Introduction
Botswana Building Society (BBS) Bank, established in 1976, has evolved from a building society into a comprehensive commercial bank. As the first indigenous commercial bank in Botswana, BBS Bank offers a wide range of financial products and services to meet the diverse needs of its customers. This article delves into the different accounts and benefits provided by BBS Bank.
Types of Accounts
1. Current Accounts
BBS Bank offers various current accounts tailored to different financial needs:
Gold Current Account
- Eligibility: Individuals aged 18 and above
- Minimum Salary Range: P10,000 - P25,000
- Benefits:
- Pre-approved overdraft limit of P500
- Discount privileges at partner stores
- P5,000 funeral insurance cover
- P500 hospital cashback
- Free local point-of-sale transactions and ATM withdrawals
- Access to digital banking platforms
Classic Current Account
- Eligibility: Individuals aged 18 and above
- Minimum Salary Range: P750 - P10,000
- Benefits:
- P2,000 funeral insurance cover
- P300 hospital cashback
- Free local point-of-sale transactions and ATM withdrawals
- Access to digital banking platforms
2. Savings Accounts
Tlamelo Savings Account
- Minimum Deposit: P250 per month
- Investment Period: 60 months
- Benefits:
- Higher return on investment
- Eligibility for mortgage loans at subsidized rates
- Option to use savings as collateral for short-term loans
- Interest rate of 2.76% per annum payable quarterly
Paid-up Shares Account
- Initial Deposit: P250,000
- Subsequent Deposits: P100 or more
- Benefits:
- Funds can be used as collateral for loans
- Interest payable bi-annually at a rate of 2.61%
- Funds can be redeemed with notice or in emergencies
Loan Options
1. Mortgage Loans
- Interest Rates: Starting from 7.25%
- Repayment Period: Up to 25 years for individuals and 15 years for companies
- Eligibility Factors:
- Gross income of the borrower
- Assessed value of the property
- Age of the applicant
2. Other Loans
- Types:
- Ordinary Loans
- Building Loans
- Commercial Loans
- Industrial Loans
- Equity-Further Advance Loans
- Special Conditions:
- Building loans consider the value of the plot owned by the borrower
Digital Banking and Additional Services
BBS Bank offers a range of digital banking services, including online and mobile banking platforms, providing customers with convenient access to their accounts and banking services.
Customer Benefits
- Discount Privileges: Discounts at partner stores such as Plascon Botswana, Builders World, and various hotels and restaurants.
- Insurance Covers: Funeral insurance and hospital cashback benefits linked to different account types.
- Loan Collateral: Ability to use savings and investments as collateral for loans.
Conclusion
BBS Bank stands out as a pioneering financial institution in Botswana, offering tailored banking solutions to meet the needs of individuals and businesses. With a focus on providing comprehensive financial services, BBS Bank continues to nurture wealth for a prosperous tomorrow.
For more detailed information about the products and services offered by BBS Bank, visit their official website.
