The deposit interest rate in Kenya increased by 0.5 percentage points (+7.47 percent) since the previous year. In total, the deposit interest rate amounted to 7.15 percent in 2022. This increase was preceded by a declining deposit interest rate. A deposit interest rate is the percentage of profit someone earns on their money in an interest-bearing account with a financial institution. Essentially, it is the money that banks, and credit unions pay someone for keeping their money in their institutions.
The source adds the following information: 'Deposit interest rate is the rate paid by commercial or similar banks for demand, time, or savings deposits. The terms and conditions attached to these rates differ by country, however, limiting their comparability'.
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World Bank. (May 30, 2024). Deposit interest rates in Kenya from 2012 to 2022 [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1246981/deposit-interest-rates-in-kenya/
World Bank. "Deposit interest rates in Kenya from 2012 to 2022." Chart. May 30, 2024. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1246981/deposit-interest-rates-in-kenya/
World Bank. (2024). Deposit interest rates in Kenya from 2012 to 2022. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1246981/deposit-interest-rates-in-kenya/
World Bank. "Deposit Interest Rates in Kenya from 2012 to 2022." Statista, Statista Inc., 30 May 2024, https://www.statista.com/statistics/1246981/deposit-interest-rates-in-kenya/
World Bank, Deposit interest rates in Kenya from 2012 to 2022 Statista, https://www.statista.com/statistics/1246981/deposit-interest-rates-in-kenya/ (last visited July 22, 2024)
Deposit interest rates in Kenya from 2012 to 2022 [Graph], World Bank, May 30, 2024. [Online]. Available: https://www.statista.com/statistics/1246981/deposit-interest-rates-in-kenya/