Smart Saver Account
A savings product for minors under the age of eighteen. The product is designed to instill the discipline of saving in children while also helping guardians / parents save towards turning their children's dreams a reality. This product is available in Tanzanian Shillings and United States Dollars only. Customer enjoy two withdrawals annually while still keeping the interest on savings
Target Market - children under the age of eighteen (minors).
Consideration of competitive rates on fixed deposits
Building a savings culture within children
Two withdrawals per year while still keeping the interest
Interest rates
TZS 5% pa
USD 1% pa
Free internal transfers
Currency - Tanzania Shillings & United States Dollars (TZS & USD)
Opening amount - TZS 50,000 / USD 250
Minimum balance - TZS 50,000 / USD 250
Monthly ledger fees - nil
Ledger fees - nil
TZS Withdrawals (Over the counter) - free
Foreign currency cash deposits above 10,000 at 0.5%
USD withdrawals -:
Withdrawals up to USD 10,000 - free
Withdrawals from USD 10,001 - 0.5%
Cash handling denominations less than USD 50 - 5%
*All fees are subject to an 18% value added tax
*Exchange rates are subject to change depending on market availability
