You are here:Skip Navigation Links Home Banking Services

Banking Services

Services

Apart from the essential transaction related services required for your day to day finances, we can offer you foreign exchange, cash management and credit facilities through our treasury and corporate banking channels in order to help you manage your financial needs.

Our private bankers are highly trained, experienced individuals and will be your single point of contact for any of your banking needs. They serve a limited number of clients to ensure you always receive the level of attention you require. We offer a comprehensive range of banking Products:

  • Deposit Products
  • Personal Credit Product
  • Credit Card & Charge Cards *
  • Foreign Exchange
  • Cash Management / Remittances

Apart from the above essential banking related services required for your personal and family needs, the M Corporate and Investment Banking teams would be happy to cater to the needs of your business.

 
Deposit Products

M Private bank offers two broad categories of deposit products, classified on their tenor. They are

  • Demand Deposits are deposit accounts where complete liquidity of the deposited funds is assured. The demand deposit accounts on offer are the following:

    • Multi Currency Checking Accounts

      A Checking Account, which is specifically designed to accommodate the wide variety of your personal banking needs. Checking accounts, which require maintenance of only the balances adequate to cover the amounts of cheques issued/to be issued, are available in TZS, USD, EUR and GBP. There is no requirement for minimum balance maintenance, however we would expect our clients to have an overall relationship size of USD 1,000,000.00 and above through various Private Banking products or services offered by the bank.

      On opening the account with us, you will be issued with a personalized cheque book, which can be used to settle any payment. You will be provided with Statements of Account on any periodicity of your choice, on a weekly, monthly or quarterly basis, free of cost.

      For charges applicable to transactions in the account, issuance of cheque books and additional statements of account, please refer to our Schedule of Charges.

    • Multi Currency Savings Accounts

      Bank savings accounts are a critical part of every individual’s financial domain. Savings accounts offer you liquidity with reasonable yield. In other words, you can make withdrawals easily from your savings account while the resultant balance in the account earns interest. This type of account is designed to simply hold money that you do not need immediate access to. When contrasted with checking accounts, bank savings accounts pay interest on the balances in the account

      Savings Accounts are available in TZS, USD, EUR and GBP. There is no requirement for minimum balance maintenance, however we would expect our clients to have an overall relationship size of USD 1,000,000.00 and above through various Private Banking products or services offered by the bank.

      On opening a savings account with us, you will be issued with a personalized cheque book, which can be used to settle any personal payments. You will be provided with Statements of Account on any periodicity of your choice, on a weekly, monthly, quarterly basis, free of cost.

      For charges applicable to transactions in the account, issuance of cheque books and additional statements of account, please refer to our Schedule of Charges.

    • Money AT Call

      Occasions are many in a modern business man’s life that you are faced with uncertainty over payout and realizations dates. As a result, you, in order to run your operations without serious cash flow mismatches, are compelled to meet current liquidity needs by maintaining float funds in zero interest current accounts. Liquidity vs Yield – that is the classical dilemma for all modern day business men. For those of you seeking to optimize liquidity while maximizing yield, Bank M introduces Money AT Call, a packaged product combining the liquidity of a current account with the yields of a fixed deposit.

      Money AT Call is accepted for any period of time. For funds which remain with the bank for periods shorter than 3 days, no interest will be paid.

      Money AT Call accounts are available in TZS and USD. There is no requirement for minimum balance maintenance, however we would expect our clients to have an overall relationship size of USD 1,000,000.00 and above through various Private Banking products or services offered by the bank.

      Interest Rates on Money AT Call accounts are negotiable but are normally a function of the value of connection, quantum of deposits and the overnight Inter Bank Rates. Interest will be payable on the deposit from Day 1 and up to the Day of Withdrawal – 1.

      For withdrawal of any amounts from Money AT Call accounts, all you have to do is send us your instructions to transfer the required amount to your Current Account with us or any other bank in Tanzania. If you require the funds in any of your accounts at another bank in Tanzania, we would transfer the funds by SWIFT at no extra cost. In addition to the transfer being free of cost, these transfers are covered by our Money. Back guarantee, the only Service Standard Guarantee (SSG) being offered by any bank in the African continent. These SSGs guarantee that any domestic SWIFT transfer will be completed within 1 hour from the time of request and an overseas SWIFT transfer within 4 hours from the time of request. Our guarantees assure the client that within these stipulated time frames, we would email them the transmitted SWIFT copy.

  • Fixed Deposits are deposits which are fixed for a term from the date of issue at a pre determined rate of interest. Bank M has the following fixed deposits on offer:

    • MI Fixed Deposits

      MI Fixed deposits are fixed deposits which offer the facility of payment of interest on monthly basis or on any longer periodicity required by you. The deposit is fixed for a minimum tenor of 90 days or more. Interest is paid out on monthly basis or on any longer periodicity as desired by the customer.

      MI fixed deposits are available in TZS, USD, EUR and GBP. The minimum deposit amounts are as follows:

      Currency of Account Minimum Balance
      Tanzanian Shillings 100,000,000.00
      United States Dollars 100,000.00
      Euro 100,000.00
      Sterling Pound 100,000.00

      Interest Rates on MI Fixed deposits are negotiable but are normally a function of the value of connection, the quantum of deposit and the ruling 91 day treasury bills yield for LCY deposits and the 3 Month LIBOR for the other currencies.

    • RE Fixed Deposits

      RE Fixed deposits are fixed deposits where interest is earned and re-invested every quarter and paid on the maturity date along with the principal amount. RE Fixed deposits are fixed for a tenor of more than 90 days. Because of the power of compounding, RE Fixed deposits improve the yield to you to a rate higher than the interest rate.

      RE Fixed deposits are available in TZS, USD, EUR and GBP. The minimum deposit amounts are as follows:

      Currency of Account Minimum Balance
      Tanzanian Shillings 100,000,000.00
      United States Dollars 100,000.00
      Euro 100,000.00
      Sterling Pound 100,000.00

      Interest Rates on RE Fixed deposits are negotiable but are normally a function of the value of connection, the quantum of deposit and the ruling 91 day treasury bills yield for LCY deposits and the 3 Month LIBOR for the other currencies.

      RE Fixed deposits come with an Auto Rollover Option, which can be exercised at the time of booking the deposit, whereby the bank agrees that, in the absence of any instructions to the contrary, it will suo moto rollover the deposit on maturity, at no extra cost.

    • UN Fixed Deposits

      UN Fixed deposits are fixed deposits with a pre approved line of credit. The fixed deposits will be taken as RE Fixed deposits for a tenor of more than 30 days where interest on the deposit is earned and re-invested and paid on the maturity date. The pre-approved line of credit is normally up to 75% of the amount deposited. The interest rate on the utilized portion of the line of credit is deducted from the maturity proceeds of the fixed deposit.

      UN Fixed deposits are available in TZS, USD, EUR and GBP. The minimum deposit amounts are as follows:

      Currency of Account Minimum Balance
      Tanzanian Shillings 100,000,000.00
      United States Dollars 100,000.00
      Euro 100,000.00
      Sterling Pound 100,000.00

      Interest Rates on UN Fixed deposits are negotiable but are normally a function of the value of connection, the quantum of deposit and the ruling 91 day treasury bills yield for LCY deposits and 3 Month LIBOR for the other currencies. Interest rates on the pre approved line of credit is also negotiable but will be a mark up over the cost of the deposit, which is calculated as the applicable interest rate plus the cost of statutory reserve on the deposit.

      UN Fixed deposits come with an Auto Rollover Option, which can be exercised at the time of booking the deposit, whereby the bank agrees that, in the absence of any instructions to the contrary, it will suo moto rollover the deposit and the line of credit on maturity, at no extra cost.

    • CLUSTER Fixed Deposits

      Cluster Fixed Deposit is a fixed deposit where a larger fixed deposit is booked in multiple units for smaller amounts. Cluster Fixed deposits allow a partial liquidity option in the event of an unexpected requirement for part of the booked amount. As the deposits are booked in smaller units, you are allowed the flexibility of prematurely withdrawing some of the units of deposit, while the others will continue to earn interest.

      CLUSTER Fixed deposits are available in TZS, USD, EUR and GBP. The minimum deposit amounts are as follows:

      Currency of Account Minimum Deposit Value Minimum Unit Value
      Tanzanian Shillings 100,000,000.00 5,000,000.00
      United States Dollars 100,000.00 5,000.00
      Euro 100,000.00 5,000.00
      Sterling Pound 100,000.00 5,000.00

      Interest Rates on CLUSTER Fixed deposits are negotiable but are normally a function of the value of connection, the quantum of deposit and the ruling 91 day treasury bills yield for LCY deposits and the 3 Month LIBOR for the other currencies. Interest on the units withdrawn prematurely will be paid interest at the ruling Overnight Inter Bank rates for the respective Currencies.

      CLUSTER Fixed deposits come with an Auto Rollover Option, which can be exercised at the time of booking the deposit, whereby the bank agrees that, in the absence of any instructions to the contrary, it will suo moto rollover the deposit on maturity, at no extra cost.

Personal Credit Product

We offer the service of Instant Credit, which provides credit eligible clients with a streamlined, easily accessible revolving line of credit that can be used for personal requirements on an ongoing basis. These credit line features variable interest rate, no fixed expiration date and repayment flexibility.

    Overdrafts

    Our checking-overdraft protection, Checking Plus, provides ready liquidity for temporary cash-flow needs. It is a revolving line of credit with a variable rate attached to a checking account, accessed only when the account would otherwise become overdrawn. It is commonly approved to meet your contingency requirements.

    Overdrafts are similar to current accounts in every way except that the account will be allowed to be overdrawn upto the amount of approved Limit. The maximum amount of borrowings of the customer, including the overdraft facility, which can be approved by us is regulated by the Bank of Tanzania, the local banking regulator, and is currently fixed at 25% of our “core capital” for a single customer or for a group of companies. Core Capital of a bank and it’s Single Borrower Limits (SBL) and Group Exposure Limits (GEL) are laid down by the Bank of Tanzania vide The Credit Concentration and other Exposure Limits Regulations, 2008.

    M Private Bank currently offers Overdrafts in TZS, USD, EUR and GBP. Interest Rates on Overdrafts are negotiable but is normally a function of the value of connection, the quantum of the overdraft and the ruling treasury bills yield for LCY Overdrafts and 3 Month LIBOR for the other currencies. Interest Rates are offered by us on a Fixed or Floating Basis. Floating Rates are on offer linked to Money Prime Rate, which is our Base Rate or as a mark up over 91, 182 or 365 day treasury bills for LCY overdrafts and 3 Month, 6 Month or 1 year LIBOR of the respective currencies. Fixed Rate overdrafts normally carry a small premium over those offered on floating rates. Interest is applied on daily balances of overdrawn amounts and is applied and payable monthly in arrears.

  • Short Term Loans

    Short Term Loans are available for your various personal requirements. The tenor of Short Term Loans can be as short as 30 days but will not exceed a maximum of 1 year. The approval process involves evaluation of the credit worthiness of the customer, the security being offered for the requested facility, acceptance of the approved facility, documentation to cover the terms and conditions of the approval along with the security cover and drawdown of the approved facility.

    The maximum amount of borrowings of the customer, including Short Term Loans, which can be approved by us is regulated by the Bank of Tanzania, the local banking regulator, and is currently fixed at 25% of our “core capital” for a single customer or for a group of companies. Core Capital of a bank and it’s Single Borrower Limits (SBL) and Group Exposure Limits (GEL) are laid down by the Bank of Tanzania vide The Credit Concentration and other Exposure Limits Regulations, 2008.

    M Private Bank currently offers Short Term Loans in TZS, USD, EUR and GBP. Interest Rates on Short Term Loans are negotiable but is normally a function of the value of connection, the quantum of the loan and the ruling treasury bills yield for LCY Short Term Loans and 3 Month LIBOR for the other currencies. Interest Rates are offered by us on a Fixed or Floating Basis. Floating Rates can be offered linked to Money Prime Rate, which is our Base Rate or as a mark up over 91, 182 or 365 day treasury bills for LCY Short Term Loans and 3 Month, 6 Month or 1 year LIBOR of the respective currencies. Fixed Rate overdrafts normally carry a small premium over those offered on floating rates. Interest is applied on reducing balances and is applied and payable monthly in arrears.

  • Term Loans

    Term Loans are credit facilities granted for periods in excess of one year for financing of capital expenditures and investments. The maximum tenor of a term loan that M Private Bank offers is normally for a period of 3 years, which can extended to 5 years for exceptionally good relationships. The approval process involves evaluation of the credit worthiness of the customer, the security being offered for the requested facility, acceptance of the approved facility, documentation to cover the terms and conditions of the approval along with the security cover and drawdown of the approved facility.

    The drawdown of the facility will be instant. Repayments can be either in equated monthly instalments or Step up or Step Down Instalment structures, payable over the tenor of the loan.

    The maximum amount of borrowings of customer, including Term Loans, which can be approved by us is regulated by the Bank of Tanzania, the local banking regulator, and is currently fixed at 25% of our “core capital” for a single customer or for a group of companies. Core Capital of a bank and it’s Single Borrower Limits (SBL) and Group Exposure Limits (GEL) are laid down by the Bank of Tanzania vide The Credit Concentration and other Exposure Limits Regulations, 2008.

Credit Card & Charge Cards* , Foreign Exchange & Cash Management/Remittances
  • Credit Card & Charge Cards* :We will shortly be offering co-branded International Credit Card & Charge Cards with one of the World’s largest and preferred card service provider.

  • Foreign Exchange : We offer facilities for exchange of your foreign currencies at highly attractive rates.

  • Cash Management/Remittances: We offer transfer of funds by SWIFT to any Bank in Tanzania at no extra cost. In addition to the transfer being free of cost, these transfers are covered by our Money.back guarantee, the only Service Standard Guarantee (SSG) being offered by any bank in the African continent. These SSGs guarantee that any domestic SWIFT transfer will be completed within 1 hour from the time of request and an overseas SWIFT transfer within 4 hours from the time of request. Our guarantees assure the client that within these stipulated time frames, we would email them the transmitted SWIFT copy.