CRDB BANK has announced a nine per cent interest rate for its new product dubbed ‘Mzigo Flexi’ that seeks to promote a savings culture among its clients.
The two-month campaign markets a special deposit mobilisation product that enables clients to keep their money in the bank for a predetermined fixed time.
“Mzigo Flex is basically a time deposit with fixed terms where a certain amount of money is kept in the account for predetermined fixed time. It offers investment duration of three, six, 12 or 24 months and an interest rate of up to nine percent per annum,” according to the CRDB Bank Director of Retail Banking, Boma Raballa.
He said those willing to participate can get the application forms online, download them, fill in and submit to branch for further processes.
‘Mzigo Flexi’ targets individuals, including sole proprietors, employees, retirees and also groups, institutions and businesses so long as they are aged 18 and above and can invest at least Sh1 million.
Available in the local currency, ‘Mzigo Flexi’ is opened as sub-reference account of a customer’s main savings or current account.
“Customer can have more than one ‘Mzigo Flexi’ and invest in multiple contracts. Every contract will be an independent contract…. the product does not have any monthly or withdrawal fees…the nine percent interest per annum is payable to customers’ personal account as per the agreed interest liquidation period (Monthly, Quarterly, Semi-annual, Annually or on maturity),” Raballa said.
He noted that should a customer decide to cancel the ‘Mzigo Flexi’ arrangement, he will have to forfeit 50 percent of the interest earned and proceed with depositing the money under the bank’s other normal arrangements.
Mzigo Flexi’ is arranged in such a manner that it also helps customers to grow their money so they can meet their business and personal obligations.It is also an opportunity for those who are looking for regular income through short investments.
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