EXIM Bank (Tanzania) has re-launched its recurring deposit scheme branded as 'Haba na Haba' that encourages savings by customers in the low income bracket.

The Exim Bank Retail Officer, Mr Richard Noni, said in a statement in Dar es Salaam the deposit product now comes with extra benefits including competitive interest rates and a loan option.

Mr Noni said the deposit product will help the bank's customers accomplish their dreams through monthly deductions from their accounts that will accumulate after a certain period. "The product has had tremendous success since its launch last year.

Exim bank believes savings can play a vital role to help a person to realise his or her own dream. We have today decided to re-launch the product, but this time with more benefits. "One only needs to drop just a bit of earnings in your Haba na Haba Account after authorising Exim Bank to set aside a small portion of his or her savings or salary regularly or every month, for a fixed period ranging from 12 to 120 months," he said.

Mr Noni said his bank does not charge any ledger fees or operating costs for the deposit scheme adding that the Haba na Haba account can be used as collateral for securing loans from the bank.

He said the scheme is open for new, existing and corporate clients adding that one can deposit as low as 20,000/- per month. "Haba na Haba scheme provides one of the best platforms to save money.

It provides security to money as well as helping one earn some interest over time. We believe this product will go a long way in developing people's savings culture," he added.

Mr Noni said the bank with 23 branches across the country is committed to providing customers with tailor-made products adding that many innovative products will be launched before the end of the year.

Exim Bank recently launched the Exim Academy as part of the bank's excellence strategy that seeks to increase staff competence as well as service delivery in its quest to be Tanzania's preferred bank.