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Below is a list of banks with best fixed deposit accounts:

—-First Capital Bank

Fixed Deposit Account

Features

✅ Eligibility for a loan upon opening the account
✅ Flexibility in account maturity period, i.e.,1,2, 3, 6, 9, 12 to 24 months
✅ The account can be renewed after maturity to another term
✅ A very attractive rate of interest.

One thing to note is that in the event you withdraw cash before the maturity period you will have to pay an early withdrawal penalty.

Details and Pricing

Item Price
Minimum deposit required with no upper limit K25,000.00 with no Upper limit
1 Month 3.5%
2 Months 5.5%
3 Months 5%
Above 3 months Negotiable

—-National Bank of Malawi

Fixed Deposit Account

Interest Rates

National Bank of Malawi plc wishes to advise its valued customers and all stakeholders that the February 2024 Reference Rate has been Revised to 24.9% due to a change in the policy rate and effective date is 07th February 2024.

The Bank’s deposit interest rates will be as follows:

Savings Deposit Rates

Savings Bond 12.00% p.a. Ordinary Savings 5.75% p.a. Special Savers 4.00% p.a. Student Serve 5.00% p.a. Fiesta Save 8.75% p.a. Notice Deposit Rates 7 Day Call 5.00% p.a. 30 Day Call 6.00% p.a. Fixed Deposit Rates 2 Months 6.50% p.a. 3 Months 9.50% p.a. 6 Months 8.00% p.a. 9 Months Negotiable 12 Months Negotiable Current account                                    0.0%

—–Standard Bank

Fixed deposit account

What you get

  • Funds can be pledged and used as collateral
  • No service fees charged
  • Disposal instructions can be amended before maturity
  • Several investment periods options
  • You can choose to have more than one Fixed deposit if you want to save for different goals
  • Several investment period options are available – from 3 to 12 months

How to get it

  • National ID
  • Minimum investment of MWK 20,000
  • Proof of residence – Water bill or electricity bill
  • Be an adult with a Standard Bank transactional account

—-Finca Malawi

Fixed Deposit Account

  • This is an ideal account for customers either individuals or jointly and also institutions or companies that wish to grow their money in an easy way.
  • Under this account your investment grows in lumps with no risks involved.
  • This account is designed to suit the needs of entrepreneurs who wish to accomplish a specific goal in a specific period of time.
  • Individuals and companies that wish to save money for a long period of time without withdrawing it.
  • Individuals and companies that wish to watch their money multiply as a result of high interest accruals.

Requirements

  • National Identification (ID) card.
  • Institution or company details for corporate assets.
  • Free passport photo taken at the branch.

Features and Benefits

  • Simple and instant account opening.
  • Minimum opening balance as low as MWK10,000.
  • Unlimited flexible fixed periods starting from 1 month.
  • Negotiable, flexible and competitive interest rates available in all Branches
  • Opportunity to get upfront interest payment (optional).
  • No monthly maintenance charge/ account service fee.
  • Access to your funds on maturity.
  • Account can be used as collateral to access a loan.
  • On expire of term, deposit can be liquidated or renewed.
  • Certificate of deposit is issued to you.
  • You can rest, assured that your money is safe and secure.



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February 17, 2024

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