Tuesday 2019-07-16

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NEDBANK’S CLUB SAVINGS A HIT AT EITF

By Majaha Nkonyane | 2018-09-12

THE recently closed Eswatini International Trade Fair (EITF) saw a number of corporates and the banking sector reaching out to their customers with interesting products, which were used as a draw card to both new and old customers.

Nedbank amongst other exhibitors at the EITF set up a stall that got them position three under the banking sector.

The bank attracted a number of customers to their stall whilst promoting their club savings account.

In an interview with the business desk at the EITF, Private banking manager Gift Shongwe explained that the club savings account is a good savings account amongst friends who have a common purpose.

The account according to Shongwe can be opened by a minimum group of  three people with a minimum of E1 000.

The account according to Shongwe comes with advantages which include free cash and cheque deposits, zero maintenance fees, zero service fees with two free withdrawals per month over the counter.

Shongwe said individuals who open the account can be loaned according to their contribution and the account comes with an optional funeral cover of up to E5 000 with a contribution of E72 per annum. “Each member of the club is eligible to apply for a personal loan up to a maximum of two times his share at distribution date, if  the share is placed in a fixed deposit to earn interest for the duration of loan. Repayment period will be a maximum of 48 months if the client has a primary account with Nedbank, with income having been deposited for a minimum period of one month,”  he said. In addition Shongwe said the bank has also introduced an electronic banking platform where customers can get a mobile application and can pay all their utility bills, pay second parties and transfer cash in a safer way.

The bank according to Shongwe is doing this for convenience of their customers.

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