Chuuma offers fixed deposit options through partnerships with reputable financial institutions, providing a secure way for clients to grow their savings. These fixed deposits are accessible through the Chuuma mobile app and USSD platform.

Here are some key aspects of Chuuma’s fixed deposit offerings:

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Variety of Tenures

Chuuma provides fixed deposit options with various tenures, such as 3 months, 6 months, and 1 year, allowing users to choose a plan that aligns with their financial goals.

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Competitive Interest Rates

The fixed deposits offered through Chuuma come with competitive interest rates, which are displayed along with other product details like the minimum deposit and tenure.

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Application and Investment Process

Users can select a fixed deposit product and specify the investment amount. Upon confirmation, funds are deducted from the user’s Chuuma wallet or linked account, and a fixed deposit certificate is generated and sent to the user via the app and email.

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Interest Calculation and Disbursement

Interest is calculated either periodically or at maturity, based on the terms of the chosen product. The principal amount along with the interest earned is disbursed to the user’s wallet or linked account at maturity.

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Early Withdrawal

Users can request early withdrawals, subject to the policies of the partner bank. Any applicable penalties for early withdrawal are calculated, and the disbursement is processed within the specified timeframe.

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Reporting and Monitoring

Chuuma maintains records of all fixed deposit transactions and provides users with portfolio updates through the app and periodic statements.

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Fraud Prevention

Chuuma implements measures to mitigate fraud, including caps on fixed deposit amounts. Periodic audits are conducted to ensure accurate interest calculations and payouts.

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User Security

All transactions related to fixed deposits are secured with encryption and two-factor authentication, and real-time alerts are provided for any suspicious activity.

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Commission

Chuuma earns a 1.0% commission from partner deposit-taking institutions for facilitating fixed deposit investments.

Chuuma also enables investors to create personalized savings plans with clear goals and timelines to track their progress. These features, combined with the accessibility of the digital platform, make fixed deposits an attractive investment option for Chuuma users.