BoB launches ‘empower saving’

The Bank of Bhutan (BoB) in its drive to promote digital banking, the oldest bank in the kingdom has introduced a new saving deposit scheme called “Empower Saving.”

With Empower Saving, one should carry out all debit transactions that is withdrawing money or transferring money through the digital banking platform such as ATM, Mobile banking (mBoB), Internet Banking or Point of Sale terminals without having to visit the bank, thus saving time.

The service will start from February 1.

Empower Saving account is exempted from banking fees such as annual maintenance fee, mBoB monthly fee and ATM VISA debit card processing fee and provides a higher interest rate than normal saving account. However, as this product initiates on-boarding customers into the digital banking platform, any over-the-counter debit transactions will be charged a fee of Nu 150.

Bank officials said customers who already maintain a normal saving account can also opt to open an Empower Saving Account.

“Empower Saving will not only encourage clients to save money but also benefit reducing carbon footprints from banking activities,” said BoB’s PR and Media Head, Passang Norbu.

He said that Empower Saving account will enhance bank’s operation and also make clients’ banking habits environment-friendly.

“It is like normal banking but with consideration for social as well as environmental factors for protecting the environment.” He said.

A corporate client, Yeshey Choden, said now with many smart banking services like internet banking and mBoB, it has become very convenient to do banking such as paying bills, transferring money or accessing bank accounts. “The Empower Saving account will be an addition to smart banking and I am happy to know all fees are exempted for this bank account.”

A civil servant, Tshering Wangmo said she and her colleagues always use mobile banking mBoB for all their banking transactions so if there is fee exemption, everyone would surely opt for this Empower Saving account. “It’s a good initiative by the bank for its clients and helps save the environment.”

Established in 1968 through a Royal Charter, the Bank of Bhutan is the oldest and largest bank in the Kingdom with presence in all dzongkhags through a network of 54 branch offices of which 12 are extension counters. The Bank is owned by Druk Holding and Investments (the investment arm of the Royal Government of Bhutan) and the State Bank of India, the largest public sector bank in India in an 80:20.

Today there are about 150,000 plus mBoB users registered with BoB.

Dechen Dolkar from Thimphu