On May 20, ISR CB issued instruction on how to present to the public.
ISR CB issued instruction on interest rates on account deposits and right balances.
Follows ISR CB Feb. 2024 consulted on draft instructions re deposits, see #202854.
Key Points
The instruction establishes rules and a uniform structure for presenting information to the public to encourage competition in the banking system, enhance transparency, and simplify the publication of interest rates on deposits as well as credit balances.
The instruction aims to help customers compare different offers from various banking corporations and improve the effectiveness and usability of the presented information.
In addition, banking corporations must publish the interest rates for common types of deposits in a centralized publication for the public, as determined by this instruction.
Banking corporations must offer a search mechanism that allows customers to obtain focused information tailored to their needs about the types of deposits offered.
The instruction is accompanied by the publication of a regulatory determination report in line with Regulation Principles Law published simultaneously with this instruction.
Effectiveness
The instruction will enter into force on Apr. 1, 2025.
