National Bank on Wednesday 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.
According to the National Bank Managing Director and Chief Executive Officer Wilfred Musau, 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 Mr. Musau during the unveiling of the campaign.
Musau believes that amid the high tax regime, the campaign is a significant positive step towards providing enhanced returns to the customers of National Bank.
He noted that National Bank appreciates 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 percent for deposits between 5, 001 shillings and 50,000 shillings, 5 percent for savings between 50, 001 and 2, 000, 000 shillings, and 7percent for 2, 000, 001 shillings and above.
Currently, the bank boasts 76 branch outlets across the country, 132 ATMs, more than 1500 agent banking outlets and electronic channels of Mobile and Internet Banking.
The bank offers diverse affordable products that include National Ahadi Savings account, which allows customers to save Kenya Shillings, US dollars, GBP and Euros.
“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,” concluded Mr. Musau.