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BSP continues to reduce fees on retail products

Thursday, March 31, 2022

BSP Financial Group Limited (BSP) continues to reduce fees on its products and services, this time on its SME products, and its Kundu Standard and Plus Saver Accounts for Retail customers.

In announcing the new reduced fees which are effective as of Friday 1st April, 2022, BSP Group CEO Robin Fleming said this reduction of fees benefit over 11,000 BSP SME Deposit Account customers who will see huge fee reductions on BSP’s accounts that have been tailored for our SME customer’s which are our SME Package Account and SME Current Account.

“Our SME Package customers will enjoy a reduction on their Monthly account service Fees by K7, from the current fee of K15 per month to K8 per month. They will see a reduction in the fees for an in Branch EFTPoS Withdrawal fee from K4 to K2 and Branch Withdrawal fee will be reduced from K3 to K2.


For the SME Current Account customers, the Monthly account service fee of K10 will be reduced to K8, in Branch EFTPoS Withdrawals from K4 to K2 and Branch Withdrawal fee reduced from K3 to K2.  The Branch Deposit Fee of K2 will be removed for both SME Accounts.

In branch deposit by a BSP SME Customer at the Vision City SME Business Centre.

“BSP Personal Account customers will also enjoy a reduction of fees; Branch Withdrawal fee on the BSP Kundu Standard account from K4 to K2 while Internet Banking Transfer and paying other BSP Accounts is now free for the Plus Saver Account. All these will be effective as of  Friday 1st April, 2022,” Mr Fleming added.


A detailed list of BSP’s fees and charges is on the BSP website www.bsp.com.pg


These changes come after a reduction in the Kundu Package Account monthly fee for BSP personal account customers, changes to Cash Handling Fees on withdrawals and removal of cash handling fees on deposits that came into effect on the 1st of March, 2022.


“The reduction of these fees does not mean BSP will be increasing fees in other products/services. In fact, BSP has not increased its fees since 2014 and we continue to reduce and/or removed many of its fees over that period, foregoing in excess of K90m in fees annually as result of its fee-reduction initiatives,” Mr Fleming went on to say.


He also added that despite the Government introducing the additional Company Tax under which BSP will now be taxed an additional K190m every year, that is now in effect; BSP recognizes the importance of providing its customers with cost effective services to the important Retail sector which no other bank is willing to provide with the scale and coverage of BSP.


Customers who have queries with their accounts as a result of these fee changes an contact BSP Customer Service Centre on 70301212 | 3201212 or email Servicebsp@bsp.com.pg