OUR PRODUCTS AND SERVICES
We are pleased to present the following concessionary terms and conditions for our banking services mainly tailored to suit your needs:
- CMB SAVINGS ACCOUNT
This is an interest-bearing deposit account that provides a modest interest rate of 3%. It however limits the number of withdrawals you can make from your savings account each month to four withdrawals, and we may charge fees unless you maintain a monthly balance of Le 30,000.00. We do not provide cheque books with savings account. Since savings accounts pay interest; it is more financially advantageous to keep surplus funds in a savings account and attracts zero Commission on Turnover (COT).
- CMB HOME SAVE ACCOUNT
This is an interest bearing deposit account that encourages customers to develop a saving habit to acquire a house of their own. It requires a minimum balance of Le100, 000.00 and attracts a free commission on turnover. Like other savings account, it operates without the use of a cheque book.
- CMB CURRENT ACCOUNT
With CMB current account, amount can be deposited and withdrawn at any time without giving any notice. It is also suitable for making payments to creditors by using cheques. Cheques received from customers can be deposited in this account for clearing but this account does not attract interest. It attracts a 4 per Mille COT which is negotiable.
- FOREIGN CURRENCY ACCOUNTS
The initial deposit for individual’s foreign currency account is the equivalent of $300.00, and $500.00 for companies. It attracts a free account maintenance and commission on turnover. The minimum balance on this type of account is the equivalent of $100.00 for individuals and $200.00 for companies. It attracts negotiable interest rate for balances in excess of $50,000.00.
- HOME PURCHASE MORTGAGE (HPM)
This type of loan will be offered to individuals and corporate bodies who have identified completed houses they wish to purchase. A minimum deposit of 20% of the amount is requested of all applicants. The maximum loan amount is $120,000 equivalent in SLL.
- HOME COMPLETION MORTGAGE (HCM)
This product assists applicants to complete construction of their houses. The amount required from CMB to complete the house must fall within the maximum loan limit of $120,000.00. The property must have reached at least lintel level and the maximum term for this facility is 15years.
- HOME IMPROVEMENT MORTGAGE (HIM)
The CMB Home Improvement Mortgage is designed to assist applicants to undertake renovation and extension works on their existing houses. The target group for this product is existing homeowners and companies with properties. The applicant is to provide clear and undisputed title to the property, which must be duly registered.
- HOME EQUITY MORTGAGE (HEM)
This facility is designed to enable applicants who own homes or may have already invested in residential properties to release the equity in those properties to improve their liquidity position. The target groups for this product are existing homeowners and companies with properties. Loans shall not exceed a maximum of 50% of the Forced Sale Value (FSV) of the property. The maximum loan amount is $120,000 equivalent in SLL.
- CASH MANAGEMENT/CALL DEPOSIT ACCOUNT
We will be ready to establish a special interest-yielding Call Deposit Account at your request where idle funds from your current account will be periodically transferred. This may automatically apply whenever your current account balance gets to a certain limit; say Le 500,000,000.00 (Five Hundred Million Leones) credit and the following interest rate will apply:
- Balances of Le500m – Le 1 Billion 7%p.a
- Balances of above Le1 Billion 8%p.a
- Commission On Turnover 4 per Mille(negotiable)
With this arrangement you will not have any idle fund as your money with us will earn interest on a daily basis.
- INTEREST ON FIXED DEPOSIT
We are prepared to pay interest up to 15% per annum dependent on the amount and tenure for funds placed on fixed deposit. The tenor varies from one month to one year. This can be negotiated from time to time in line with money market conditions and/or Bank of Sierra Leone’s monetary policy.
- OTHER BANKING SERVICE CHARGES
For other regular banking services, the following charges will apply:
Corporate Cheque Book
Business/Corporate account – 50 leaves Le 70, 000.00
Individual Le 35,000.00
Commission on Turnover (COT) Le 4 per mille (negotiable)
Withdrawal of cash dollar (Deposit) Minimal Fee
Withdrawal of cash dollar (Transfer) 2%
Outward Remittances 1% and $35 as Swift charge Plus GST
- STAFF SALARY ACCOUNT LOAN SCHEME
We would also want to use this opportunity to present our products and services in detail to your organization and its staff members. The officials of the Bank will be available to explain the benefit of our products and services to a cross-section of your staff when the date and time has been arranged.
We will design and provide short term loans and advances to your staff; provided you are willing to guarantee that their monthly emoluments and final terminal benefits will be paid directly to CMB. The loans/overdrafts should be repayable within the period of one year. At the proposed client’s invitation, our staff will visit the organization to explain the operational details of this service to their staff.
- CASH COLLECTION
We are also available to collect cash from designated outlets or points as and when required with no charge for now.