Standard Bank Malawi is offering customers up to 10 percent interest on their fixed deposit accounts in a new promotion called 'Mo-Money'.

The offer means both personal and business banking customers can get more than double the standard interest rate on the fixed deposit accounts, which is normally a maximum of 3.5 percent per annum.

Speaking at the launch of the promotion, Standard Bank Country Sales Manager Chimango Chirwa said the offer is very competitive on the market and customers have a lifetime chance to grow their money.

"As a bank we are aware of the financial stress being experienced in the market and we cherish the opportunity to excite our customers with an offer that sees their money grow literally" Chirwa said.

The campaign, which runs from March 7 until May 4, also gives customers who opt for longer fixed deposit tenures to continue enjoy the exclusive interest rates until the tenure expires.

Chirwa added: "Where a customer opens a fixed deposit account to run for say six or 12 months, they will continue to enjoy the special rate for as long as they do not break the account before maturity".

He said the bank chose to focus on the fixed deposit account because of its flexibility as customers can choose how long they want the account to run while still enjoying the special rates.

The bank's Personal and Business Banking Director Paul Omara said they decided to launch the promotion to encourage the customers make long term investment decisions.

He said some customers especially business people are keeping more cash in their homes due to scarcity of forex for business.

Omara said if that money is invested especially during the promotion it would yield somebody some profit than keeping it in their homes.

"This is an economically challenging period and as a bank that believes in moving our customers forward we have spent some considerable time thinking of how best we can make banking more meaningful to our valued customers and in turn make their lives better," Omara said during an interview.

The bank acknowledged the positive response by its customers in all the recent promotions the bank introduced hoping for the same in the Mo-Money promotion.