Post Bank launches fixed account

Post Bank launches fixed account

MASERU – LESOTHO Post Bank (LPB) on Monday launched a new investment account called Fupe fixed account.
This account is redeemable and can be topped up anytime.

LPB Head of Business and E- channels ‘Mamohau Mopota said Fupe was established for Basotho’s convenience, especially during this period when workers are paid end of year bonuses.
She said the bank is working all out to design products which will be beneficial to Basotho.

LPB Chief of Sales ‘Mathabo Tšehlo said they are concerned that Basotho are investing their money for certain periods of time but they cannot redeem their investments to cover up their emergencies during times of need.
Ts’ehlo said that the minimum amount for the newly introduced account is M1000.
“It also starts with three months term,” she said.

Tšehlo said the product enables customers to top up their investment anytime starting with the minimum amount of M1000.
Tšehlo said in the case of an emergency, a customer can redeem the investment before the maturity period.
She said the investment account can still be active even after one redeems the investment.

“If you have redeemed the investment before the maturity, you will still get 100 percent of your principal amount and 50 percent of your interest,’’ she said.
She said customers who wait until the investment’s maturity would get 100 percent of their principal amount and 100 percent of the accruing interest.
Tšehlo said this is the second investment product that the bank has introduced.

The first is the Teleha fixed account, which is non-redeemable and it cannot be topped up while the new investment account is different.
“Fupe is the fixed account which is flexible,’’ she said.
Tšehlo said the interest rate differs depending on the amount invested and the period of investment.

Refiloe Mpobole

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