TTB reduces interest rates on loans by up to 0.25%, effective 1 November 2024

TMB Thanachart or TTB announced a reduction in interest rates for all types of loans by up to 0.25% per year, effective from Nov 1, 2024, to help alleviate the debt burden of the public, and extended the assistance measures for vulnerable customers until Dec 31, 2024 due to liquidity problems and increased household debt burden. Mr. Piti Tantiyaksem, Chief Executive Officer of TMB Thanachart, said that according to the resolution of the Monetary Policy Committee (MPC) of the Bank of Thailand to reduce the policy interest rate by 0.25% per annum from 2.50% to 2.25% per annum to be in line with the economic situation that has not yet recovered and to help reduce the debt burden of the people, TTB is concerned about its customers and is ready to respond to such policy. Therefore, it has announced a reduction in all types of loan interest rates, including the MOR interest rate by 0.25% per annum, the MLR interest rate and the MRR interest rate by 0.125% per annum, effective from November 1, 2024 onwards. For r etail and SME customers in vulnerable groups, TTB is aware of the problems of household debt and the economy that has not fully recovered. We have previously provided assistance measures to this group of customers. In addition to reducing interest rates this time, the bank has extended the measure until December 31, 2024 from the original expiration date of November 15, 2024 to help support liquidity and reduce debt burden for vulnerable customers by 0.25% lower than the announced rate. This interest rate reduction will reduce interest rates for this group of customers by a total of 0.375-0.50% per year. The bank also plans to adjust measures to help vulnerable groups as appropriate when the said measures end. For deposits, TTB has a special fixed deposit account, Up and Up 24 months, which meets the needs of both short-term and long-term deposit customers because it offers high interest rates starting from the first 6 months, starting at 1.5% per year, and receives higher interest rates every 6 months, wi th a maximum interest rate of 2.0% per year. It can also be withdrawn before maturity if the need arises. Therefore, it is suitable for both short-term depositors who will receive high interest rates, and those who make continuous deposits will lock in a good interest rate in the long term. TTB is ready to assist customers affected by various situations as appropriate, and intends to promote customers to be able to manage their existing debt burden effectively and sustainably through debt consolidation solutions and debt transfer solutions to lower interest rates, reduce interest burdens, increase liquidity, along with providing financial knowledge for debt management that is consistent with income and ability to repay sustainably under the principles of responsible and fair lending (Responsible Lending). Source: Thai News Agency