Fixed deposit calculator
See what a bank fixed deposit pays at maturity, after the 15% withholding tax on interest.
How fixed deposits work
You lock your money with a bank for a set term, commonly 1, 3, 6 or 12 months, at an agreed rate. Interest is taxed at 15% before it is paid to you. Breaking the deposit early usually means losing some or all of the interest.
Larger deposits can often negotiate a better rate, so ask your bank. Deposits are protected up to KES 500,000 per person per bank by the Kenya Deposit Insurance Corporation.
Common questions
Is fixed deposit interest taxed in Kenya?
Yes. Banks deduct 15% withholding tax from the interest for residents before paying it.
Fixed deposit or money market fund?
A fixed deposit locks your money at a set rate. A money market fund lets you withdraw within a few days and its rate moves with the market. Both are taxed at 15%.
This calculator gives an estimate to help you plan. It is not financial advice; confirm figures with your bank, lender or KRA.