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Mon 20 Jul 2009 11:36 PM

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QNB waives minimum balance requirement on banking accounts

Bank also confirms it is reducing tariffs on a number of banking products and services.

Qatar National Bank (QNB) confirmed on Monday that customers holding current, savings, savings plus & call accounts with the bank will no longer have to maintain a minimum balance in their account.

As part of the deal they will continue to receive the same benefits as usual - meaning all QNB account holders will be able earn credit for all funds maintained on deposit, qualifying for special promotions and receiving preferential service rates wherever applicable.

The bank also announced it will reduce tariffs on a number of its banking products and services. These include cuts of up to 50% for services such as safety deposit box rental, cheque books uncollected for up to one month, personalised debit card replacements and inward money transfers if credited to the beneficiary's bank in Qatar.

Reduced charges will also now be available for counter cheques, standing order utility payment rejections due to insufficient funds and post-dated cheques.

In addition, existing free services will continue to be offered to customers, including utility payments via direct debit, standing orders, inward money transfers, issuance of standard cheque books, QNB debit cards, ATM withdrawals within Qatar, as well as many telephonic and website transactions, QNB SMS alerts and account activity updates.

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