NBS Bank in Tobacco Farmers Promotion

Source from:  by Aubrey Mchulu, 02 May 2006 - 06:13:34  05/10/2006

NBS Bank Limited on Friday launched a K5 million Tobacco Farmers Fixed Deposit Promotion for 2006 which the Bank says is designed to encourage a saving culture among its tobacco farmers clientele. NBS Bank Research Officer Esnat Nchembe told journalists on in Blantyre that the promotion—now in its fifth year—also helps farmers save their money in a profitable way in preparation for the next growing season. "The promotion runs for six months and tobacco farmers earn an interest rate of 12 percent per annum which is above the normal rate for such deposits," she said in her presentation. To enter the promotion, said Nchembe, tobacco farmers are expected to open a fixed deposit with a minimum of K40,000 for a six-month duration. There are also instant prizes of an NBS Bank branded T-shirt for every farmer opening a fixed deposit account with K40,000 while those who deposit K100,000 or more get a T-shirt plus a 50 kilogramme bag of fertilizer. The promotion's grand prize is a maize mill while other prizes include bags of fertilizer, ploughs, bicycles and T-shirts, according to Nchembe. NBS Bank Marketing and Business Development Manager Stanley Mkwamba said the promotion started on April 1 and will end when tobacco auction floors close. He said over the years farmers have confessed benefits of the promotion which, among other things, include ready capital for the next growing season. NBS Bank branches and agencies in tobacco growing areas are participating in the promotion. Enditem