Best Banks in Kenya for Fixed Deposit Rates 2023 (2023)

A fixed deposit account is one of the best ways to save money in Kenya in 2023. When you deposit money into the account, you earn interest. Each bank has its own interest rate, which can sometimes be negotiated based on the amount of cash people intend to save.

Term savings allow savings for 3, 6, 12 months or more years. The longer the term, the higher the interest.

Here is a list of banks with the best fixed interest rates on deposits:

Standard Chartered Bank

Fixed deposit accounts are available in Kenyan shillings, US dollars and British pounds. The minimum deposit amount is 100,000 KES.

Deposit amount (KES)annual interest
call1 month3 months6 months9 months12 months
100,000 - 1,999,999 Kenyan Shillings1,00 %1,15 %1,25 %1,35 %1,50 %2,00 %
2,000,000 - 9,999,999 World Health Organization1,00 %1,15 %1,35 %1,50 %1,75 %2,25 %
10,000,000 - 19,999,999 Kenyan Shillings1,00 %1,15 %1,50 %1,75 %2,00 %2,50 %
20,000,000 - 29,999,999 Kenyan Shillings1,00 %1,15 %2,00 %2,25 %2,50 %2,75 %
30,000,000 - 39,999,999 Kenyan Shillings1,15 %1,20 %2,50 %2,75 %3,00 %3,25 %
40 000 000 - 49 999 999 World Health Organization1,15 %1,25 %3,00 %3,25 %3,50 %3,75 %
50,000,000 - 74,999,999 World Health Organization1,25 %1,50 %3,50 %3,75 %4,00 %4,25 %
75 000 000 - 99 999 999 World Health Organization1,25 %1,60 %3,75 %4,25 %4,50 %4,75 %
100,000,000 + World Health Organization1,25 %1,75 %4,00 %4,50 %4,75 %5,00 %

Interest rate of fixed deposit in foreign currency

deposit amount in USDannual interest
Deposit amount in GBPannual interest
1 month3 months6 months12 months
5.000 USD – 49.999 USD0,05 %0,05 %0,05 %0,05 %
50.000 USD – 99.999 USD0,05 %0,07 %0,07 %0,07 %
100.000 + USD0,05 %0,10 %0,10 %0,10 %
1 month3 months6 months12 months
£5.000 – £49.9990,01 %0,04 %0,05 %0,07 %
£50.000 – £99.9990,01 %0,05 %0,07 %0,10 %
100.000 + GBP0,01 %0,07 %0,10 %0,10 %

1&M Bank

In I&M Bank, you can save in domestic and foreign currency. The prices are as follows:

Local currency term deposit rate (% p.a.) Effective date: Monday, November 14, 2022

semesterCall prices (7 days)1 month3 months6 months1 year
50K do < 5M3,504,255,506,507,50
5M do <10M3,504,505,756,757,75
10M do < 50M4.005,256,507,258.00
50M > 100M9,5007:00 sati8,259.009,25
100M and more10:00 sati7,258,509,2510:00 sati

Regular monthly interest payments in local currency. Effective date: Monday, November 14, 2022

semester3 months6 months1 year
1M do < 5M5,406,357.15
5M do <10M5,656,607,40
10M do < 50M6,407.107,65
50M do <100M8.158,858,90
100M and more8,409.109,65

High rate long-term deposit rate Effective date: Monday, June 25, 2022 (offer valid until September 30, 2022)

semester3 years
5M do <10M9,0
10M and more10,0

USD Foreign Currency Term Deposit Rate (% p.a.) Effective Date: Tuesday, November 1, 2022

semesterCall prices (minimum 7 days)1 month3 months6 months1 year
2.000 – 9.9990,750,751,001,251,50
10.000 – 49.9990,751,001,752,252,50
50.000 – 99.9990,751,502,002,502,75
100.000 – 249.9990,751,752,252,753.00
250.000 – 499.9990,752,002,503.003,25
500,000 and more0,752,252,753,253,50

Sterling Foreign Currency Term Deposit Rate (% p.a.) Effective Date: Tuesday 1 November 2022

semester*Call prices (minimum 7 days)1 month3 months6 months12 months
2.000 – 9.0000,500,750,750,750,75
10.000 – 100.0000,500,750,750,751,00
100.001 – 500.0000,500,750,751,001,00
500 001 and more0,500,751,001,001,00

Euro fixed deposit rate in foreign currency (% p.a.) Effective date: Tuesday, November 1, 2022

semestercall price1 – 3 months3 – 6 months6 – 12 months
2.000 – 9.999Call prices (minimum 7 days)0,751,001,00
10.000 – 100.0000,250,751,001,00
100.001 – 500.0000,251,001,751,75
500 001 and more0,251,251,752,00

ZAR Foreign Currency Term Deposit Rates (% p.a.) Effective Date: Friday, June 19, 2020

semester1 month3 months6 months
Only end 0.05M – < 0.1M1,752,002,25
0,1M – <0,5M2,002,252,50
0.5 million – < 1 million2,252,502,75
1M and more2,502,753.00

Korea Commercial Bank

KCB offers up to 6% interest on deposits in fixed deposit accounts. You can save in local and foreign currency.

High frequency group

HF Group offers interest rates on deposits from 3% to 8%. They can save you money up to several years, but not less than 3 months.

Features and benefits

  • Deposit accounts have higher and more attractive interest rates than savings accounts
  • You can access our home ownership products through a term deposit account
  • Fixed deposit accounts offer flexible account terms
  • You will enjoy the best fixed deposit rate in Kenya


  • Two copies of your national identity card
  • KRA PIN certificate
  • Two recent passport size photographs
  • The deposit is equal to or greater than the required minimum amount
  • Letter of introduction from existing account holder or recommendation from your employer or banker


Many Kenyans deposit their money in Stanbic Bank. The company offers fixed deposit rates between 3% and 10%, depending on how well you negotiate with them.

Fixed deposit account features:

  • Minimum investment Kes. 20,000
  • The deposit amount is fixed during the investment period
  • The interest rate is fixed during the investment period and the payment is calculated when it is due
  • Funds are available to you when they expire

diamond trust bank

Diamond Trust Bank caters to a specific group of people. Their prices are high, but they need someone who can save millions.

DTB installments are designed to save you money from three months to a year. The bank also offers demand deposits with a minimum term of 7 days and liquidation as needed.

  • Currency - Kenyan Shillings, US Dollars (USD) and British Pounds (GBP)
  • Minimum deposit amount –
    • KSH. 100.000
    • Dollar. 10,000
    • THE BRITISH POUND. 10,000
  • Semester -
    • Term deposit – one month, three months, six months, one year
    • Payment by call - minimum 7 days

cooperation Bank

You can save from a month to a year. Interest rates on fixed deposits in banks vary from 2% to 6%, depending on how much you want to deposit and how long you save. The minimum deposit amount is 50,000 KES.

NCBA banka

NCBA is one of the 3 cheapest banks in Kenya. The bank offers up to 8% interest on fixed deposit accounts.

Minimum initial balance KES 100,000

Minimum investment period 1 month


  • The minimum initial balance is KES 100,000.
  • The minimum investment period is 1 month.
  • The method of interest payment is flexible and interest can be paid in different time intervals or upon maturity.

joint stock bank

Equity Bank is ideal for those with small savings of only KES 20,000. You get up to 6% interest on your savings.

3 key features of this account

  1. The minimum amount allowed for this account is KShs 20,000
  2. The minimum allowed period is one (1) month
  3. It gives the possibility to negotiate interest rates

Why you should open this account

  • The account enables early withdrawal of deposits
  • Instant loans of up to 80% of your savings at reduced prices.
  • This account offers the most competitive interest rates.
  • Enjoy instant loans up to 90% savings with 24-hour support on 0763063000 and/or


  • A demand interest rate is applied to advance term deposits.
  • Withholding tax is calculated on the interest paid.

What is required to open this account

  • Individual (individual or joint) - original identification document and KRA password.
  • Account opening requirements for registered entities follow the account opening requirements.

syndicate bank

Consolidated Bank is also a very stable bank, you can be sure that your money will not be lost. Their interest rates on deposits vary from 2% to 6%.


  • Funds are paid into the account for a period of 1 month, 2, 3, 6, 9 or 12 months or upon request.
  • Attractive interest rate (interest is calculated monthly and is paid only on deposits upon maturity).
  • Confirmation of receipt of deposit is obtained when setting up and upon completion of payment.
  • Mandatory written instructions for withdrawing or increasing deposits.
  • Account holders can use deposits to withdraw loans and overdrafts.
  • Facilitate joint business per account.

Terms: Personal time deposit account.

  • Appropriate documentation (identity card or passport).
  • The minimum balance to open an account is Kshs. 20,000.
  • Krapin
  • Further information

Bank of Baroda

Bank of Baroda provides services in several countries, Kenya being one of them. They also have good prices and are a solid bank. Save more than 1 million KES and your income is guaranteed above 4%.

A term deposit is a means of saving where you pay a lump sum for a certain period and earn a higher interest rate. At maturity, you will earn principal and interest on your investment, which you can reinvest at any time. It is a great tool to grow your money and earn fixed interest.

Features and benefitstime deposit accountcurrent deposit account
Who can open it? Individuals, minors, NRIs and companies (according to bank guidelines)
with the officetko 50.000Multiples of Kes 500 and Kes100
what do you getEarn attractive interest on your money. Deposits can be in Kenya Shillings, USD, GBP PL Specify USD/GBP Minimum amount currently is $1000 Minimum deposit period is 30 days Maximum duration is 05 years Automatic renewal option. FD loan availableEarn attractive interest on your money. Get into the habit of regular savings. In particular, the monthly installments in the RD account encourage new investors to allocate funds throughout the year. The terms of our RD accounts range from 6 months to 60 months. There is no upper limit on the amount you can invest in a fixed deposit scheme.

parent bank

Save in Family Bank and earn up to 6% interest. You can save at least KSH 30,000.


 Flexible terms of 1, 3, 6, 9 and 12 months

 Quick access to loans up to 90% of the deposit amount

 Lower interest rates on loans secured by deposits

an advantage

 Offer competitive interest rates

 Interest portion paid when deposits are withdrawn in advance

 Can be pre-scheduled to automatically renew when it expires

 Fixed deposit accounts do not charge any fees

 Certificate available after installation


 The minimum deposit amount is KSH 30,000

Union Bank of South Africa

ABSA Bank targets large deposits with a minimum deposit requirement of KES 50,000. Interest rates are constantly above 3%.

Benefits of this account

  • The minimum balance required to open an account is KSH 50,000
  • there are no account fees
  • competitive interest rate
  • Choose the frequency of interest payments, from monthly to yearly

What to bring to the branch when registering

  • National Identity Card or Passport (for non-Kenyans)
  • KRA PIN or work permit (non-Kenyans without KRA PIN)


Top Articles
Latest Posts
Article information

Author: Jeremiah Abshire

Last Updated: 07/11/2023

Views: 5529

Rating: 4.3 / 5 (54 voted)

Reviews: 85% of readers found this page helpful

Author information

Name: Jeremiah Abshire

Birthday: 1993-09-14

Address: Apt. 425 92748 Jannie Centers, Port Nikitaville, VT 82110

Phone: +8096210939894

Job: Lead Healthcare Manager

Hobby: Watching movies, Watching movies, Knapping, LARPing, Coffee roasting, Lacemaking, Gaming

Introduction: My name is Jeremiah Abshire, I am a outstanding, kind, clever, hilarious, curious, hilarious, outstanding person who loves writing and wants to share my knowledge and understanding with you.