BB announces reduction in investment fund fees.
Interest rates drop by up to 40%; Caixa Econômica Federal also introduces new cuts for vehicle financing, Construcard, and pawn loans.
247 with Agência Brasil - Banco do Brasil (BB) announced a reduction of up to 40% in the management fees of nine investment funds. The new rates will take effect on the 21st.
The bank also informed that, starting today (10), customers who subscribe to the Bom pra Todos service packages will have a reduced minimum investment from R$ 50 thousand to R$ 1 in the BB Referenciado DI LP 50 thousand and BB Renda Fixa LP 50 thousand funds. These funds have an administration fee of 1% per year.
According to the bank, with assets exceeding R$ 11 billion, the two funds offer daily profitability and liquidity and can be accessed through various BB self-service channels (ATMs, internet, mobile phones, tablets, call centers, and branches). "These measures stem from the new scenario of reduced interest rates and spreads [difference between the rate at which the bank raises funds and the rate charged to clients]," says the Banco do Brasil statement.
The bank also reduced the initial investment amounts in 18 investment funds, "which will indirectly mean better returns for investors, as well as easier access to options with lower minimum investment amounts."
The "Good for Everyone" program was launched on April 8th, with reduced interest rates on credit lines. After the launch, Banco do Brasil announced further rate cuts and other measures related to the program.
Savings Bank
The Brazilian Federal Savings Bank (Caixa Econômica Federal) also announced, this Thursday the 10th, another cut in interest rates for individuals and companies. Regarding consumers, the reductions apply to vehicle financing, Construcard (a Brazilian construction loan program), and pawn loans. In the case of companies, the cut covers overdraft rates and the anticipation of credit card receivables.
Financing for the purchase of new vehicles will change from 0,89% to 1,55% per month to 0,89% to 1,26% per month, with a financing quota of up to 70% of the vehicle's value. For Construcard, the rate (previously a flat 2,40% per month) will now have a minimum of 1,96% per month and a maximum of 2,35% per month. For pawn loans, the rates, which were 2% to 2,40% per month, have been unified at 1,70% per month for all clients.