Which bank pays the highest interest rate for fixed deposit in Kenya?

The Standard Chartered Bank has one of the most competitive fixed deposit interest rates in Kenya. The interest is calculated on a daily basis and is paid on the date of maturity.

Which bank has highest FD rate in 2021?

What is the current bank interest rate in Kenya?

7%
Kenya has remained stable its interest rates in an annual rate of 7%. The key rates a tool used by Central Banks to implement monetary policy….Interest rates unchanged in Kenya.

What are the fixed deposit rates in Kenya?

When it comes to fixed deposit rates in Kenya 2018 marked a new beginning for Equity Bank which adjusted its interest rates to mirror the latest Central Bank Rate (CBR) of 9.5%. For saving deposits, the bank’s minimum interest is 70% of the CBR, hence setting its current fixed deposit rates at a minimum of 6.65%.

What was the interest rate in Kenya in 1991?

Interest Rate in Kenya averaged 13.36 percent from 1991 until 2021, reaching an all time high of 84.67 percent in July of 1993 and a record low of 0.83 percent in September of 2003.

Why did the Kenya Central Bank lower the interest rate?

The Central Bank of Kenya lowered its benchmark interest rate by 5bps to 8.5% during its November meeting, surprising markets that expected the rate to be left on hold. The bank cited a backdrop of domestic macroeconomic stability, the recent repeal of interest rate caps, heightened global uncertainties and volatility in international markets.

How much does it cost to open a bank account in Kenya?

The minimum payable interest is set at 70% of the current Central Bank Rate hence allowing for high returns. Opening an account costs Kshs 2,000, and the minimum deposit amount is Kshs 5,000. Also, no monthly fees are charged, incoming transfers are also free, and the account holder is allowed four free withdrawals yearly.

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