Sumac Fixed Deposit considered one of the best in Kenya
Sumac Microfinance Bank has been hitting headlines in 2018 for remarkable performances in the microfinance industry, with a major win at the 2018 Think Business Banking Awards, coupled with new partnerships with local and international investors from across the world. The latest entrant after Badoer Investment took a 15.6 per cent stake in the bank, is the US-based SIMA Funds, who have entered into an agreement with Sumac to provide debt finance at affordable rates.
These are major achievements for Sumac that happened in 2018. However, it is Sumac’s Fixed Deposit Account that has caught the eye of many industry players who have observed that the Bank may have one of the best Fixed Deposit Accounts in Kenya.
Industry leaders and banking pundits say Sumac’s Fixed Deposit not only has the best, sustainable interest rate of up to 14 per cent, but equally has very flexible terms and conditions, that’s why investors wishing to make hay would be best suited to fix their money with Sumac.
“We are delighted that industry players are recognizing our efforts as Sumac Microfinance Bank,” says Mr. John Njihia. “Our Fixed Deposit Account is a dynamic platform that seeks to make investors successful as they keep their money. That’s why our interest rate is that high. It is meant to benefit the account holder by all means.”
Mr. Njihia says Sumac has offered this rate for the last five years, and it has been a sustainable venture all the way. “For those who might think it is not possible to operate such high yielding accounts, we have a track record of five years of handling this account, and it has been a fruitful engagement for us. We look forward to extending this offer to as many Kenyans as is possble,” Mr. Njihia says. “All you have to do is to visit one of our branches countrywide, and you can fix any amount of money as you’d like, and see it grow for you.”
Benefits of Sumac Fixed Deposit Account
According to Mr Njihia, Sumac Fixed Deposit has numerous benefits. They include;
- Deposit amount is fixed during the investment period
- Interest rate is fixed during the investment period
- Unbeatable interest rates of up to 14 % p.a.
- Funds are available on maturity
- No maximum investment amount
- You are informed of the interest payable at the time of opening your fixed deposit account
- No Ledger fee / monthly charges
- No charges for incoming transfers
- Interest calculated and paid on maturity.
- Dedicated bank officers to handle the customers inquiries.
- Convenient account opening process
Deposit accounts are suitable for:
- Customers holding funds pending asset purchase
- Schools collecting student fees just before the term begins
- Fund managers awaiting to make an investment
- Corporate dividends awaiting approval for payment
- Other similar temporary funds.