BoN happy with free cash deposits implementation
The Bank of Namibia has announced that all banking institutions have implemented free cash deposits standard for the first N$ 2,000.00 deposited per month by the agreed deadline of 31 July 2013.
According to a statement issued by Ndangi Katoma, Director: Strategic Communications and Financial Sector Development at the Central Bank, this applies on all savings and investment accounts held by individuals at banking institutions.
“The above followed the announcement by the Bank of Namibia on 4 March 2013 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,” he said.
He said, 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$10,000.00 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 fees 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,” he concluded.