Mwalimu Commercial Bank (MCB) has introduced a new savings account dubbed ‘Tukutane Januari’ encouraging customers to save for easing the January woes.
The Bank’s Chief Executive Officer (CEO), Mr Ronald Manongi said the new product is aimed at overcoming the challenges that some people face in the month of January like paying school fees and rent.
“So this is quite different from a fixed account. Clients are to deposit whatever one has and at any time. Even 500/- has value to us. Cash release from Tukutane January will be allowed in every January month only,” he said.
It is a free monthly charge account and clients will be benefitting with four per cent annual interest rates.
He was speaking with media practitioners in Dar es Salaam when he went on clarifying that, at the same time, the client is allowed securing up to 30 per cent loan of his/ her investment (in the account).
The CEO urged Tanzanians to build saving culture in order to avoid unnecessary troubles people used to face; especially at year beginnings. He assured the public over smooth MCB services which are backed up by over 30.9bn/- bank capital.
Head of Business Development and Marketing, Mr Valence Luteganya chipped in that, how long for one to clear his/her loan will be determined by the amount the client secured.
The minimal amount for the account opening is 10,000/- and one can deposit from 500/- onwards, said the Head of Business Development and Marketing.
Daily News
Daily News
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