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Sunday, May 26, 2013

Fixed deposit rates in Kenya

Where does the Fixed deposit rate in Kenya stands

Fixed deposit rates in Kenya is a subject that has been abused by commercial banks in Kenya but with the emerging mobile money technology, commercial banks in Kenya may learn the lesson the hard way.

From high interest rates from loans to high mortgage rates, the banks in Kenya have not learned how best to appreciate the contribution of their clients.

One day I walked into co-op bank and found this customer care lady who actually had difficulty explaining to me how much interest a fixed deposit account yields per annum.  She was actually in hurry to know if I had the money right away to deposit without first feeding me with enough information I could use to make decision on how I was going to invest.

Simply put commercial banks in Kenya have been acting like life sucking bugs sucking life out of their potential clients. Without adequate information in the public domain about their services and benefits of the services they offer, these banking institutions are profit oriented than service.

The interest rate you will get for your fixed deposit investment is probably shameful even to talk about.

I was shocked when the lady at the customer care, out of difficulty told me that her bank would give me a 2.5% interest per annum. 2.5 percent? What are you people talking us for, I thought for a while before telling her that the amount was too low.

Well, she told me even without looking at me that the money you invest in a fixed deposit account is the money you don’t need for the time being and they are just helping you keep it.

When I walked into that bank, even though I had no money to put into a fixed deposit account, I hoped to be treated with fairness which would mean that at least I am given something printed on a hard copy like a brochure detailing how the fixed deposit account work.

You can’t just dump money into a bank in the name of fixed deposit account or any other account type because of a word of mouth from customer case personnel which may change in due course without notice.

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