Regulatory Alerts2013-03-01
Financial Institutions (Bank Charges and Fees) Regulations 2013
The Central Bank of Seychelles issued the Financial Institutions (Bank Charges and Fees) Regulations 2013 to standardize banking costs and enhance consumer transparency. Banks must submit quarterly schedules of charges and publish any changes in daily newspapers at least fifteen days prior to implementation, while ensuring specified services like loan prepayment, account closure, and ATM withdrawals remain fee-free. The regulations cap housing loan processing fees for first home buyers at 0.5 percent and prohibit banks from recovering these exempted charges through other fee structures.
Share