With effect from 31st of March 2015, Standard Bank Namibia customers will no longer pay a fee when depositing money into their accounts. This exemption also applies to business clients with a turnover of less than N$1million per year.
This development comes in line with the recent Bank of Namibia announcement that all commercial banks scrap cash deposit fees for all individual accounts and for all business accounts with an annual turnover of N$1-million or less.
This is indeed good news for our banking clients and more especially for encouraging more Namibians to open bank accounts. The scrapping of deposit fees will encourage more people to save their money in the bank, leading to financial inclusion.
The latest implementation is in accordance with the Bank of Namibia’s directive under Section 14 of the Payment System Management Act, 2003 (Act 18 of 2003) on Cash Deposit Fees within the National Payment System.