Regulatory Alerts2018-09-13
Financial Institutions (Bank Charges and Fees) Amendment Regulations 2018
The Central Bank of Seychelles issued the 2018 Amendment Regulations to standardize and cap banking fees across licensed financial institutions. The rules mandate quarterly or bi-annual publication of fee schedules, require fifteen days' advance notice for changes, and prohibit charges on routine transactions including local ATM withdrawals, account closures, dormant accounts, and Seychelles Rupee loan prepayments. Furthermore, the regulations cap housing loan processing fees at SCR 2,500 for amounts up to SCR 1.5 million, waive ancillary fees for first-time home buyers during disbursement, and restrict penal interest to a maximum of five percent per annum calculated solely on default installments.
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