Q. What is SMART BANKING?
BSP is the only nationally owned bank and is introducing 'Smart Banking' initiative to enable its customers to 'Do your banking for Less' by maximising the benefits of the available banking alternatives and enjoy fee reduction by making smart decisions that will provide suitable solutions to their everyday banking needs.
Q. Why is the Bank introducing fees on my account?
BSP provides a valuable service to their customer that allows them to safely access their funds when required.
There are extremely high costs involved to maintain and provide facilities to secure your money as well as provide the available options to conduct banking while at the same time striving to provide quality services.
Q. Why do I have to maintain a minimum balance?
This is to prevent accounts from overdrawing.
Q. Why is BSP charging an over-the-counter fee for a deposit transaction?
The fees charged are similar and no different to fees charged on over-the-counter withdrawal transactions. The Bank pays interest on your deposits.
Kundu Account
Q. What has happened to the Kundu Saver Account?
The Kundu Saver Account has a new name, the Kundu Account. Customers are not required to come into the branch to change customer records held with the branch.
Q. What are the new features of the Kundu Account?
Achiever Account
Q. Will the Achiever account be available in 2007?
There is no action required from Customer. Existing Achiever account customers are not required to come into a branch to change any customer records held with the branch.
Q. What are the changes to the Achiever Account?
Effective 2007 a minimum balance of K50.00 will be imposed on the Achiever account. Customers are encouraged to use this account to save for education fees or other specific goals.
Q. Are there any new transactional fees charged on this account?
There are no new fees. A withdrawal penalty fee K30.00 is applicable during the restricted period February to November
Smart Saver Account
Q. What is a Smart Saver Account?
The Smart Saver is a new statement-based saving account designed to cater for everyday savings. Customers are encouraged to use this account as an everyday savings account, however funds are available on demand.
The Smart Saver is fee-free if used as a savings account.
| The features of this new account: |
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Monthly Service Charge K2.50 apply if exceed 1 free over-the-counter deposit or withdrawal of any kind |
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Minimum balance K20.00 |
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Card access if nominated only as the primary savings account |
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Interest paid 1.75% pa quarterly |
| Monthly service fees apply after 1 free over-the-counter deposit or 1 free Withdrawal of any kind: |
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Withdrawal per month - |
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EFTPOS merchants - K0.25 |
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ATM - K0.75 |
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In-Branch EFTPOS - K1.50 |
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In-Branch Paper (over the counter) - K2.50 per transaction |
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Deposit per month - |
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Free Electronic deposits |
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Free cheque deposit |
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In-Branch Paper (over the counter) - K1.00 per transaction |
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Q. How can I apply for a Smart Saver?
If you are an existing customer, enquire at your nearest branch to open a Smart Saver. Your existing Customer Record card will be updated with your new account details.
If you are a new customer, please enquire at your nearest branch for new account requirements.
Personal Cheque Account
Q. What are the changes in the Personal Cheque Account?
| Customers are encouraged to use this account as an everyday transaction account for salary deposits and daily spending activity. The new features of this account: |
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Monthly Service Charge K5.00 |
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Minimum balance K100.00 |
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Back office Debit K0.50 (8 free allowed per month) |
| Monthly transactional fees for Withdrawal & Deposit transactions: |
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Withdrawal per month - |
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Free at EFTPOS merchants |
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2 Free at ATM - then K0.50 per transaction |
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In-Branch EFTPOS - K1.00 per transactions |
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In-Branch Paper (over the counter) - K2.00 per transaction |
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Deposit per month - |
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Free Electronic deposits |
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4 Free cheque deposit - then K0.30 per item |
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In-Branch Paper (over the counter) - K1.00 per transaction |
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Passbook Account
Q. What are the changes to the passbook accounts?
Q. Why will the Bank start charging fees on passbook accounts in 2007?
BSP has provided electronic banking services to make banking faster and convenient. Customers are encouraged to use statement-based accounts that will provide account statement as well as use of a Kundu Card to provide convenient access to you money when you need it.
BSP is striving to maintain a high level of service and these changes will facilitate the provision of these services to our rural and remote regions or for those who require a passbook for record purposes.
Q. What will I do with my existing passbook account?
Passbook account customers will continue using their passbook accounts. The passbook account will earn interest at 1.00% pa and incur monthly activity fees for withdrawals and deposits conducted at the branch. A minimum balance of K20.00 will be enforced. However, customers are encouraged to look at the cheaper options provided by Kundu Account or Smart Saver Account.
Q. Can I change from a Passbook account to another savings account?
Customers are encouraged to change accounts to either a Kundu Account or another savings account. Existing customers are not required to re-apply to change to another account. Come into a BSP Branch and change your Passbook to statement-based transaction account.
Q. As a keyword customer (marksman) with a Passbook account, can I get a Kundu card when I change to another account?
Keyword customers can open a Smart Saver or Kundu Account and receive a Kundu card.
Q. When will the fees be applied to my Passbook account?
Monthly service charges will be updated to your passbook at the end of the month.
Q. Why is a minimum balance required for Passbook accounts?
Effective 2007, a minimum balance of K20.00 will be applied on the Passbook accounts. This is a requirement by the Bank to maintain your account. Customers will not be able to withdraw below minimum balance. A minimum balance will prevent your account from overdrawing.
Ekwiti Account
Q. Why will Ekwiti accounts become obsolete in 2007?
The specific requirements of the Ekwiti account for purposes of obtaining a Housing Loan is no longer applicable.
Q. What will I do with my existing Ekwiti account?
Customer are not required to, but are encouraged to transfer existing Ekwiti account to an alternate savings account like the Smart Saver account or the Achiever Account.
Customers are not required to complete an application to transfer account.
Agency Passbook Account
Q. What is an Agency Passbook account?
Agency Passbook account is a new account designed specifically for use by customers located in remote centres with access to either a BSP agency, District Treasury Office or a Postal Agency.
Q. What type of customers can hold an Agency Passbook account?
Customers domiciled at a BSP Agency can open an Agency Passbook Account. The key feature of this account is a fee-free passbook-based savings account earning interest at 1.50%pa. No service charge fees or minimum balance apply on this account.
Q. Can I use this account at a Branch?
You can use your Agency Passbook at the closest agency-based BSP branch within your locality. However when you start using this account at another branch, your account will be subject to fees.
Q. What is the minimum deposit required for a customer to open a NEW account?
Savings accounts and the Kundu Account require a K20.00 minimum deposit by the customer to open a new account. To open a new Cheque account, the minimum deposit required is K100.00 from the customer. Each account will systematically enforce this minimum balance remains at all times in the account.
Q. Will the minimum balance be reflected in the "available balance" displayed on ATMs and at EFTPOS?
The minimum balance applicable on each account is system enforced and will be reflected in the 'available balance'. Example, if customer has a current balance of K43.20, the available balance would be K23.20.
Q. Will business and company cheque accounts be charged the same fees?
All 'personal' cheque account customers will be charged this service charge plan, which does not apply to 'non-personal' cheque account customers.
Q. What is the ATM withdrawal limit?
The Bank's ATM withdrawal limit is K1000 allowed per day. Customers wishing to withdraw funds in excess of K1000 will need to come into the branch. Service charge fees will apply accordingly.
