National Bank has launched a campaign for mobilization savings from the public and other institutions which will see the bank pay interest rates above the minimum for all savings by customers in a bid to boost its customers deposit base.
“In the Finance Act 2018, the Banking act was amended by repealing the requirement for a minimum interest on Deposits. However as a bank, we have chosen to provide full benefits to our existing and new Savings Account customers by giving them up to 7% in interest on all Savings as we celebrate our 50th birthday,” said National Bank Managing Director and Chief Executive Officer Wilfred Musau as they Unveiled the campaign this week.
Musau added that amid the high tax regime, the bank believes that this is a significant positive step towards providing enhanced returns to their customers. He also reiterated that National Bank appreciating the importance of promoting domestic savings to sustain the fast economic growth that the country continues to experience. The tiered rate will see savers earn 1% for deposits between Ksh 5, 001 and Ksh 50,000, 5% for savings between Ksh 50, 001 and Ksh 2, 000, 000, and 7% Ksh 2, 000, 001 and above.
“Our National Vision Account is also a great first step for teaching children to be responsible with money. The account can be used to save children’s immediate and future school fees needs,” Mr. Musau said.