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 | |||||
| call | 1 month | 3 months | 6 months | 9 months | 12 months | |
| 100,000 - 1,999,999 Kenyan Shillings | 1,00 % | 1,15 % | 1,25 % | 1,35 % | 1,50 % | 2,00 % |
| 2,000,000 - 9,999,999 World Health Organization | 1,00 % | 1,15 % | 1,35 % | 1,50 % | 1,75 % | 2,25 % |
| 10,000,000 - 19,999,999 Kenyan Shillings | 1,00 % | 1,15 % | 1,50 % | 1,75 % | 2,00 % | 2,50 % |
| 20,000,000 - 29,999,999 Kenyan Shillings | 1,00 % | 1,15 % | 2,00 % | 2,25 % | 2,50 % | 2,75 % |
| 30,000,000 - 39,999,999 Kenyan Shillings | 1,15 % | 1,20 % | 2,50 % | 2,75 % | 3,00 % | 3,25 % |
| 40 000 000 - 49 999 999 World Health Organization | 1,15 % | 1,25 % | 3,00 % | 3,25 % | 3,50 % | 3,75 % |
| 50,000,000 - 74,999,999 World Health Organization | 1,25 % | 1,50 % | 3,50 % | 3,75 % | 4,00 % | 4,25 % |
| 75 000 000 - 99 999 999 World Health Organization | 1,25 % | 1,60 % | 3,75 % | 4,25 % | 4,50 % | 4,75 % |
| 100,000,000 + World Health Organization | 1,25 % | 1,75 % | 4,00 % | 4,50 % | 4,75 % | 5,00 % |
Interest rate of fixed deposit in foreign currency
| deposit amount in USD | annual interest | |||
| Deposit amount in GBP | annual interest | |||
| 1 month | 3 months | 6 months | 12 months | |
| 5.000 USD – 49.999 USD | 0,05 % | 0,05 % | 0,05 % | 0,05 % |
| 50.000 USD – 99.999 USD | 0,05 % | 0,07 % | 0,07 % | 0,07 % |
| 100.000 + USD | 0,05 % | 0,10 % | 0,10 % | 0,10 % |
| 1 month | 3 months | 6 months | 12 months | |
| £5.000 – £49.999 | 0,01 % | 0,04 % | 0,05 % | 0,07 % |
| £50.000 – £99.999 | 0,01 % | 0,05 % | 0,07 % | 0,10 % |
| 100.000 + GBP | 0,01 % | 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
| semester | Call prices (7 days) | 1 month | 3 months | 6 months | 1 year |
| 50K do < 5M | 3,50 | 4,25 | 5,50 | 6,50 | 7,50 |
| 5M do <10M | 3,50 | 4,50 | 5,75 | 6,75 | 7,75 |
| 10M do < 50M | 4.00 | 5,25 | 6,50 | 7,25 | 8.00 |
| 50M > 100M | 9,50 | 07:00 sati | 8,25 | 9.00 | 9,25 |
| 100M and more | 10:00 sati | 7,25 | 8,50 | 9,25 | 10:00 sati |
Regular monthly interest payments in local currency. Effective date: Monday, November 14, 2022
| semester | 3 months | 6 months | 1 year |
| 1M do < 5M | 5,40 | 6,35 | 7.15 |
| 5M do <10M | 5,65 | 6,60 | 7,40 |
| 10M do < 50M | 6,40 | 7.10 | 7,65 |
| 50M do <100M | 8.15 | 8,85 | 8,90 |
| 100M and more | 8,40 | 9.10 | 9,65 |
High rate long-term deposit rate Effective date: Monday, June 25, 2022 (offer valid until September 30, 2022)
| semester | 3 years |
| 5M do <10M | 9,0 |
| 10M and more | 10,0 |
USD Foreign Currency Term Deposit Rate (% p.a.) Effective Date: Tuesday, November 1, 2022
| semester | Call prices (minimum 7 days) | 1 month | 3 months | 6 months | 1 year |
| 2.000 – 9.999 | 0,75 | 0,75 | 1,00 | 1,25 | 1,50 |
| 10.000 – 49.999 | 0,75 | 1,00 | 1,75 | 2,25 | 2,50 |
| 50.000 – 99.999 | 0,75 | 1,50 | 2,00 | 2,50 | 2,75 |
| 100.000 – 249.999 | 0,75 | 1,75 | 2,25 | 2,75 | 3.00 |
| 250.000 – 499.999 | 0,75 | 2,00 | 2,50 | 3.00 | 3,25 |
| 500,000 and more | 0,75 | 2,25 | 2,75 | 3,25 | 3,50 |
Sterling Foreign Currency Term Deposit Rate (% p.a.) Effective Date: Tuesday 1 November 2022
| semester* | Call prices (minimum 7 days) | 1 month | 3 months | 6 months | 12 months |
| 2.000 – 9.000 | 0,50 | 0,75 | 0,75 | 0,75 | 0,75 |
| 10.000 – 100.000 | 0,50 | 0,75 | 0,75 | 0,75 | 1,00 |
| 100.001 – 500.000 | 0,50 | 0,75 | 0,75 | 1,00 | 1,00 |
| 500 001 and more | 0,50 | 0,75 | 1,00 | 1,00 | 1,00 |
Euro fixed deposit rate in foreign currency (% p.a.) Effective date: Tuesday, November 1, 2022
| semester | call price | 1 – 3 months | 3 – 6 months | 6 – 12 months |
| 2.000 – 9.999 | Call prices (minimum 7 days) | 0,75 | 1,00 | 1,00 |
| 10.000 – 100.000 | 0,25 | 0,75 | 1,00 | 1,00 |
| 100.001 – 500.000 | 0,25 | 1,00 | 1,75 | 1,75 |
| 500 001 and more | 0,25 | 1,25 | 1,75 | 2,00 |
ZAR Foreign Currency Term Deposit Rates (% p.a.) Effective Date: Friday, June 19, 2020
| semester | 1 month | 3 months | 6 months |
| Only end 0.05M – < 0.1M | 1,75 | 2,00 | 2,25 |
| 0,1M – <0,5M | 2,00 | 2,25 | 2,50 |
| 0.5 million – < 1 million | 2,25 | 2,50 | 2,75 |
| 1M and more | 2,50 | 2,75 | 3.00 |
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
Require
- 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
Bank
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
function
- 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
- The minimum amount allowed for this account is KShs 20,000
- The minimum allowed period is one (1) month
- 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 info@equitybank.co.ke
TO CHARGE
- 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%.
function
- 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 benefits | time deposit account | current deposit account |
| Who can open it? | Individuals, minors, NRIs and companies (according to bank guidelines) | |
| with the office | tko 50.000 | Multiples of Kes 500 and Kes100 |
| what do you get | Earn 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 available | Earn 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.
function
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
Require
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)