Bangkok, April 5 – Siam Commercial Bank takes the lead in raising interest rates. Raise the interest rate for deposits to a maximum of 0.30% and loans of 0.25%, effective from April 6, 2023.
Mr. Krit Chanthanotok Chief Executive Officer The Siam Commercial Bank Public Company Limited said that according to the Monetary Policy Committee (MPC) unanimously resolved to raise the policy rate by 0.25% per year from 1.50% to 1.75% per year, effective immediately on March 29, 2023, in line with the direction of this policy rate hike. The Siam Commercial Bank therefore announced an increase in deposit and loan interest rates. By raising the deposit interest rate at a maximum rate of 0.30% per year to help promote long-term savings. And help depositors earn more interest income. along with raising interest rates for MRR, MLR and MOR by 0.25% per annum to support and pass through the Bank of Thailand's monetary policy implementation. Including adjusting the bank's loan interest rate to return to a level that is in line with the interest direction of the overall commercial banking system, effective from April 6, 2023 onwards.
By adjusting the interest rate for prime retail customers (Minimum Retail Rate) from the current 6.620% to 6.870% per year, the interest rate charged to prime large customers (Minimum Loan Rate) from the current 6.350% to 6.600 % per annum and the interest rate charged to large customers in the category of overdrafts (Minimum Overdraft Rate) from the current 6.895% to 7.145% per year.
Mr. Krit said that although the Thai economy has continued to recover. But it still faces increasing uncertainty. Especially the uncertainties from abroad, such as the global economic slowdown. Stability of the banking system in the US and Europe Inflation in the US and Europe remained high. amid rising interest rate trends with higher uncertainty And in line with the MPC's policy rate increase, the bank raised the deposit rate to a maximum of 0.30% per annum and raised the borrowing rate to reflect higher financial costs in the system.
“Siam Commercial Bank realizes the impact on its customers from this loan interest rate adjustment. Therefore, the Bank will continue to take special measures to help customers in various areas, especially those who are still vulnerable. Taking into account the potential and opportunities for future adaptation of customers, ”said Mr. Krit.-Thai News Agency
Source: Thai News Agency