The Reserve Bank of Zimbabwe (RBZ) has set minimum interest on savings and fixed term bank deposits.

Central Bank govenor John Mangudya says no bank charges should be levied on both savings and fixed term deposits.

Mangudya said this is in a move aimed at encouraging Zimbabweans to cultivate the culture of banking.

Meanwhile, Zimbabweans have been hesitant to bank their cash owing to bank charges which erode their savings.

The other drawback had been the fact that once they deposit their money, they would not be able to withdraw their cash hustle free.