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Cash in bank fixed deposit accounts hits Sh2 trn
Savers in banks have moved away from the lower-yielding saving accounts with balances dipping to Sh1.6 trillion in July 2024 from Sh1.7 trillion at the same time last year.
The amount of money in savings held in fixed deposit accounts crossed the Sh2 trillion mark for the first time in July, underling the impact of a scramble by savers lured by high interest rate offers by commercial banks.
Fresh data by the Central Bank of Kenya (CBK) shows that the fixed deposit balances hit Sh2.02 trillion for the first time in July, representing a 13.6 percent growth from Sh1.76 trillion at the same time last year.
