• Current Account From Banks
    Current Account From Banks
    Current Account From Banks

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Open a current account today!

Current Account From Banks

These are current accounts opened as limited Companies as well as sole proprietors licensed to carry out business activities in Tanzania

  • Benefits
  • Features
  • Eligibility
  • Documentation
  • Interest Rates & Charges
  • Terms & Conditions
  • No Charges for Internet Banking
  • Free SMS alert facility
  • No charges for foreign currency withdraw up to 2000/- USD
  • No charges withdrawal up to 25Mn for TZS account
  • No charges for monthly statements
  • No monthly charges
  • The minimum opening balance for this account is Tshs. 200,000/- , USD 200/- , GBP 200 or EUR 200 for each current account.
  • Any company registered and licenced to carry out business activities in Tanzania.
  • Account opening form to be filled +specimen card.
  • Two (2) passport size photos of each signatory.
  • Passport copies for all signatories. (If expatriates then work permit and residence permit copy is required).
  • NIDA card copies for all the signatories.
  • TIN certificate copy. (For both company and signatories).
  • Physical Address proof. (For both company and signatories).
  • Tax clearance certificate.
  • Business licence (VALID)
  • Copy of latest auditors’ report and account of company.
  • Memorundum & articles of association
  • one (1) Introducer known to the bank
  • No interest Rate paid to Current accounts.
  • Charges for not maintaining minimum balance TZS 18,000 pm and USD 15 pm
  • Account maintenance charges TZS 18000 H / year and USD 18 H / year

Minimum and Maximum Amount

Savings
Minimum amount: TZS 200,000 for TZS account USD 200 for USD account
Maximum amount: No limit

Frequently Asked Questions (FAQs)

  • What is the Current Account from Banks offered by Bank of Baroda Tanzania?

    this account is used by eligible entities/individuals to route their buisness transactions

  • Who is eligible to open a Current Account from Banks?

    firms, companies, institutions, Individuals etc.

  • What are the main benefits of the Current Account from Banks?

    better customer service

  • Is there a minimum opening balance for the Current Account from Banks?

    Yes, TSH 200,000 / USD/GBP/EUR 200

  • Is internet banking free with the Current Account from Banks?

    Yes

  • Are SMS alerts and monthly statements free with this current account?

    Yes

  • Are there charges for foreign currency withdrawals with the Current Account from Banks?

    withdrawal charges disclosed on website

  • Are there charges for local withdrawals from the Current Account from Banks?

    withdrawal charges disclosed on website

  • What documentation is required to open the Current Account from Banks?
    • Duly filled and signed Account Opening Form (AOF)
    • Board resolution signed by at least two Directors or the Company Secretary and one Director
    • Certificate of Incorporation
    • Memorandum and Articles of Association (MEMARTS)
    • Latest Annual Return of the company certified by BRELA (for companies incorporated and at least 18 months old) or BRELA Search
    • Business License (for regulated entities – obtain regulatory license)
    • TIN Certificate
    • VAT Certificate (where applicable)
    • Company ownership structure (for companies with complex ownership structure)
    • Any other documents depending on the customer’s constitution
  • Is interest paid on the Current Account from Banks?

    NO

  • What are the minimum balance requirements and penalties for the Current Account from Banks?

    TSH 200,000 / USD 200 , charhes for not maintaing minimum balance on daily basis hsall be recovered monthly as disclosed

  • What are the account maintenance charges for the Current Account from Banks?

    TZS 3700 PM , USD/GBP/EUR 3 PM ,charges disclosed on website

  • Can I operate the Current Account from Banks in multiple currencies (USD, GBP, EUR)?

    YES

  • What is the maximum transaction limit on the Current Account from Banks?

    No limit

  • Is there an overdraft facility with the Current Account from Banks?

    No

  • Can the Current Account from Banks be used for bulk deposits and high-volume transactions?

    Yes

  • How do I nominate a beneficiary for the Current Account from Banks?

    No

  • How do I upgrade from this current account to a Baroda Premium Current Account?

    submitting request letter to Branch after knowing all features

  • How does the Current Account from Banks differ from other current accounts like Baroda Premium?

    this account is suitable for small/new companies to do their businss transactions.

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