Coronavirus: Republic Bank reduces interest rates, defers loan payments

 See full statement from Republic Bank (Guyana) Limited. 

In response to the anticipated impact as a result of the COVID-19 pandemic, Republic Bank recognizes that we have a collective responsibility to ensure the sustainability of the business community, our employees, customers and ultimately the nation.

In this regard, we seek to bolster support to our valued customers by introducing the following measures effective March 23, 2020.

These measures will be for a period of six (6) months initially. Continuance will be reviewed thereafter.

Interest rate adjustment:

• Reduction in overdraft interest rate

Retail and Mortgage Customers:

• Moratorium on personal and mortgage loans for up to 6 months, will be available upon request.
• Debt restructuring will be considered on a case by case basis.
• Temporary increase of overdraft and credit card limits on a case by case basis.
• Automatic waivers for the next 6 months on:
  • Credit Card – late fees and over limit fees effective March 23, 2020
  • Late fees on loan payments
  • Penalties for early withdrawal of Certificates of Deposit
  • Disposable commercial depository wallet fee

SME, Commercial and Corporate customers

• Moratorium on loans for up to 6 months, will be available upon request.
• Debt restructuring will be considered on a case by case basis.
• Temporary increase of overdraft and credit card limits on a case by case basis.
• Automatic waivers:
• Credit Card – late fees and over limit fees effective March 23, 2020
  • Late fees on loan repayments
  • Penalties for early withdrawal of Certificates of Deposit
  • Disposable commercial depository wallet fee

To be eligible for the Moratorium and Automatic Waivers, customers must be in good standing with the Bank.

All non-cash services including requests for moratoriums and debt restructuring can be initiated via email to [email protected]. Customers should include the branch at which their account is held, in the Subject of the email.  Please note that Republic Bank will NOT send customers email requesting that they respond sharing any confidential banking information.

As we all do our part in limiting the spread of the Covid-19 pandemic and in line with the urgings of the authorities around social distancing, the Bank requests that customers consider minimizing their visits to the branches where possible by:

• Utilizing the Bank’s digital and electronic channels
  • RepublicOnline
  • RepublicMobile
  • ATMs
• Using your debit and credit cards at Point-of-Sale terminals instead of cash
• Avoiding banking halls if you have flu-like symptoms and instead contact us at 223-7938 to 49 or your Branch to enquire how we may facilitate your banking needs otherwise.
• Postponing transactions if not urgent

Republic Bank wishes to urge customers to continue observing the recommended hygienic practices to help prevent the spread of the virus and be mindful of those who may be more vulnerable around you. By observing these practices, together we can help protect ourselves, our families and communities.