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IBU GIFT CITY
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Current accounts can be opened by individuals, business community , corporate bodies or the like where the account holder has often to receive money and to make a number of payments. These are very active accounts. No interest is paid on balances in these accounts and there are no restrictions as to the number of deposits into and withdrawals from the account per day.Cheque books are issued in these accounts.
| Current Deposits | |
|---|---|
| The scheme and its benefits | -Suitable for business requirements of small, medium or large enterprises, business people, corporate organizations, sole proprietorships and partnership firms. -Secure and easily accessible -Unlimited deposits and withdrawals -Cheque Book facility available -Free monthly statement -Internet banking with view facility |
| Rate of Interest | No interest payable |
| Currencies | Deposits can be in KES, USD, GBP, EUR |
| Minimum Balance | Kshs. 25,000/- |
| Charges | Please refer Charges & Fees |
| Know Your Customer (KYC) norms | Applicable as per norms |
| Types of Accounts | Individual — Single Accounts Two or more individuals — Joint Accounts Religious Institutions Educational Institutions Corporates Partnership Firms Sole Proprietorship Firms |
Savings Bank accounts can be opened by individuals and the like where the account holder deposits money for the purpose of savings. There is no restriction on the number and amount of deposits to be made on any one day. Balances in these account earn interest and the amounts from the account can be withdrawn when needed. These accounts can be opened with or without cheque book facility.
The interest rate on Savings Bank Deposit Accounts has been changed to @ 1.50% with effect from 01.10.2018.| Savings Bank Deposits | |
|---|---|
| The scheme and its benefits | -Savings Bank accounts are basically for regular savings -Secure and easily accessible -Cheque Book facility available -Free monthly statement -Internet banking with view facility |
| Rate of Interest | For Kenyan Shillings, 1.50 % p.a.; for other currencies Nil |
| Currencies | Deposits can be in KES, USD, GBP, EUR |
| Charges | Please refer Charges & Fees |
| Know Your Customer (KYC) norms | Applicable as per norms |
| Types of Accounts | Individual — Single Accounts Two or more individuals — Joint Accounts Religious Institutions Educational Institutions Corporates |
| Withholding Tax | Payment of interest is subject to applicable withholding tax stipulated by KRA from time to time |
Term deposit accounts can be opened by individuals , corporate bodies ,etc. These deposits are for a period of 30 days or more. The interest payable on these deposits is higher than that payable in savings bank deposits. Receipts are issued for each deposit made under this scheme.In case of need these deposits can be prematurely encashed.
| Term Deposits | |
|---|---|
| The scheme and its benefits | Term/Fixed Deposit gives higher rate of interest with longer periods of deposit. The amount is secure and can be easily liquidated |
| Rate of Interest | Please refer the Interest Rate chart |
| Currencies | Deposits can be in KES, USD, GBP |
| Know Your Customer (KYC) norms | Applicable as per norms Should be an SB/CD/OD/CC account holder of the Bank |
| Types of Accounts | Individual — Single Accounts Two or more individuals — Joint Accounts Religious Institutions Educational Institutions Corporates |
| Minimum Period | 91days |
| Maximum Period | 5 years |
| Minimum Amount | No limit |
| Maximum Amount | No limit |
| Premature withdrawal | No interest payable, at present |
| Loan/Overdraft against TDR | Allowed except in case of minors. Rate of Interest on loan will be priced at a rate more than the deposit rate as per Bank's norms. |
| Withholding Tax | Payment of interest is subject to applicable withholding tax stipulated by KRA from time to time |
OUR EXCHANGE RATE
