National Bank has unveiled a campaign offering interest rates above the minimum for all savings by customers in a bid to boost its 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 per cent in interest on all Savings as we celebrate our 50th birthday,” National Bank Managing Director Wilfred Musau said when unveiling the campaign.
The new rates will see savers earn 1 percent for deposits between Sh5, 001 and Sh50,000, 5 percent for savings between Sh50, 001 and Sh2, 000, 000, and 7 percent Sh2, 000, 001 and above.
“Amid the high tax regime, we believe that this is a significant positive step towards providing enhanced returns to our customers.’’ Musau said.
National Bank boasts of 76 branch outlets across the country, 132 ATMs, over 1500 agent banking outlets, and electronic channels of mobile and internet banking.