Banking Act

16A. Imposition of charges and payment of interest

Edition: 2024-12-27 · In force

16A. Imposition of charges and payment of interest

(1)No institution shall impose any form of charges on a savings, seven day call or fixed deposits account.

(2)An institution shall, in respect of a savings account, pay interest accruing or a return in the case of an institution carrying out business in accordance with Islamic law to that account as long as the minimum balance is maintained.

(3)An institution shall, in respect of a seven day call or fixed deposit account, pay interest accruing to the account on agreed contractual terms:Provided that such interest may be forfeited where the deposit is uplifted before the maturity date.[Act No. 9 of 2006, s. 12, Act No. 8 of 2008, s. 67.]

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Source: Kenya Law