This article will list economic institutions with the best-fixed deposit rates in Kenya.
Are you an impending investor or just a regular person glancing to invest your money and don’t understand how to? Today you will know more about Fixed Deposits.
Many people, particularly those looking to invest, opt for fixed deposits since the rates have confirmed to be one of the securest ways of growing your money with fixed interest rates.
A fixed deposit account is an asset account that needs a fixed amount of money to be invested for a specified span at a fixed rate of interest.
Best Fixed Deposit Rates in Kenya
Here is a long list of banks with the best-fixed deposit rates in Kenya 2022.
KCB Bank contains one of the most competitive fixed deposit rates for local and foreign currencies on different tenors, specific to your needs.
Money deposited in this fixed deposit rate account must stay in the account for the duration signed between the bank and the customer.
KCB fixed deposit interest rates are up to 6% p.a. on your savings.
With KCB fixed deposit rate account, you have the opportunity to determine the recoveries you get from your asset. Since the investment amount is not specified, you get to decide the initial cut to save.
Cooperative Bank of Kenya
The cooperative bank of Kenya’s investments account is where a client deposits a fixed amount of money for a precise/fixed time.
The period runs from 1-12 months.
The customer is paid a very competitive rate for the money is retained in the account.
The minimum fixed depositalocated for Equity Bank is at 6.65%.
The rates were modified to match the Central Bank of Kenya’s 9.5%. In addition, equity has savings deposits of a minimum of interest of 70% of the CBR, hence establishing its current fixed deposit rates at a minimum of 6.65% pa.
Absa Bank occurs to be one of the banks with the best-fixed deposit rates.
With Absa bank fixed deposit rates, the more elevated the amount you save with them, the higher your interest. The minimum deposit charge for opening this account is Kshs 50,000, and you acquire to invest the money for an arranged period of your choosing.
Interest charges can be made directly to a Barclays account of your preference.
Absa fixed deposit account is obtainable in Kenyan and foreign currencies.
The bank account can also act as protection if you plan on carrying a loan from the bank.
National Bank of Kenya
The National Bank has two varieties of fixed deposits.
The ordinary fixed deposit account: In this detailed account, the minimum one can deposit is KES 20,000. It permits investments of distinct durations hence serving the prevalence of Kenyans.
High yield fixed deposit account: People interested in investing from KES 1 Million & above. This is hence termed for the selected few.
For customers who want to invest for specific terms between 1 month to 12 months, their interest rates will vary by the amount deposited for acquisition by the individual.
Family Bank has 1 of the competitive deposit rates among many banks.
With a lower minimum deposit amount of only KES. 30,000, you can access quick loans of up to 90% of the deposit amount.
Individuals have easygoing terms of investing of 1, 3, 6, 9, & 12 months.s
The Standard Chartered Bank has a fixed deposit interest rates that are computed daily and paid on maturity.
Approximated to other banks, the minimum deposit you can deposit is only KES 100,000, which can then be held over a fixed duration of one, three, six, and twelve months.
The account can act as security in an overdraft, or you want a loan.
Your returns are secured, and they can be re-invested upon your submission or even earn interest as per tenure. Your reports and balance information are also available on request.
I & M Bank offers fixed deposit accounts for fixed leased periods ranging from 1 month to 12 months.
If you are searching for beautiful savings growth options, I & M is ideal because they offer attractive interest rates.
You can open your FDA in additional currencies, including Kenya Shillings, Dollars, Euros, South African Rand, & GB Pounds.
The minimum deposit is just Ksh. 50,000. I&M interest rates differ depending on the charge and tenor.
How does a Fixed deposit account work
Fixed deposits are not like any different bank account. You can deposit funds for a short span of 7 days and up to 10 years for this one.
You are not allowed to access the money whenever you want to until the acquiesced time between you and your bank ends in a fixed deposit.