Public Servant Account
Standard Bank offers a Public Servant account for civil servants working in all arms of Government. An affordable account which allows Government employees different options on how they manage their finances. The account is open for longer term loans, overdrafts, insurance and three funeral plan options.
Some of the benefits
Access to Loans
Buy your dream car, invest in a house or business through your account
Competitive Rates
Affordable pricing to ensure best value
Security
Your funds are always safe with us and all transactions are secured
Always On
Use your account from anywhere in Malawi through branches or digital services
What you get
Account options – Choose between an unbundled account (where you pay per transaction) and a bundled account (which carries a fixed monthly fee). Clients who are opening an account for the first time with Standard Bank, will receive a once off Free ATM card.
Access to loans - The account gives clients the option to purchase a home valued from MK2 million, depending on credit scoring. Clients also have the option to build their dream home without the stress, as the bank works with accredited property developers to manage the project for you. If you already own a home, you can opt to access equity release to free up capital tied in an existing house. Equity release financing goes up to 70% of the home value.
Access to Insurance – Public Servant account holders can choose from various bancassurance products. These include funeral cover, loan protection cover and to ensure full coverage clients can access car insurance as an asset protection option.
Access to Digital solutions – With the account and funds held customers are able to transact through Standard Bank’s online banking portal, 247 digital application and the Unayo App from wherever they are. Freedom to choose between 3 funeral covers –
Benefits
- Free Debit Card at first time account opening
- Overdraft facility ranging from MWK30,000 - MWK5,000,000
- Home loan through a special scheme offered to Public Servants
- Purchase new or second-hand cars with a car loan
- Loan tenure of up to 5 years
- Three funeral insurance options to choose from
Funeral Plan Options
- The first option covers the main member (MK200,000), spouse (MK200,000) and up to 4 children aged below 24 with cover of MK150,000 per child. This package costs MK350 for each family every month. Both sets of parents for main member and spouse (aged below 75 years) pay MK150 each for MK170,000 cover.
- The second option covers the main member (MK500,000), spouse (MK500,000) and up to 4 children aged below 24 with cover of MK400,000 per child. This package costs MK560 for each family every month. Both sets of parents for main member and spouse (aged below 75 years) pay MK350 each for MK400,000 cover.
- The third option covers the main member (MK1,000,000), spouse (MK1,000,000) and up to 4 children aged below 24 with cover of MK800,000 per child. This package costs MK1,050 for each family every month. Both sets of parents for main member and spouse (aged below 75 years) pay MK680 each for MK800,000 cover
Home Loan Options
As a Public Servant you are eligible for a Home Loan to build or buy your own house. The loan amount is based on a customer’s income and credit rating. With home loan amounts ranging from K2 million to K200 million with 70% financing based on your credit score. You have access to a flexible loan repayment period of up to 20 years.
You can also choose to perform an equity release for your existing property that you have not attached as security to any other loan. The bank will give you 70% of the value of the house which you can use to refurbish the house, as capital for your business or purchase other properties.
Paying interest is the cost of taking out a loan and home loans have a simple, fixed interest rate on the principal of the loan. Standard Bank Malawi Plc’s interest rate for home loans is base plus 7.1%.
This loan will give you the comfort of investing in real estate which is an asset that normally appreciates in value. Car Loan
Get your dream car through Standard Bank with 100% financing of your vehicle loan starting from a purchase price of MK3 million. You can then pay back your car loan over a period of 5 years. With the option of activating an automatic debt settlement facility in the event of death or permanent total disability (this carries an additional premium).
Standard Bank Malawi Plc also offers comprehensive car insurance which you can access as an add-on. Annual insurance premiums can be split for payment over a period of 10 months.
How to get it
You must be a Malawi Government employee
- Must be a current civil servant
- Should be able to submit proof of employment
- Note: Terms and conditions apply.
Application must complete a standard application form
Complete a Standard Bank application form obtained from your nearest branch. When submitting the form include the following information:
- Letter from Employer
- Proof of residence either utility bill or letter of residential verification from T/A or Village Headman
- Copy of National ID
Complete application forms with supporting documents should be submitted to your nearest Standard Bank branch
For inquiries email [email protected]
-
What you get
-
Benefits
-
Funeral Plan Options
-
Home Loan Options
-
Car Loan
-
How to get it
Account options – Choose between an unbundled account (where you pay per transaction) and a bundled account (which carries a fixed monthly fee). Clients who are opening an account for the first time with Standard Bank, will receive a once off Free ATM card.
Access to loans - The account gives clients the option to purchase a home valued from MK2 million, depending on credit scoring. Clients also have the option to build their dream home without the stress, as the bank works with accredited property developers to manage the project for you. If you already own a home, you can opt to access equity release to free up capital tied in an existing house. Equity release financing goes up to 70% of the home value.
Access to Insurance – Public Servant account holders can choose from various bancassurance products. These include funeral cover, loan protection cover and to ensure full coverage clients can access car insurance as an asset protection option.
Access to Digital solutions – With the account and funds held customers are able to transact through Standard Bank’s online banking portal, 247 digital application and the Unayo App from wherever they are. Freedom to choose between 3 funeral covers –
- Free Debit Card at first time account opening
- Overdraft facility ranging from MWK30,000 - MWK5,000,000
- Home loan through a special scheme offered to Public Servants
- Purchase new or second-hand cars with a car loan
- Loan tenure of up to 5 years
- Three funeral insurance options to choose from
- The first option covers the main member (MK200,000), spouse (MK200,000) and up to 4 children aged below 24 with cover of MK150,000 per child. This package costs MK350 for each family every month. Both sets of parents for main member and spouse (aged below 75 years) pay MK150 each for MK170,000 cover.
- The second option covers the main member (MK500,000), spouse (MK500,000) and up to 4 children aged below 24 with cover of MK400,000 per child. This package costs MK560 for each family every month. Both sets of parents for main member and spouse (aged below 75 years) pay MK350 each for MK400,000 cover.
- The third option covers the main member (MK1,000,000), spouse (MK1,000,000) and up to 4 children aged below 24 with cover of MK800,000 per child. This package costs MK1,050 for each family every month. Both sets of parents for main member and spouse (aged below 75 years) pay MK680 each for MK800,000 cover
As a Public Servant you are eligible for a Home Loan to build or buy your own house. The loan amount is based on a customer’s income and credit rating. With home loan amounts ranging from K2 million to K200 million with 70% financing based on your credit score. You have access to a flexible loan repayment period of up to 20 years.
You can also choose to perform an equity release for your existing property that you have not attached as security to any other loan. The bank will give you 70% of the value of the house which you can use to refurbish the house, as capital for your business or purchase other properties.
Paying interest is the cost of taking out a loan and home loans have a simple, fixed interest rate on the principal of the loan. Standard Bank Malawi Plc’s interest rate for home loans is base plus 7.1%.
This loan will give you the comfort of investing in real estate which is an asset that normally appreciates in value.Get your dream car through Standard Bank with 100% financing of your vehicle loan starting from a purchase price of MK3 million. You can then pay back your car loan over a period of 5 years. With the option of activating an automatic debt settlement facility in the event of death or permanent total disability (this carries an additional premium).
Standard Bank Malawi Plc also offers comprehensive car insurance which you can access as an add-on. Annual insurance premiums can be split for payment over a period of 10 months.
You must be a Malawi Government employee
- Must be a current civil servant
- Should be able to submit proof of employment
- Note: Terms and conditions apply.
Application must complete a standard application form
Complete a Standard Bank application form obtained from your nearest branch. When submitting the form include the following information:
- Letter from Employer
- Proof of residence either utility bill or letter of residential verification from T/A or Village Headman
- Copy of National ID
Complete application forms with supporting documents should be submitted to your nearest Standard Bank branch
For inquiries email [email protected]
We also offer
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Mtendere Funeral plan
Mtendere Funeral Plan offers you peace of mind knowing that you and your loved ones will be given a decent send off in the unfortunate event that one passes on. With an affordable monthly premium of MK1, 400 covering a maximum of 8 immediate family members, the policy offers you up to MK1, 300,000 cover for you and your family. The Plan also offers an option to add extended family members, parents and parents in law at an affordable additional monthly premium off MK216 per head.