All banks established in Norway can have a sight deposit account with Norges Bank.
In this case, a bank makes a deposit at a fixed rate for a given period, and the balance on its sight deposit account is reduced by a corresponding amount during that period.
In addition, the bank is also lowering the interest rate on sight deposit account
balances that exceed a given exemption threshold by 0.5 percentage points, to -0.75 per cent.
Raiffeisenbank Gmund on the idyllic Tegernsee lake, home of wealthy actors and sports stars, will apply a custody charge of 0.4 per cent to sight deposit accounts
over e1/4100,000 from September, a board member told Reuters.
In an (unsuccessful) attempt to mitigate the likely surge in the franc arising from this move, the central bank lowered the rate on sight deposit accounts
to -0.75 percent.