BSP increases interest rates on products

Bank South Pacific (BSP) announced it has increased the deposit interest rates on a number of its savings products.

BSP general manager retail Paul Thornton said BSP actively encourages the development of a savings habit through its financial literacy program and they are backing this up with attractive interest rates that reward deposits for their savings.  

“We have increased the interest paid on our Kids Account to a range from 1.5 percent to 2 percent pa.  Previously the range was 0.2 percent to 0.4 percent pa.

“We have also increased the interest rates on our Plus Saver account to a maximum of 3.5 percent pa and have introduced the payment of interest on our Sumatin account, where we now pay interest of 1.6 percent pa.”

Thornton added that these three savings products are also fee free.

“The interest rate on our Kundu Standard account, a transaction account designed for customer with infrequent transaction volumes, has been increased to 0.25 percent pa. The Kundu Standard account is a pay-as-you-use account and if a customer doesn’t use the account during the month, no fees are charged,” Thornton said.

He also announced the reduction of the interest rate on BSP’s unsecured personal loan. The new interest rate is 29.9 percent pa.

“The BSP Personal Loan is a 100 percent unsecured loan product with a maximum loan amount of K50,000.  This product is available to customers with regular income.”

Meanwhile, Thornton said in relation to financial literacy training, BSP had trained more than 32,000 Papua New Guineans during 2016, with 46 percent of these being women.

“BSP has over 120 trained trainers who deliver Banking Education to Papua New Guineans across the country and our intention is continue this vital service to encourage the presently unbanked to move from the cash economy into the formal financial system.

“At the same time, BSP has reintroduced School Banking at a number of locations to encourage our young Papua New Guineans to learn the benefits of saving,” Thornton said.                        



Press release