Johannesburg - Standard Bank will raise its transaction fees by an average of 4.65% in 2008, the bank said on Monday.
Increasing competitive pressure, rising interest rates and inflation were some of the reasons for the increase, said the bank's CEO for personal and business banking Sim Tshabalala.
"There's a relatively healthy gap between inflation and the price increases," said the bank's director of banking products Keith Fuller.
Tshabalala would not comment on the Competition Commission's report on banking charges, due to be released early next year.
He however added that "the issues are to be regarded gravely".
Transaction fees on personal current accounts would increase by 5.8% and Mzansi accounts by 2.3%, the bank said.
- Sapa