Regulatory Alerts2018-03-14
Financial Institutions (Bank Charges and Fees) (Amendment) Regulations 2018
The Central Bank of Seychelles promulgated these 2018 amendment regulations to standardize bank charges, fees, and penal interest across financial institutions. The rules require banks to publish quarterly or bi-annual fee schedules via newspapers and websites, mandate fifteen days' prior notice for any schedule changes, and cap penal interest at five percent per annum on default loan installments. Furthermore, the regulations set a SCR 2500 processing fee for housing loans up to SCR 1.5 million, exempt first home acquirers from ancillary fees during loan processing, and guarantee free bi-annual physical statements for savings account holders.
Share