Business Banking

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.

Key features of business account;

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.

 

Requirements for  a Limited Companies

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

 

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

Benefits of community account

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

 

Requirements of a community account

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

 

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

Key Benefits:

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

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.

Key Features:

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).

Key Benefits:

High return investment – competitive interest rate is offered

Ability to access interest income before maturity of the investment, at the beginning, monthly or at the end of the tenure.

Risk free investment

Emergency loan of up to 90% of the deposits (lien).