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Open a Short Deposit with us today!
Short Deposits
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Features
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Eligibility
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Documentation
- Fixed Deposit account may be opened with a minimum of Shs.500, 000/-or USD 1,000/- and above. The minimum period for which the deposit is accepted is -30- days and the maximum term is -60- months.
- If a depositor requires advance facility against his/her/their Fixed Deposit with us, it could be granted either by loan or overdraft as per Credit Policy of the Bank. FDRs should be duly discharged by all the depositors.
- Tanzanian above 18 years of age.
- Foreign Individual working in Tanzania with valid documents.
- Account opening form to be filled +specimen card
- Two (2) passport size photos.
- Introducer known to Bank (account holder in our branch)
- Password original for verification
- work permit copy
- Residence permit copy
- letter from employer
- On letter head+rubber stamp
- Name of employee
- Work and residence permit numbers
- Passport number/national ID if he is a residence
- Physical Address proof
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What is a Short Deposit at Bank of Baroda Tanzania?
Short deposits are deposit kept with bank for a period lesser than 1 years
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Who is eligible to open a Short Deposit account?
- An individual in his / her own name
- More than one individual in their joint names, payable to all of them jointly or to any one of them or the survivor(s) on maturity
- A guardian acting on behalf of a minor, with a declaration stating the minor’s date of birth
- A partnership firm, a company or association, Government or Semi-Government (Parastatal), etc.
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What are the different tenure options available for Fixed Deposits?
31 days to less than 1 years
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What is the minimum and maximum deposit amount for Short Deposits?
Shs.500, 000/-or USD 1,000/- and above
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What interest rates are applicable to Short Deposits?
as disclosed in card rates from time to time
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How frequently is interest on Short Deposits paid out?
maturity
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Can I renew my Short Deposit automatically upon maturity?
All term deposits are being renewed automatically (under Auto Renewal Process) for the period of initial deposit, if the Depositor does not otherwise give instruction to renew it.
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Is there a penalty for premature withdrawal from a Short Deposit?
2% from card rate for the period deposit remained .
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Can I avail a loan against my Short Deposit balance?
NO
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What documents are required to open a Short Deposit account?
existing ac holders to submit FD form
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Can Short Deposits be held jointly with another person?
Yes
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Is tax deducted at source on Short Deposit interest earned?
Yes at pervailing tax rates
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How is the interest calculated on Short Deposits?
simple interest
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Can I manage or monitor my Short Deposit through mobile or internet banking?
NO,
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How does a Short Deposit differ from a Fixed Deposit at Bank of Baroda Tanzania?
Short deposit are for a period ller than 1 year only
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What happens if I miss renewing my Short Deposit on the due date?
All term deposits are being renewed automatically (under Auto Renewal Process) for the period of initial deposit, if the Depositor does not otherwise give instruction to renew it.
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How soon after maturity can I access funds from a Short Deposit?
on and after maturity date
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What happens to my Short Deposit account in the event of account holder’s death?
court order to be followed for processing death claim
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How do I close or redeem my Short Deposit before maturity?
writing application to nbranch for premature closure
