Bangkok: TTB has announced a reduction in their annual interest rates by a maximum of 0.15%, starting May 16, 2025. This move is aimed at alleviating the financial burden on retail, SME, and business customers as they navigate an economy characterized by uncertainty and the global trade landscape's impact.
According to Thai News Agency, Mr. Piti Tantakasem, Chief Executive Officer of TMB Thanachart or TTB, stated that the economic outlook for the year remains uncertain due to both domestic and international factors. Challenges such as household debt, structural issues, and foreign competition are compounded by global trade policy risks, particularly in the year's latter half. Additionally, a decline in foreign tourist numbers further pressures the Thai economy, affecting all customer segments, including retail, SME entrepreneurs, and business customers.
TTB's response includes reducing the loan interest rate by up to 0.15% annually, aligning with the Monetary Policy Committee's resolution to lower the policy interest rate. This initiative aims to ease customer financial burdens and boost liquidity amid economic downturns. Specifically, TTB will reduce the MOR interest rate by 0.15% annually, the MLR rate by 0.10%, and the MRR rate by 0.05%, effective from May 16, 2025. Furthermore, TTB is considering increasing the savings interest rate of the TTB No Fixed account by up to 0.40% annually, effective June 1, 2025, to provide flexibility for retail depositors during uncertain economic conditions.
Additionally, TTB has partnered with the Bank of Thailand to support customers needing urgent debt relief through the 'You Fight, We Help' project, which includes debt restructuring options with 0% interest and reduced installments for three years. The registration for this project has been extended to June 30, 2025. TTB's 'TTB Pay Good. Get Prizes' program also supports customers with a strong payment history, providing benefits to those with good repayment records in housing, car loans, and personal loans for salaried employees.
TTB remains committed to assisting loan customers affected by various challenges and promotes effective and sustainable debt management through solutions like debt consolidation, debt transfer options, and the Khun Sue, We Help project. The bank also provides financial education to help customers manage debt aligned with income and repayment capacities, adhering to responsible lending principles.