© DELFI / Mindaugas Ažušilis

The idea of a basic bank account that would attract a low flat fee and allow Lithuanians to get a complete service package in one account at a fixed commission is being moved forward by the government.

On Wednesday the government is to consider a draft amendment of the Law on financial payments which would create the basci account concept.

Under a draft prepared by the Ministry of Finance, the main basic account services basket would include opening and servicing of a payment account; deposits and payment netting; credit transfers, including fees; direct debits; issuance of payment instruments and services; cash withdrawal at ATMs and units.

The Bank of Lithuania will have to establish a flat commission fee which the banks will not be allowed to exceed in charging for the basic account.

A reduction of 50% in the commission fee would apply for individuals who have social support.


Leave a comment
or for anonymous commenting click here
By posting, you agree to terms
Read comments Read comments

Foreign minister to meet with Ukraine's president-elect in Kiev

Lithuanian Foreign Minister Linas Linkevicius is starting on Thursday a visit to Kiev that includes...

Government approves ambassador to OECD

The Lithuanian government approved on Wednesday Lina Viltrakiene for the post of the country's...

Lithuania blacklists British Holocaust denier Irving

David Irving , a British historian convicted of denying the Holocaust , has been banned from...

Lithuania may blacklist Russian singer Leps

The Lithuanian Foreign Ministry proposes to blacklist Grigory Leps , a popular Russian singer...

Finance Minister promises to improve proposed budgeting proposal

Lithuanian Finance Minister Vilius Sapoka rejects criticism that the proposed new budgeting...