By Stuart Bogere
KIU, Main Campus - Bank of Uganda has set interest rates and charges to be used by commercial banks in Uganda in a bid “to promote transparency and enhance competition in the provision of banking services to the public.”
These banks are; Bank of Africa, Bank of India, Baroda, Cairo, Centenary, DFCU, Diamond, Ecobank, Equity, EXIM, Finance Trust, GTBank, Housing, KCB, NCBA, Opportunity and Orient, Stanbic, Standard Chartered, Tropical, UBAU, ABC Capital and Absa Bank.
According to information published by the BoU, Standard Chartered Bank needs a minimum balance of Shs100,000 for a Savings account and it’s the highest, while Bank of Africa needs only Shs1,000 and it's the lowest.
On Fixed deposits, Standard Chartered Bank charges the highest minimum balance at Shs10 million, while for some banks like UBA, the balance is negotiable.
Central Bank went ahead to stupilate penalties, lending rates, charges for replacing ATM cards, using ATMs, bulk withdraws among others. The central bank advised customers who are being offered/charged differently from what is published to report the matter to BoU.