Nedbank Malawi on Wednesday introduced a new savings account that, among others, comes with funeral cover of K50 000.
The bank’s marketing and business development manager Tidzi Chalamba said the new account has unlimited automated teller machine (ATM) transactions and free debit card.
“This account will help our customers build a better life for their families as they will be able to save more from transactional fees and earn more from the competitive interest rates earned on their account balances.
“Most importantly, with this account, our customers will enjoy peace of mind that comes with the K50 000 funeral cover,” he said.
Chalamba said with the new savings account, which requires K1 000 (US$2) to open, customers will have access to personal loans upon application and approval.
He said the launch of this account is in line with one of Nedbank’s key strategic business drivers, providing unique, convenient, rewarding and affordable banking products that appeal to Malawians.
According to the mechanics of the account, the account holder is one whose life is covered and is eligible for funeral cover provided the account is active.
“The K50 000 (US$111) funeral cover under this plan will be paid into the account of your nominated beneficiary. Where no beneficiary has been nominated, the proceeds will be paid to the estate of the account holder,” said Chalamba, adding this is subject to a death certificate being produced.