RBZ orders banks to pay interest to depositors

The Reserve Bank of Zimbabwe 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.

In a statement by the RBZ, it stated that  effective from 1July 2021 interest rates on deposits that shall be offered by the banking institutions are Saving Accounts to ZW$ minimum of 5% per annum and to USD minimum of 1% per annum.

Fixed Term Deposits which will be minimum of 10% per annum for ZW$ and for USD will be minimum of 2.5% per annum.

 

“There will be no bank charges on savings accounts and fixed term deposits.

 

“The public advised by the bank, demand and call accounts are transactional accounts from which funds deposited which can be withdrawn at anytime and without advanced notice and hence,in line with global practice, banking institutions will not be able to pay interest on such transitory deposits,” read the statement.

Below is the statement: