Fixed deposit rates in centenary bank Uganda

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Centenary Bank is one of the best banks to open a fixed deposit account in Uganda. The bank’s fixed deposit rates range between 4% and 10% per annum based on the total amount being invested in the account. The minimum amount of money to save at Centenary Bank is USh 300, 000,there is no maximum amount set by the bank.

Below are the terms of the Centenary Bank Uganda Fixed Deposit account:

Product Features

  • The minimum amount to be fixed is UShs.300, 000; the maximum amount is open.
  • Customers can terminate contracts and still earn interest as long as 80% of the contract has been met
  • No regular fees or charges.
  • The account holder may personally make cash withdrawals before maturity, in which case they forfeit interest.
  • No ATM is issued for this account.
  • No regular account statements are issued.

Benefits

  • Account earns interest at a rate higher than that applied to other savings account
  • Cash from the account can be withdrawn at any time on notice
  • Account can be used as cash collateral/security for loans
  • Renewable on maturity of up to 24 months, with competitive interest rates
  • Option to select interest payment starting with “Monthly” is available
  • Tiered interest rate, which favors larger depositors
  • SMS alerts for transactions done

Requirements

  • Passport size photos.
  • Valid identification documents including the following:
    Valid National Identity Card for Ugandans
    Passport for foreigners (Non-Ugandans).
    Refugee Identity Card for Refugees.
  • Letter of introduction from either employer or local authorities (if not already a customer of the bank)
  • The amount to be fixed
  • Referee who is an account holder (if not an existing customer of Centenary Bank)

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