The Reserve Bank of Zimbabwe (RBZ) has announced the interest rates that shall be paid by banking institutions on deposits. Pindula News present the central bank’s statement.
The Bank wishes to advise the banking public that it has engaged the Bankers Association of Zimbabwe on the need to comply with Statutory Instrument 65A of 2020 on the payment of interest on savings accounts. To this end, interest rates on deposits that shall be offered by banking institutions, effective 1 July 2021, are as follows:
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- Savings Accounts – Minimum of 5% per annum – Minimum of 1% per annum (US$)
- Fixed Term Deposits – Minimum of 10% per annum – Minimum of 2.5% per annum (ZWL$)
There will be no bank charges on savings accounts and fixed-term deposits.
The Bank also advises the public that demand and call accounts are transactional accounts from which funds deposited can be withdrawn at any time and without advance notice and hence, in line with global practice, banking institutions will not be able to pay interest on such transitory deposits.
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