Bank of Uganda (BoU) has published interest rates and charges at different commercial banks in Uganda in a move “to promote transparency and enhance competition in the provision of banking services to the public.”
The central bank advised customers who are being offered/charged differently from what is published to report the matter to BoU.
The commercial banks whose information was published are Bank of Africa, Bank of India, Baroda, Cairo, Centenary, DFCU, Diamond, Ecobank, Equity, EXIM, Finance Trust, GTBank, Housing, KCB, NCBA, Opportunity and Orient.
Others are 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 accounts and it’s the highest, while Bank of Africa needs only Shs1,000 and it's the lowest.
For Fixed deposits, Standard Chartered Bank charges the highest minimum balance at Shs10 million, while for some banks like UBA, the balance is negotiable.
To get an ATM card, some banks charge as much as Shs20,000 while others charge as little as Shs5,000.
BoU's information also includes information on penalties, lending rates, charges for replacing ATM cards, using ATMs, bulk withdraws among others.
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