BUSINESS - ECONOMY
| 2013-08-05No fees for N$2000 cash deposits
STAFF REPORTER
THE Bank of Namibia has announced that all banking institutions have implemented free cash deposits standard for the first N$2 000 deposited per month. The central bank and the commercial banks had set 31 July as the deadline for the implementation of the policy. The new policy will apply on all savings and investment accounts held by individuals at banking institutions, the central bank said.
The central bank said in a statement that the implementation follows an announcement it made in March this year that the banking industry has agreed and issued standards for cash deposit fees in Namibia.
“The set standards apply to all savings and investment accounts owned by individuals at banking institutions; as well as to businesses that earn N$1 million per annum or less. As for businesses that earn N$1 million per annum or less, all banking institutions will provide such businesses with a zero-rated cash deposit fee for the first N$10 000 deposited per month. This will be effective from 31 October 2013. The Bank of Namibia believes that cash deposit fees discourage individuals to save and will continue to work with the banking sector to ensure that such fee are not charged in future. In this regard, the Bank of Namibia thanks the banking industry for their co-operation with this initiative. Members of the public can contact their local bank branches for further details” said Ndangi Katoma Director of Strategic Communications and Financial Sector Development at the Bank of Namibia.
THE Bank of Namibia has announced that all banking institutions have implemented free cash deposits standard for the first N$2 000 deposited per month. The central bank and the commercial banks had set 31 July as the deadline for the implementation of the policy. The new policy will apply on all savings and investment accounts held by individuals at banking institutions, the central bank said.
The central bank said in a statement that the implementation follows an announcement it made in March this year that the banking industry has agreed and issued standards for cash deposit fees in Namibia.
“The set standards apply to all savings and investment accounts owned by individuals at banking institutions; as well as to businesses that earn N$1 million per annum or less. As for businesses that earn N$1 million per annum or less, all banking institutions will provide such businesses with a zero-rated cash deposit fee for the first N$10 000 deposited per month. This will be effective from 31 October 2013. The Bank of Namibia believes that cash deposit fees discourage individuals to save and will continue to work with the banking sector to ensure that such fee are not charged in future. In this regard, the Bank of Namibia thanks the banking industry for their co-operation with this initiative. Members of the public can contact their local bank branches for further details” said Ndangi Katoma Director of Strategic Communications and Financial Sector Development at the Bank of Namibia.
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