Bank of Kigali (BK) is doing its bit to promote saving by offering three savings schemes.

The bank has introduced BK Special Savings Plus for people earning more than Frw 100,000. The conditions are that the account holder can withdraw money any time he wants but always has to leave a minimum account balance of Frw 100,000.

The second scheme is the Cash Extra savings account, which is tailored specifically for middle income earners who earn between Frw 50,000 to Frw 80,000. Holders of this type of account are required to deposit at least Frw 20,000 a month. Here, the account holder can withdraw all the money in any case.

BK is also trying to lure students into saving with a special account, which requires only 5,000 francs to be opened. Students are required, however, always to keep that same amount in their account.

According to Martin Kana Mulisa, BK's commercial director, in order to further encourage people to put their money in the bank, the company is offering interest and bonuses on the money saved under the three savings accounts.

"We will be offering an interest of 4.5% and a commission of 1.5% to all the three savings accounts, apart from the Cash Extra where interest and commission will depend on the amount left in the account," Mulisa said.

BK has also embarked on a nationwide awareness campaign. "We are going to deep rural areas encouraging farmers to open accounts with the bank where they are guaranteed loans while their deposits act as collateral," Mulisa pointed out.

Five months after the launch of the three savings accounts, the bank has managed to secure 2093 new subscribers. More are expected to come in as the campaign goes on.

Moreover, the bank is also making its services more available by opening more branches around the country, especially in rural areas.