Is a current account designated to cater for all organizations which are not meant for profit maximization. These institutions generate profit only for survival and some does not generate profit at all. The rationale for existence of these kinds of institutions is to improve welfare of the members and the surrounding communities.
Community Current Account may be operated by;
Schools & Colleges.
What Community Current Account offers you?
No transaction fee.
Free Banker’s cheque.
No monthly ledger fee.
A free monthly statement.
The account can be operated in TZS, USD and EURO.
Free incoming TTs to Community Current Account.
Free incoming remittance to Community Current Account.
There is no limitation for amount to be withdrawn provided that the balance is sufficient.
What you need to have Community Current Account?
Opening amount is TZS 40, 000/- (or 50 USD/EURO)
Business License (if any).
Minimum balance TZS 20,000/- (or 50 USD/EURO)
Tax Payer Identification Number (TIN).
No interest is paid for whatever amount kept in this account.
Two recently Customer’s passport size photograph for authorised signatories.
Memorandum and Articles of Association (MEMARTS) or Organization constitution.
Certificate of registration from respective authorities (Original against a photocopy).
Organization mandate, signed application form or account opening authority containing specimen signatures.
Identity of at least two Directors, Owners or Partners and of at least two account Signatories. These must be properly verified.
Identity cards specified by the bank (Voters registration card, Passport, Driving license, National ID card).
Board resolution to open an account stating the signatories and signing modalities and signed by Chairman and Secretary of the meeting.
Letter enclosing minutes of the meeting of members of the quorum that resolved to appoint the bank as their banker and appointing signatories.
Permanent address which shall be verified by obtaining either letter of introduction from local Government authorities, utility bill like TANESCO bills, water bill, LUKU, property tax receipt or land rent receipt.