Vuna Account

Vuna account allows our customers to make the rules on how they wish to earn interest in their fixed deposit. Get paid monthy, quarterly or annually, whatever works for you.

The product name was derived from the word “Harvest” in English which is the process of gathering mature crops from the field marking the end of a growing season. The Vuna account therefore allows our customers to ‘VUNA’ the interest on their funds placed in the bank as an FDR every month, quarter or bi-annual basis. 

The customer can have the interest being channelled to a respective/beneficiary account within BANK OF AFRICA TANZANIA

PRODUCT ATTRIBUTES:

• Access to accrued interest on account on a monthly, quarterly or bi-annual basis. (Flexible access to your interest).

• Free transfer of interest to any account within BANK OF AFRICA TANZANIA.

• Access to overdraft facility of up to 75% of your deposit.

• Discounted rates on our customers personal loan application.                  BENEFITS – CUSTOMER:

• Competitive interest rates on your deposits

• Free transfer of interest to any account within BANK OF AFRICA TANZANIA.

• Access to overdraft facility of up to 75% of your deposit.

• Discounted rates on your personal loan application.

• Application letter for account holders (existing customers) OR For customers

• Letter of introduction from employer and Identity card

• Introduction letter from local government and voter registration card or passport or

• A referee holding account with BANK OF AFRICA -TANZANIA and voter registration card or passport

• Two passport size photographs with American size

• Opening amount

All Branches

Fixed Deposit Account

We will  guarantee interest rate that you always know exactly what your investment will be worth, Earn up to 9.50% pa.

BANK OF AFRICA-TANZANIA Term Deposit Account (Fixed Deposit Account) is an account designed to benefit our customers’ needs for short or medium term goals in the form of fixed lump sum savings. The account is designed for both corporate and individual clients. 

 

PRODUCT ATTRIBUTES:

• No need to have an account with the bank.

• Premium interest earned upon the maturity of deposit.

• Interest rate is negotiable.

• A customer knows in advance the interest he / she will earn. 

• A flexible maturity which enable a customer to choose a suitable investment plan. 

• Risk free investment with guaranteed return. 

• Easy to access an overdraft facility in case of need (It can be used as a lien/ collateral for loan)

• Renewable investment enables customers to maximize his/ her interest earning.                                                                                                                                                                         BENEFITS – CUSTOMER:

• Competitive interest rates on your deposits

• No restriction on number of deposits and withdrawals.

• No period of notice of withdrawal is required. 

• Application letter for account holders (existing customers) OR for customers

• Letter of introduction from employer and Identity card

• Introduction letter from local government and voter registration card or passport or

• A referee holding account with BANK OF AFRICA -TANZANIA and voter registration card or passport

• Two passport size photographs with American size

• Opening amount

All Branches

Trading in Government Securities

Invest in Tresury bills and bonds and earn up to xx% . This is a risk free investment that guarantee you substential returns. Our customers always have options to from 35 days to 20 years.

This involves biding for Government securities on behalf of customers at competitive prices in the primary and secondary market. 

Divided into 2 parts: 

• Treasury Bills – short term investment with a maximum investment period of 365 days. They are grouped into 4 periods 35, 91, 182 and 365 days.

• Treasury Bonds – currently have been grouped into tenors 2, 5, 7, 10,15 and 20 years.

We invest in Treasury Bills and Treasury Bonds on the primary and secondary market. We also sell and buy Government securities in the market after the initial offer

Features

• Treasury Bonds have a long-term maturity 

• Treasury Bills have up to one-year tenors to maturity. 

• Treasury Bonds have coupons while Treasury Bills have interest.          The customer earns interest

Any person with sufficient funds, Commercial banks and general public normally participate in Government Securities by lodging their bid to Central Bank auction

All Branches