One of SA's four large commercial banks Nedbank announced its 2009 fee increase on Friday.

"Nedbank's innovative approach to pricing has enabled the bank to limit its 2009 fee increase to an average of 8.5 percent, well below the average inflation rate for the last year, and to leave all penalty fees unchanged," the bank said in a statement.

Even after this increase, the typical Nedbank individual client's monthly fee would remain below the 2003 level, the bank added.

The fee changes become effective on 1 March 2009.

"The next review will be effective 1 January 2010, to align with Nedbank's financial year-end on 31 December," the bank said.

Spokesman for FNB, Steve Higgins, said that FNB's annual price review was usually announced on 1 July.

"The prices that were revised in July 2008 are still current," he said.

Spokesman for Standard Bank Erik Larsen said that the bank had increased its annual fee on 1 January 2009, and that it was 8.9 percent on average.

Absa could not be reached for comment.

Sapa