THIS KEY FACT DOCUMENT IS IMPORTANT TO YOU. IT SUMMARISES THE TRANSACTION YOU ARE CONSIDERING. PLEASE ONLY SIGN AFTERYOU HAVE READ, UNDERSTOOD AND AGREED TO THE CONTENT OF THIS DOCUMENT.
- TYPE OF ACCOUNT SAVEPLUS ACCOUNT (UGX)
- AIMS AND BENEFITS Offers a focused saving solution with additional insurance benefits of life cover on death, permanent disability, funeral expenses and medical cash benefits at no extra cost.
|a)||Interest tiered up to 3% accrued on daily basis and paid quarterly
-<50,000 – 0
->/=10,000,000 – 3.0%
|The interest rate is: Variable ⃝|
|Embedded insurance benefits
|Life Insurance Cover of up to four times your account balance up to UGX 25,000,000|
|Permanent Disability Cover of up to two times your account balance up to UGX 12,500,000|
|Medical Cash benefit of UGX 50,000 per day for 14days in case of hospitalization excluding the first 3 days in hospital.|
|Last Expenses of UGX 1,000,000|
- TERMS AND CONDITIONS
|c)||Duration: Unlimited||End date: Open|
|d)||Account opening balance in UGX||50,000|
|e)||Minimum Balance in UGX||30,000|
|Eligibility Criteria for free insurance benefits||Maintain deposit balances of UGX 500,000 and above|
|Make at least one deposit transaction in a month|
|4. FEES, CHARGES AND PENALTIES|
|Description of standard fees||Amount in UGX|
|Withdrawal fees :Over the counter (teller)
:Bulk cash withdrawal(UGX 20M and above)
|1 free withdraw per quarter and UGX 20,000 for subsequent withdraws.
0.15% of the value, max 50,000
|d)||Account statements: 1st issue per quarter is free of charge||As per the Tariff Guide|
|e)||Cash deposit charge||Nil|
|f)||Administrative fees per month||0|
|g)||Interim, duplicate statements||2,500 UGX|
|i)||Below minimum balance penalty||10,000 UGX|
|Potential additional fees/charges|
|j)||ATM ISSUANCE new/replacement/expired/destroyed/lost||N/A|
|k)||Replacement of faulty ATM card||N/A|
|l)||Account closure fees||20,000 UGX|
|5,000 per page and a minimum of 20,000 UGX|
|n)||Standing orders to other banks||20,000|
Depending on how you use the account, you may be charged any of the fees above, which will be directly deducted from your account. NOTE that while the common fees, charges and penalties are listed in the table above, there may be other fees, charges and penalties – you can find information on these in our TARRIF GUIDE available in our branches and website.
- If your balance falls below the minimum balance allowed, you will have to pay penalty charges.
- Insurance benefits are only applicable if conditions in section 3 (f) are met on monthly.
- FURTHER POINTS TO CONSIDER
How to deposit money into your account: You can pay money into your account in any of the following ways: over the counter and through electronic transfers directly onto your account.
How to take money out of your account: You can take money out of your account in any of the following ways: over the counter and through electronics transfers directly off your account.
Inactivity/dormancy: After 24 months of inactivity, an account will be considered dormant. You will need to fill in a reactivation form to reactivate your account and a fee will apply.
Deposit protection: Your deposits are insured up to UGX 10 million by the Uganda Deposit Protection Fund. Please ask our staff for further details.
Tax implications: The current withholding tax / excise duty will be debited from your account.
Account closure: You may close your account at any time. To close your account you will fill in an account closure form at the nearest branch. However for a faster process you are requested to do the same at the branch where you opened your account from. If you close your account, there will be a charge for doing so and the account will be closed after 01 day. If it is a fixed deposit account, early termination may result in losing interest accrued.
How to claim for the insurance benefits: Please visit our nearest branch for guidance on the claims process and procedure.
How to complain: If you are dissatisfied with our services, we welcome you to communicate this to us to address the concern. We will acknowledge receipt of your complaint, investigate and give you an answer within two weeks maximum.
Future communications: It is important for us to be able to communicate with you. Below, please tick at least two preferred means of communication and provide details (and update us in case of any changes):
|Mobile Phone □||Email □||Post □||Over the counter □||Other □|