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SCB Raises Deposit And Lending Rates In Line With MPC’s Interest Rate

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SCB raises deposit and lending rates in line with the MPC's interest rate increase of 0.25%

(CTN NEWS) – Following the Monetary Policy Committee’s decision to raise the policy rate by 0.25% p.a. on January 25, 2023, Siam Commercial Bank (SCB) has announced hikes in deposit and lending rates.

With effect from 30 January 2023 forward, bank will increase deposit interest rates by up to 0.25% to encourage long-term savings and increased profits for depositors.

In addition, the minimum loan rate (MLR), minimum overdraft rate (MOR), and minimum retail rate (MRR) will also be increased by 0.10% to 0.20% every year, in line with the policy rate and reflecting the actual financial expenses.

According to Mr. Kris Chantanotoke, chief executive officer of SCB, “As the Thai economy is progressively recovering with a high inflation rate, it results in a policy rate hike and greater financial costs for the banking business.

kris

/ SCB

The SCB needs to increase lending rates while also assisting in reducing clients’ interest burden to maintain the bank’s efficient operations in line with the domestic interest trends of the nation.

And reflect the increased financial expenses in the sector. The Minimum Loan Rate (MLR), Minimum Overdraft Rate (MOR), and Minimum Retail Rate (MRR) will all be increased by 0.10% to 0.20% annually by SCB.

  • The Minimum Retail Rate (MRR) will increase from 6.520% to 6.620% annually.
  • The Minimum Loan Rate (MLR) will increase from the current 6.150% p.a. to 6.350% p.a.
  • The Minimum Overdraft Rate (MOR) will increase from 6.745% to 6.895% per annum.

Regarding deposit interest, the bank decides to increase deposit interest rates by 0.05 to 0.25% p.a. to encourage long-term savings and greater profits for depositors in line with the policy rate increases.

SCB raises deposit and lending Q

/ SCB

All SCB new interest rates will go into effect on January 30, 2023.

The bank is conscious of the effects this increase in lending interest rates will have on its customers.

And it will continue to take special measures to support its vulnerable customers while considering their potential and capacity for future adaptation.

Customers can contact SCB through the channel they are currently using or by dialling 02-777-7777 to reach the SCB Call Center.

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Alishba Waris is an independent journalist working for CTN News. She brings a wealth of experience and a keen eye for detail to her reporting. With a knack for uncovering the truth, Waris isn't afraid to ask tough questions and hold those in power accountable. Her writing is clear, concise, and cuts through the noise, delivering the facts readers need to stay informed. Waris's dedication to ethical journalism shines through in her hard-hitting yet fair coverage of important issues.

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