Savings services

What are BPR’s personal savings services? | New times

As the end of the year approaches and many start making New Year’s plans, many have likely set goals and targets for purchases and investments that they would like to make during the year to to come.

One way to finance big projects is to set aside some of your income as savings.

As most have discovered the hard way, keeping physical money as savings is not as easy as it is said because it is easy to spend.

To facilitate the savings process, Banque Populaire du Rwanda Plc supports individuals who have savings ambitions.

Thanks to the product called the Gwiza savings account, individuals (employees and self-employed) can achieve their savings goals and ambitions.

Essentially, a savings account is a deposit account designed to hold money that you don’t need or plan to spend right away.

The account has a minimum balance of 5,000 Rwf, which means that the clients’ balance cannot go below the amount.

Savings earn 8 percent interest per year, with interest calculated on a minimum monthly balance and paid out once per year.

Customers have the freedom to withdraw at least quarterly up to 30 percent from the savings account. A second withdrawal in a month results in a loss of interest for that quarter.

Such products have been described by experts as the ideal way to build up savings when the discipline of personal savings may weaken.

While most save what is left of their monthly expenses, financial experts advise that the savings should have a specified amount and be set aside before spending. This, they say, serves to promote discipline.

Having a defined savings goal or target was also seen as necessary in your savings journey, as it can serve as motivation in the process and keep it going.

Customers can open a Gwiza savings account at any BPR Plc branch in the country and start their savings journey with the bank.

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