Lithuania to get low fee basic bank account under new proposal

DELFI / Mindaugas Ažušilis

The idea of a basic bank account that would attract a low flat fee and allow Lithuanians to get a complete service package in one account at a fixed commission is being moved forward by the government.

On Wednesday the government is to consider a draft amendment of the Law on financial payments which would create the basci account concept.

Under a draft prepared by the Ministry of Finance, the main basic account services basket would include opening and servicing of a payment account; deposits and payment netting; credit transfers, including fees; direct debits; issuance of payment instruments and services; cash withdrawal at ATMs and units.

The Bank of Lithuania will have to establish a flat commission fee which the banks will not be allowed to exceed in charging for the basic account.

A reduction of 50% in the commission fee would apply for individuals who have social support.


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