Fixed Term Deposit (MediGold) Account
- The deposits in this account are for a stated amount, until a stated maturity, for a stated interest rate.
- Fixed deposit investment at a rate of upto 12.5% per annum.
- The member receives a certificate from the SACCO when making this type of deposit.
- The longer the maturity period of the deposit the higher the interest rate.
- The SACCO normally start with offering 3 (three) months, 6 (six) months and 1 (one) year maturities.
- These funds may be used to secure a loan. The loan maturity shall match the deposit maturity.
- The interest rate is fixed until maturity. Interest will be paid upon maturity for all the deposits.
- No withdrawal may be made from this account. If the funds are requested prior to maturity the interest will be forfeited.
Fixed Deposit Rates
|50,000 TO 300,000||9 %|
|300,001 TO 600,000||10 %|
|600,001 TO 1,000,000||11 %|
|1,000,001 TO 2,000,000||12 %|
|2,000,001 AND ABOVE||12.5 %|