Tropical Standby Overdraft

Bridge financing required for your business operations

Our standby overdraft enables you during the course of your fixed deposit, to access bridge financing automatically, with higher amounts and softer terms without losing interest already earned on your fixed deposit for the period elapsed.

Modality

Immediately, as your fixed deposit, whether in Uganda Shillings or US Dollars is fixed with Tropical Bank, 90% of the amount shall automatically turn into a limit for a Standby Overdraft in Uganda Shillings without a credit application or prior arrangement when the need arises. Just pay out your cheques and our system shall honour them instantly within the limit.

How to Qualify..?

Any Tropical customer holding a minimum fixed deposit between UGX 10 million- UGX 49million or equivalent in US Dollars and for a period of six months and above.

What are the Benefits?

  • Bigger amounts, longer periods of the fixed deposit, the higher the interest rates offered.
  • Two cheque books of fifty leaves  every year free of charge
  • All transactions on the main customer’s account free of charge
  • ATM cards and relevant transactions free of charge
  • No commitment and/or legal fees on the standby overdraft
  • Two account statements each month free of charge.

Cost of the Standby Overdraft

  • Your overdraft limit up to 50% of your fixed deposit will attract interest of 6% over and above the interest rate earned on your fixed deposit, applicable on the utilized balances only.
  • Your overdraft limit from 50% up to 90% of your fixed deposit will attract interest of 7% over and above the minimum rate earned on your fixed deposit, applicable on the utilized balances only.
  • No other charges whatsoever.