COVID-19: Republic Bank reduces interest rates, defers loan payments for up to 6 mths

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Due to the coronavirus threat and the impact it is having on individuals and the national economy as a whole, Republic Bank Guyana has announced that it will facilitate a reduction in interest rates and deferral of loan payments, upon requests.

The bank has since announced a number of measures which will be available upon request to customers.

According to the bank, customers can benefit from, reduction in overdraft interest rate, moratorium on personal and mortgage loans for up to six months, debt restructuring, temporary increase of overdraft and credit card limits, automatic waivers on credit card late fees, loan payment late fees, penalties for early withdrawal of certificates of deposit, and disposable commercial depository wallet fee.

There are also measures for commercial and corporate customers.

Only last week, Scotiabank Guyana announced similar measures.

The Guyana Bank for Trade and Industry (GBTI) has also indicated that from today, Tuesday, March 24, the withdrawal limit at its ATMs has been increased to $150,000.

Additionally, the Bank of Guyana has approved a reduction in working hours for commercial banks.

Banks will now be opened from 08:00hrs to 12:00hrs.

The measure applies to Republic Bank, Scotiabank, Citizens Bank, GBTI, Demerara Bank, NBS, Hand-in-Hand Trust, Bank of Baroda and Guyana Americas Merchant Bank.