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Maendeleo Bank PLc

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BUSINESS BANKING

BUSINESS CURRENT ACCOUNT

Business Current Account is a cheque account that is specifically designed to cater for your business banking needs. Enjoy the convenience of paying by cheque and drawing money without restrictions. A current account from MB Bank is ideal for managing and controlling your business transactions anytime, anywhere

    • Account can be opened and operated in TZS, USD, EURO, GBP
    • Opening balance of TZS 100,000, and USD 100, GBP 100   and EURO 100.
    • Cheque to facilitate cash withdrawal and transfers.
    • Overdraft facility for those who meet loan conditions.
    • Certificate of incorporation (Original & Photocopy)
    • Memorandum and Article of Association
    • Business License
    • Minutes with resolution to open an account at MB Bank
    • Letter of application for account opening
    • TIN number and or VAT registration certificate

FLEXI FIXED ACCOUNT

It is fixed deposit account with maximum tenure of a year, where a customer invests funds for a period of 12 months or less with an option to extend period at new agreed terms (Amount, Time and Rate) with an option to received interest income at the beginning, monthly or at the end.

  • Operating Currency is TZS.
  • Minimum fixing amount: TZS 200,000
  • Maturity tenure is 12 months.
  • Fixed Interest Rate for a period of one year
  • Interest paid at beginning of the contract
  • Interest paid Monthly on a different account selected by the customer
  • (Normally Savings Account)
  • Interest paid at the end of the contract
  • Certificate of Deposit/Fixed Deposit Receipt (FDR) is issued
  • Forego 50% of the interest earned on premature closure
    (recovered from the earned interest).
  1. High return investment – competitive interest rate is offered
  2. Ability to access interest income before maturity of the investment, at the beginning, monthly or at the end of the tenure.
  3. Risk free investment
  4. Emergency loan of up to 90% of the deposits (lien).

FIXED DEPOSIT ACCOUNT

It is a time deposit with fixed terms where a certain amount of money is kept in the account for predetermined fixed time (Investment duration ranges from 3 or 6 or 9 or 12 months) and competitive interest rate is given.

  • Funds are invested in fixed period –for a maximum of one year
  • Interest is paid on maturity
  • Investment duration ranges from  3 or 6 or 12 or 24months
  • Fixed Deposit receipt is given to a customer as certificate of deposits which is presented for payment during maturity
  • It can be renewed as per customer’s instructions
  • It can be opened in either of TZS, USD, GBP and EURO
  • Opening balance is TZS 200,000
  • Prematurely withdrawal attracts a penalty

COMMUNITY ACCOUNT

Community account is an account which can be opened and operated by a religious institution and NGO

  • Available in TZS, EURO and GBP
  • Low opening balance of TZS 50,000 EURO 50 and 50 GBP
  • Access to MB treasury products and local & international payment facilities (TISS & TT )
  • Transact through our Branch network
  • Make deposits into your account easily
  • Gives you access to the MB credit facilities
  • Access to Cheque book free of cheque
  • Local transfers to other banks at free of charge
  • Signatories ID (Voter ID or Driving license or Passport.)
  • Original and copy of the certificate of registration
  • Original and copy of the Constitution
  • Original and copy of the Tax Identification Number (TIN)
  • Minutes of the meeting appointing names of the officers authorized to operate the account with mandate on how the account will be operated

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