If you are looking for a recurring deposit scheme which offers high-interest rates on low-risk investments, DTB Uganda is your destination.
The Recurring Deposit account encourages one to save regularly (a fixed sum of money on a monthly basis). The amount is to be paid on the same date every month.
The maturity value of the customer savings can be placed in Fixed Deposit after maturity and the customer can start saving once again in (New RD).
This is mainly to help the customer take care of school fees, higher education, and planned outflow at a future date, etc.
Features
- Interest to be earned (FDR rate as applicable):
- UGX: 11% (as per prevailing rate)
- USD: 2% (as per prevailing rate)
- Interest rate is based on tenure and currency (UGX and USD)
- Duration:
- Minimum one year (any period in multiple of three months after one year, such as fifteen months, eighteen months, etc)
- Maximum of three years
- Minimum balance for the take-down account as per account class
- Minimum balance for recurring deposit UGX:
- UGX 50,000 per month then after multiples of UGX 10,000/=
- USD 50 per month
Benefits
- To encourage customers to save regularly a fixed sum of money on a monthly basis. The amount is to be paid on the same date every month
- The maturity value of the customer savings can be placed in Fixed Deposit after maturity and the customer can start saving once again in (new RD)
- This is mainly to help the customer take care of school fees, higher education, and planned outflow at a future date, etc
Requirements
- Savings or Current account is mandatory for setting up standing order instruction (No direct cash deposit shall be accepted on Recurring Deposit Account).
- For existing customers.
- Recurring Deposit Account opening form standing order
- Non-DTB customers: to open a Current / Savings account
- ID in the form of Passport (non-UG nationals), national ID (for UG nationals)
- One passport size photograph for each applicant
- Account opening form duly completed
- Recurring Deposit Account opening form & standing order
- Signed KFD and other documents as required from time to time
- For companies and other associates should follow the account opening documentation as per requirement.
Charges
- Fees over the counter, ATM and mobile banking:
- Over the counter no charges if it is beyond ATM limits - not applicable
- Charges apply for withdrawals within ATM - not applicable
- Recurring Deposit advice
- Free of charge and can be given per month - free of charge based on tenor agreed
- Balance enquiry - free
- Administrative fees per monthly - free
- Subject to with or without tax 15% on interest earned - WHT applicable as per rules
- Automatic closure upon maturity - yes
- Pre-mature liquidation penalty
- Up to one year - no interest will be credited -
- Greater than one year - 2% of the earned interest will be retained for UGX deposits
- Greater than one year - 1% of the earned interest will be retained for USD deposits
- Standing instruction charges - not applicable
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