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Motswedi Recuring Deposit Scheme


 

A unique product developed for the customers who wishes to contribute small savings every month for their large future requirements

 

You may contribute as small amount as P 50 per month which earns good return every month and on maturity the whole savings may either be reinvested or utilized.

 

Key benefits:

  1. Monthly contribution may be as low as P 50 per month or in multiple of P 5. Maximum amount that can be contributed per month is pegged at P 100,000/-
  2. Earn higher interest on monthly basis on outstanding balance as on the last day of the preceding month.
  3. Hassel free loan/overdraft facility up to 90% of the deposit amount available. Interest on loan/overdraft will be charged only @ 2% over the deposit interest rate on monthly basis.
  4. Accounts may be opened by any individual, firm, organization, trust, society.
  5. Deposit tenure ranges from minimum of 12 months and up to 60 Months in multiple of 3 months.
  6. Additional interest of 0.25% for large value accounts with minimum contribution of BWP 5000 per month and above.

 

OTHER TERMS AND CONDITIONS:

  1. Contribution may either be made in cash or transfer from existing accounts with our bank. Customers may also give standing instructions from their account with us without any extra charges/stop order from other bank.
  2. Interest payment is subject to withholding tax.
  3. Premature payment in case of exigencies is permitted. Interest will be calculated at 1% below the rate applicable for the period of deposit.
  4. Monthly minimum contribution as per the original contract should be deposited latest by 7th of the month. No penalty on default in payment of installment. However, interest is not payable for the default month installment.
  5. No premature payment penalty will be levied in case of the same is reinvested in any other deposit plan of our bank.
  6. Simple application form.

 

 

 

If monthly minimum contribution exceeds P 5000 per month additional interest of 0.25% will be paid.

 

 

* Interest will be compounded on monthly basis.