Fixed Deposit Account

Fixed Deposit Account

by NFB Malawi
businessman

Personal Banking

Fixed Term Deposit Account that draws interest after maturity of an investment leaving your deposit intact.

Requirements

  • Must be a holder of NFB account (savings/current)
  • Copy of valid identity document i.e. passport, driver’s license, MEC ID, Introductory letter from Chief/Head man
  • Proof of residence i.e. utility bill

Features

    • Minimum fixed deposit balance of MWK20,000.00
    • Fixed Deposit accounts rates (subject to change according to RBM`s rates)

– 1 Month 8%
– 2 Months 9%
– 3 Months 10%
– 6 Months 10.50%
– 9 Months Negotiable
– 12 Months Negotiable

  • Fixed deposit advice slip

Benefits

  • Interest rates are determined by duration of the deposit.
  • Interest is paid upon maturity or cancellation.
  • Customer can borrow 50% of their funds placed on their account at the banks rate for a maximum period of 12 months.
  • No commission or fees.
  • Peace of mind as your capital remains intact.
  • Reinvest funds at maturity.

Terms and Conditions

  • Interest is paid upon maturity or cancellation
  • Partial withdraw is not applicable.
  • Replenishment is not applicable.
  • However it can be decreased or increased with a penalty charge of K1,000.00
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