A Fixed Deposit is a saving instrument where you put a lump sum amount for a fixed period of time and earn a higher rate of interest. On maturity you earn the principal invested along with the interest, which you can always reinvest. It is an excellent tool to make your money grow earning fixed rate of interest.
One of the best benefits of recurring deposit is that it helps with goal based savings. Regular monthly installments earn interest and work towards building a corpus for the short term. Installments can be planned so that a required corpus is built up for use in the future.
|Features / Benefits||Fixed Deposit Account||Recurring Deposit Account|
Who can open?
|Min Amt.||Kes 50,000/-||Kes 500 and in multiples of Kes100|
|What you get|