Regulatory Alerts1995-01-01
Banking and Financial Services (Disclosure of Deposit Charges and Interest) Regulations, 1995
The Government of Zambia, acting under the Banking and Financial Services Act 1994, mandates all banks and financial institutions to publicly disclose all fees associated with deposit accounts and the calculation methods for interest-bearing accounts. Financial institutions must display written tariffs or notices at every branch, provide at least thirty days advance notice before increasing any service charges, and maintain accessible lists of all applicable fees for public inspection. Additionally, the regulations require explicit disclosure of interest rates, payment frequencies, and balance-related adjustments during account opening, renewal, rate changes, and public advertising.
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