Fixed deposit is BS for lack of better words. Hio achia akina mwangi wa equity who have more money than they need. Kama wewe ni mtu wa kutafuta kama mimi, do some business with the money. You may even finance a startup upate shares kwa hio kampuni. Visit UON for great ideas that you can finance.
Isn't the witholding tax charged only on the interest?
This fixed deposit is good for guys with money lying around. If you have 10m, instead of buying an apartment, it would earn you 1.2m a year. That's 100k a month. You can then rent a place for 60k a month and have 40k to run around. But you'd be stupid to do that.