Mitsubishi UFJTrust & Banking Corp. and SumitomoMitsui Trust Bank Ltd. will begin charging negative interest rates onfunds they hold for clients, the FinancialTimes reported March 30.
The move is aimed at curbing costs from the 's negative rate policy.
Mitsubishi UFJ Trust & Banking said it will charge a feeof 0.1% on new cash from investment trusts and will impose a 0.06% fee on extracash it holds for pension funds. Sumitomo Mitsui Trust Bank will impose a 0.1% chargeon deposits.
The two banks said they have informed their customers of thedecision.
Mitsubishi UFJ Trust & Banking and Sumitomo Mitsui TrustBank will be the first banks to transfer the negative interest rates on client money.The move may also spur similar decisions across the banking sector.