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FIXED DEPOSIT TERMS
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mukiha
#11 Posted : Monday, December 03, 2012 4:43:39 PM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
madammary wrote:
Ok, if u put money in a fixed account for one year and it's supposed to have automatic renewal after an year and you decided to get your money at the end of the one year, do u get penalised just because the term was never renewed?


Why in the name of all things beautiful would a fixed deposit account have automatic renewal? If that happens, then it is no longer FIXED DEPOSIT.

Fixed deposit means fixed interest for a fixed period of time.

If there is automatic renewal, then that is just a savings account with very restrictive withdrawal terms!
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Pesa Nane
#12 Posted : Monday, December 03, 2012 6:06:06 PM
Rank: Elder

Joined: 5/25/2012
Posts: 4,105
Location: 08c
mukiha wrote:
madammary wrote:
Ok, if u put money in a fixed account for one year and it's supposed to have automatic renewal after an year and you decided to get your money at the end of the one year, do u get penalised just because the term was never renewed?


Why in the name of all things beautiful would a fixed deposit account have automatic renewal? If that happens, then it is no longer FIXED DEPOSIT.

Fixed deposit means fixed interest for a fixed period of time.

If there is automatic renewal, then that is just a savings account with very restrictive withdrawal terms!

@Mukiha, you can't be any more wrong. Banks need to make money and they have become very creative (good ol' days no more). Pick an application form and read it through. smile
Pesa Nane plans to be shilingi when he grows up.
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chiaroscuro
#13 Posted : Saturday, December 29, 2012 12:45:49 AM
Rank: Veteran

Joined: 2/2/2012
Posts: 1,134
Location: Nairobi
Why do people ask questions that can be answered by a few phone calls? Are they trying to save on airtime? It's annoying!
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Ngong
#14 Posted : Sunday, December 30, 2012 8:41:17 PM
Rank: Veteran

Joined: 11/17/2012
Posts: 1,461
Location: Ngong Forest
chiaroscuro wrote:
Why do people ask questions that can be answered by a few phone calls? Are they trying to save on airtime? It's annoying!


People don't trust the banks,ni wakora!
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Angelica _ann
#15 Posted : Thursday, January 03, 2013 12:13:11 PM
Rank: Elder

Joined: 12/7/2012
Posts: 11,936
Ngong wrote:
chiaroscuro wrote:
Why do people ask questions that can be answered by a few phone calls? Are they trying to save on airtime? It's annoying!


People don't trust the banks,ni wakora!


and some customer service people are quite ignorant with misleading and contradictory answers on their products. been a victim many times. only that i am well conversant with banking products so if you are bluffing, there and then i tell you.
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Mukiri
#16 Posted : Wednesday, January 09, 2013 10:39:49 PM
Rank: Elder

Joined: 7/11/2012
Posts: 5,222
Any info on Dollar FDR?

Which financial institutions offer this?
And what to look out for (hidden charges, who to talk to to negotiate a rate etc)

Proverbs 19:21
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MatataMingi
#17 Posted : Thursday, January 10, 2013 4:02:54 PM
Rank: Member

Joined: 11/17/2009
Posts: 399
Location: Where everyone knows you
I have fixed deposit accounts at several banks - all for one year.
There is no automatic renewal.
Before the end of the term YOU decide if you want to renew, and hassle for the best new rate of interest. If you agree it is renewed at the new rate. If not you get your capital plus interest and can shop around for a better rate.
At the moment, out of the "safe" banks I think I&M give a good rate.
Otherwise go for T bills or Bonds.
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Ngong
#18 Posted : Thursday, January 10, 2013 8:19:11 PM
Rank: Veteran

Joined: 11/17/2012
Posts: 1,461
Location: Ngong Forest
MatataMingi wrote:
I have fixed deposit accounts at several banks - all for one year.
There is no automatic renewal.
Before the end of the term YOU decide if you want to renew, and hassle for the best new rate of interest. If you agree it is renewed at the new rate. If not you get your capital plus interest and can shop around for a better rate.
At the moment, out of the "safe" banks I think I&M give a good rate.
Otherwise go for T bills or Bonds.


What are the current rates for say 1M 1 Year.
Do they have also for USD?
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  | | Edit by user: Thursday, January 10, 2013 8:20 PM | Reason: Not specified
mukiha
#19 Posted : Wednesday, January 23, 2013 1:46:46 PM
Rank: Elder

Joined: 6/27/2008
Posts: 4,114
Ngong wrote:
MatataMingi wrote:
I have fixed deposit accounts at several banks - all for one year.
There is no automatic renewal.
Before the end of the term YOU decide if you want to renew, and hassle for the best new rate of interest. If you agree it is renewed at the new rate. If not you get your capital plus interest and can shop around for a better rate.
At the moment, out of the "safe" banks I think I&M give a good rate.
Otherwise go for T bills or Bonds.


What are the current rates for say 1M 1 Year.
Do they have also for USD?



Read this: http://www.imbank.com/business/interest-rates/
Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Prezz
#20 Posted : Friday, January 25, 2013 5:56:15 PM
Rank: Hello

Joined: 1/25/2013
Posts: 7
Info ya maana sana
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