Do you have the money you would like to put in a fixed account? Equity bank offers Fixed Deposit Account where you get to save your money, and it earns interest.
This article will share with you details about Equity Bank Fixed Deposit Account, such as how to open the account, its features, and benefits.
Putting your savings in a fixed account is one way to grow your money faster and keep it safe.
You are confident your money is safe and your investment secure with an assurance of returns.
It is tempting to keep cash at home as you get to spend it or, sorry to say, stolen.
It is among the reasons why a Fixed Deposit Account is ideal.
Besides, you can save on a fixed account until you get enough money to start your business.
What Is Equity Bank Fixed Deposit Account?
Among the types of accounts, you can open a fixed deposit account with Equity Bank in Kenya.
The account is best if you have money that you would like to save for a longer period.
Your savings or deposits will earn interest of up to 9.5% and a minimum of 6.65%.
The interest rate is negotiable depending on the amount you are saving and for how long.
The minimum amount to open a fixed deposit account is Ksh. 20,000 and no withdrawal until the deposit matures to earn the agreed interest.
Features Of The Fixed Deposit Account
Equity bank fixed deposit accounts come with several features, among the interesting ones is that you can request premature withdrawals.
But the interest rate will be calculated as per the time you save the money.
The feature is meant to help you get your saving when you have an emergency.
Other features include the following:
- The minimum deposit amount is KSh. 20,000
- The minimum period allowed to save is one (1) month.
- Negotiation on the interest rate
What Are The Requirements To Open Equity Bank Fixed Deposit Account?
Equity bank has set out requirements when opening a fixed deposit account.
The requirements you need to register for the Fixed deposit account include the following:
1. Original ID card or passport and a photocopy.
2. KRA PIN
How Do I Register For Equity Bank Fixed Deposit Account In Kenya?
To register for an Equity bank fixed deposit account is simple.
It would help if you visited the nearest Equity bank branch.
Equity bank has branches across the country; thus, there is one near you.
Carry all the requirements.
You will give a registration form at the bank, fill it with the correct details, and the bank will process your registration.
Before leaving the bank, you’ll have the account registered.