SCB raises interest rates 0.25-0.30%

Siam Commercial Bank Announcement of interest rate increase on deposits and loans By increasing deposit interest rates to a maximum of 0.30% per year, while loans increased by 0.25%.

Mr. Krit Chanthanothok, Chief Executive Officer Siam Commercial Bank Public Company Limited or SCB said that according to the Monetary Policy Committee (MPC), there was a unanimous resolution to increase the policy interest rate by 0.25% per year from 2.25% to 2.50% per year, effective on September 27, 2023, in order to be in line with the direction of the policy interest rate increase and the economic trend that is expected to expand further. As well as inflation expected to increase as well next year, SCB therefore announced an increase in interest rates on deposits and loans. By increasing deposit interest rates to a maximum rate of 0.30% per year to help promote savings and help depositors earn more interest income. Ready to increase loan interest rates MRR, MLR and MOR by 0. 25% per year to support and transmit the monetary policy operations of the Bank of Thailand Including adjusting the bank's interest rates to a level consistent with the direction of interest rates of the commercial banking system as a whole. Effective from October 3, 2023 onwards.

As for the interest rate on loans, to reflect the higher financial costs in the system, the interest rate on loans to prime retail customers (Minimum Retail Rate) has been adjusted from the current level of 7.05% to 7.30% per year. The interest rate charged to large customers. Good grade (Minimum Loan Rate) from the current 6.80% to 7.05% per year and the interest rate charged to large, good overdraft customers (Minimum Overdraft Rate) from the current 7.325% to 7.575% per year. year, with the new interest rate taking effect from October 3, 2023 onwards.

“The Thai economy still tends to expand continuously. Meanwhile, inflation is expected to remain within the target range of the Bank of Thailand. But it is likely to increase next year from both demand and supply factors. And to be in line with the MPC's policy interest rate increase and the bank's goal to be a Digital Bank with Human Touch, the bank has increased the interest rate on digital savings deposits and unbooked deposits. Including fixed deposits The increase will be 0.10-0.30% per year,” Mr. Krit said.

Source: Thai News Agency