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National Bank begins deposit mobilization drive

National Bank begins deposit mobilization driveNairobi: October 16, 2018:ย National Bank has launched a campaign for mobilization savings from the public and other institutions which will see the bank pay interest rates above the minimum for all savings by customers in a bid to boost its customers deposit base.

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Unveiling the campaign, National Bank Managing Director and Chief Executive Officer Wilfred Musau said: โ€œIn 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% in interest on all Savings as we celebrate our 50thย birthday,โ€ said Mr. Musau.

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โ€œAmid the high tax regime, we believe that this is a significant positive step towards providing enhanced returns to our customers.โ€™โ€™

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He said Nationalย Bank appreciates the importance of promoting domestic savings to sustain the fast economic growth that the country continues to experience.

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The tiered rate will see savers earn 1% for deposits between Ksh 5, 001 and Ksh 50,000, 5% for savings between Ksh 50, 001 and Ksh 2, 000, 000, and 7% Ksh 2, 000, 001 and above.

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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.

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The bank offersย diverse affordable products that includeย National Ahadi Savings account, which allows customers to save Kenya Shillings, US dollars, GBP and Euros.

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โ€œOur Nationalย Vision Account is also a great first step for teaching children to be responsible with money.ย  The account can be used to save childrenโ€™s immediate and future school fees needs,โ€ Mr. Musau said.

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