Centenary Bank in Uganda offers fixed deposit services for individuals who wish to save money and earn interest.The fixed deposit account features are:
Cente Fixed deposit Account
Account where a customer’s deposits are fixed for an agreed period of time subject to no withdrawals before the elapse of the period. Interest income will be forfeited for cash withdrawals made before maturity period.
- Minimum amount to be fixed is UShs. 300,000/=.
- Maximum amount to be fixed is open.
- Can be held in both local and foreign currencies.
- Cash withdrawals personally made to the account by holders.
- Account earns interest at a rate higher than that applied on savings account .
- Account can be liquidated any time on notice.
- Account can be pledged as collateral for loans.
- Renewable on maturity of 3,6, 12 months
- Rates are negotiable
Fixed deposit account is better than savings account since interest rate earned from the former is higher than from savings account.