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Law Capping interest rates
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Swenani
#1131 Posted : Friday, September 16, 2016 1:45:55 PM
Rank: User

Joined: 8/15/2013
Posts: 13,237
Location: Vacuum
[quote=HaMaina]Interest rate caps save seven NSE-listed firms Sh800m finance costs

http://www.businessdaily...3364-lohv44z/index.html[/quote]

these companies took loans of above 15%?????
If Obiero did it, Who Am I?
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Impunity
#1132 Posted : Friday, September 16, 2016 2:09:37 PM
Rank: Elder

Joined: 3/2/2009
Posts: 26,331
Location: Masada
Siringi wrote:
Sad Sad My Bank is playing clever with me ... they gave me this circular saying that only A/c that do not have more that two withdrawals per amount are eligible to earn the 7%
If you make more than two withdrawals your account becomes a non-interest earning transaction account !!!!!! is this not circumventing the law Shame on you Shame on you Shame on you ? Wapi Okoit Okiyah Omtatahd'oh! d'oh! d'oh!


What is this?

Quote:
two withdrawals per amount

Portfolio: Sold
You know you've made it when you get a parking space for your yatcht.
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penkon
#1133 Posted : Friday, September 16, 2016 2:30:36 PM
Rank: New-farer

Joined: 3/12/2014
Posts: 96
Impunity wrote:
Siringi wrote:
Sad Sad My Bank is playing clever with me ... they gave me this circular saying that only A/c that do not have more that two withdrawals per amount are eligible to earn the 7%
If you make more than two withdrawals your account becomes a non-interest earning transaction account !!!!!! is this not circumventing the law Shame on you Shame on you Shame on you ? Wapi Okoit Okiyah Omtatahd'oh! d'oh! d'oh!


What is this?

Quote:
two withdrawals per amount



Njoti mbili ulipe Liar Laughing out loudly
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Siringi
#1134 Posted : Friday, September 16, 2016 2:38:55 PM
Rank: Elder

Joined: 6/8/2013
Posts: 2,517
penkon wrote:
Impunity wrote:
Siringi wrote:
Sad Sad My Bank is playing clever with me ... they gave me this circular saying that only A/c that do not have more that two withdrawals per amount are eligible to earn the 7%
If you make more than two withdrawals your account becomes a non-interest earning transaction account !!!!!! is this not circumventing the law Shame on you Shame on you Shame on you ? Wapi Okoit Okiyah Omtatahd'oh! d'oh! d'oh!


What is this?

Quote:
two withdrawals per amount



Njoti mbili ulipe Liar Laughing out loudly


My bad per annum (calendar year)
Quote:
..accounts with more than two (2) withdrawals in a calendar year will be automatically migrated to non-interest bearing transactional current accounts


miye huyo nahama Speak to the hand Speak to the hand Speak to the hand
"😖😡KQ makes money for everyone except the shareholder 😏😏 " overheard in Wazua
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kayhara
#1135 Posted : Friday, September 16, 2016 3:00:42 PM
Rank: Veteran

Joined: 5/5/2011
Posts: 1,059
Swenani wrote:
Quote:
RE: UPDATE ON NUFAIKA SAVINGS ACCOUNT

Commercial Bank of Africa Limited (CBA) wishes to announce that in line with the Banking (Amendment) Act, 2016 we have carried out a detailed review of all our products and services with a view to simplifying our offering and providing more value to our customers.

In view of the above, the Bank will effective 14th October 2016, convert your Nufaika Savings Account to a Prosaver Savings Account whose offering is detailed below.

Your account number and other details will remain unchanged.

Account Name: Prosaver Savings Account
Features
· Minimum interest rate of 7.35% p.a. (70% of the Central Bank Rate (CBR) as advised from time to time by the Central Bank of Kenya (CBK) which currently stands at 10.5% p.a.) on local currency interest bearing deposits, as provided for in the law. This is effective 14th September 2016.

· Opening and Operating balance of Kshs. 10,000.00*

· Minimum interest earning balance of Kshs. 10,000.00

· One withdrawal allowed per month otherwise interest is forfeited.

· Withdrawals are restricted to ‘over the counter’.

· Any withdrawals leading to a balance below the specified minimum operating level will lead to transfer of such amounts to a non-interest bearing transactional account and / or onward closure of the said Savings Account.

· Access to personal overdraft and loans of up to 75% of savings account balance

· Mobile and internet banking – account viewing rights and intra account transfers

· Interest paid bi-annually i.e. end of June and end of December.


Maringo, remmember when banks required 20k minimum balance?
To Each His Own
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streetwise
#1136 Posted : Friday, September 16, 2016 3:08:26 PM
Rank: Veteran

Joined: 6/23/2011
Posts: 1,740
Location: Nairobi
CBA management is showing very poor leadership here.

First it was loan at 12.9%, then they revised to 14.5%, now it is mobile money loan , what else don't they know ?.
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winmak
#1137 Posted : Friday, September 16, 2016 4:01:17 PM
Rank: Member

Joined: 12/1/2007
Posts: 539
Location: Nakuru
Siringi wrote:
penkon wrote:
Impunity wrote:
Siringi wrote:
Sad Sad My Bank is playing clever with me ... they gave me this circular saying that only A/c that do not have more that two withdrawals per amount are eligible to earn the 7%
If you make more than two withdrawals your account becomes a non-interest earning transaction account !!!!!! is this not circumventing the law Shame on you Shame on you Shame on you ? Wapi Okoit Okiyah Omtatahd'oh! d'oh! d'oh!


What is this?

Quote:
two withdrawals per amount



Njoti mbili ulipe Liar Laughing out loudly


My bad per annum (calendar year)
Quote:
..accounts with more than two (2) withdrawals in a calendar year will be automatically migrated to non-interest bearing transactional current accounts


miye huyo nahama Speak to the hand Speak to the hand Speak to the hand


This is basically ab6 monthly fixed deposit
For investors as a whole, returns decrease as motion increases ~ WB
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obiero
#1138 Posted : Friday, September 16, 2016 4:23:03 PM
Rank: Elder

Joined: 6/23/2009
Posts: 14,320
Location: nairobi
tom_boy wrote:
obiero wrote:
maka wrote:
obiero wrote:
Pesa Nane wrote:
obiero wrote:
[quote=maka]Look at this;

This month the Central Bank of Kenya offered a 10 year Treasury Bond for a total amount of up to Kshs 25 Billion. The total number of bids received was 795 amounting to Kshs 26.31 Billion. The Weighted average rate for successful bids was 15.039%

Coupon 15.039% crazy...even after WHT its good cash

I spoke to the president and his take was that the government shall pull down borrowing rates for itself, which is a good thing.. Expect government to obtain cheap credit. Watch the tbill rate slide down in coming months. We live in good times

Congrats for speaking with @citizen001 but you should have asked him how the "government shall pull down borrowing rates for itself" when in fact we know the rates are market driven (through auctions)

Beg to differ. The auctions are driven mainly by banks.. Now that banks are pushed to the wall on consumer lending, expect government to show a stiff hand


Rates at the auction won't come down anytime soon....that 10 year was just a start.

91, 182, 364 day bills all down.. Expect the shorter tenor to hit 6.5% by December.. As per Graham's law, the bulls at the NSE must show up shortly.. http://www.businessdaily...4800-b0eb44z/index.html[/quote]

As per my predictions, the dance between banks and Government in pricing billsand bonds has begun. Banks cannot afford to flood CBK with offers! They will have to worksmart.

The race to the bottom by GOK now in play.. Uhuru is a genius of some sort http://www.businessdaily...383760-diyj1o/index.html
COOP, IMH, KEGN, KQ, MTNU
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murchr
#1139 Posted : Friday, September 16, 2016 6:16:01 PM
Rank: Elder

Joined: 2/26/2012
Posts: 15,980
Obi 1 Kanobi wrote:
holycow wrote:
Banks are simply converting most accounts to non-interest earning accounts. Barclays and KCB leading. So much for the law being an ass.

Quote:
Effective 14th Sep ‘16, KCB Jiinue a/c is now a non-interest earning transactional account Click ke.kcbbankgroup.com/home/accounts/transactional-accounts/jiinue


Dear Customer, KCB Mapato account is now a non-interest earning transactional account. Visit ke.kcbbankgroup.com/home/accounts/transactional-accounts/mapato


They are not converting anything, just move your deposits to victoria Bank, Transnational Bank or any other of the 42 competitiors and they will soon shika adabu


Then your money goes down the drain like that of those who banked with Imperial
"There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
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Kastone
#1140 Posted : Friday, September 16, 2016 6:41:59 PM
Rank: New-farer

Joined: 3/1/2014
Posts: 82
Banks are science driven. Reduce lending to Wanjiku, convert/make earning the 7.35% interest hard by doing the above or increasing amounts required maybe etc. I hear NBK has sent memos that if you have bad borrowing history you're already disqualified and credit officers to only forward 'clean' loan applications.
“The beauty of success is that it doesn’t matter how many times you have failed, you only have to be right once and then everyone can tell you how lucky you are.” - Mark Cuban
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