6 Dec 2002

Bank of Baroda in Fiji offers fee-free banking

12:19 pm on 6 December 2002

The Fiji division of the India-based Bank of Baroda has started offering fee free banking to encourage savings by small customers.

The bank says savings are badly needed by people who cannot meet unforeseen expenses and it wants them to develop a savings culture.

The Bank of Baroda's nine branches in Fiji will offer a savings deposit scheme with unlimited fee-free withdrawals, and no charges for remittances and transfers between accounts.

The bank says it wants to draw in people currently outside the banking system and pay them a special interest rate, while their savings will also help the growth of Fiji's economy.