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Barclays Bank Tanzania introduces regular interest on fixed deposit accounts

Barclays Bank Tanzania introduces regular interest on fixed deposit accounts

Barclays Bank Tanzania has rolled out a product that allow investors to earn interest regularly on fixed deposit accounts, compared to the traditional way of waiting until maturity, as it sets eyes on more customers.

According to the bank’s Liability Product Manager Mr Innocent Chonya, customers have to start with minimum fixed deposits of $4500 and earn 15 per cent interest rates.

"Barclays Bank is the first bank in the market to give its customers the opportunity of earning up to 15 per cent interest upfront on their fixed deposits," he said.

He said with the new product, the bank is able to provide customers the flexibility of earning interest upfront at the beginning of the investment, monthly and at the maturity period. Mr Chonya added that the new product will benefit individual customers, companies and those with joint accounts.

He said the bank will continue to introduce to the market new products to give customers immense opportunities of capitalising and benefitting on various banking services.

On his part, Barclays Bank Tanzania Marketing Manager Mr Joe Bendera said the bank is committed to promoting financial inclusion through the innovative products introduced into the market.

He said the bank continues to increase the number of its modern ATMs that give customers an option to withdraw and deposits. Recently, Barclays Tanzania launched Mortgages to salaried customers with a maximum ticket size of $228 million.

The loans are specifically for the acquisition of finished or readymade houses and equity release and will be offered at an interest rate of 19 per cent.

www.barclays.co.tz

 

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