Over 36 Months | 5.25% | 5.32% | 1,000 | |
| Fixed Deposit | ||||
| Prime Lending Rate | 6.76% | |||
| For term deposits the minimum amount is BWP 1 million to qualify for a special rate. | ||||
| For more information please enquire at your nearest | ||||
| Visit FNB Branch | Visit fnbbotswana.co.bw | |||
—Bank Gaborone
Fixed Deposit Account
Features
• Minimum deposit of P1 000
• Investment periods from 1 month to 12 months
• Interest paid on maturity only
Savings and deposit rates
• No fees or charges
• Penalty charge applies to withdrawal before maturity
Application Requirements
• Completed Application Form
• Identification: Omang or Passport for foreigners
• Work and Residence permit for foreigners
• Proof of income: Pay slip, letter from employer or affidavit (not more than 3 months old)
• Proof of residential address: Utility Bill or Affidavit (not more than 3 months old)
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