Bank South Pacific (BSP) has reduced service charge and bank fees on a number of transaction and lending products.
BSP says effective as of 14 September, 2018, over a million BSP customers will benefit significantly from various reduced service charge and bank fees on transaction and lending products.
These changes will see everyday transaction account fees for dormant accounts, Branch deposits, Branch withdrawals, Deposits at Agents, and Mobile Banking Alerts, Statement Mailing and Duplicate Statements all waived leaving customers with zero service fees.
Other transaction fee changes will include Mobile Banking- Easipay Top Ups and Bill Pays fees reduced from K1.00 and K1.50 to K0.50 respectively.
BSP has also removed few Lending service fees, which include BSP Housing Loan Service fee, Personal Property and Investment Loan service fees and BSP Personal loan settlement fee.
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Lending Fees |
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Fee Description |
Product Name |
Current Fees |
New Fees |
|
Settlement Fee |
Personal Loan |
K10.00 |
K0.00 |
|
Loan Service Fee |
Personal Property Investment Loan |
Various from < K49,999.99-K1000 to 1.25% for loans > K1m |
K0.00 |
|
Loan Service Fee |
Housing Loan |
Various from K25 for loans <K50,000 to 0.5% p.a for loans >K100,00 |
K0.00 |
BSP says over the last 5 years, they have removed fees from many of its other products; more recent fee reduction is the BSP EFTPOS fee for merchant by eliminating the minimum fee of K0.50 to K0.00.
The bank says they will continue to make banking more accessible, cheaper and safer for its customers through its products, electronic channels and extensive network of 42 branches, 44 sub-branches and agents across Papua New Guinea.