Bangkok: In response to the Monetary Policy Committee’s (MPC) recent decision, Krungsri Bank and several other commercial banks have announced interest rate cuts of 0.25%, effective November 1. Bangkok Bank, however, has announced a different approach, reducing its rates by only 0.20%, effective October 24.
According to Thai News Agency, the MPC’s decision on October 16, 2024, to lower the policy interest rate by 0.25% to 2.25% has prompted both public and private banks to adjust their rates accordingly. While most banks have aligned with the MPC’s reduction, Bangkok Bank has chosen to decrease its loan and deposit rates by 0.20%.
Mr. Suvarn Tansathit, the Senior Executive Vice President of Bangkok Bank Public Company Limited, explained that the bank has reduced the interest rate on loans by up to 0.20%. Specifically, the Minimum Loan Rate (MLR) has been reduced to 6.90% per annum, and the Minimum Overdraft Rate (MOR) is now 7.35% per annum. The Minimum Retail Rate (MRR) has been adjusted to 7.00% per annum
, reflecting a 0.05% reduction. This move comes after a prior reduction of the MRR by 0.25% in April, aimed at alleviating financial burdens for entrepreneurs.
For personal customers, Bangkok Bank’s savings deposit interest rates now range from 0.25% to 0.30% per year. The fixed deposit rates are 1.00% for 3-months, 1.10% for 6-months, 1.45% for 12-months, 1.70% for 24-months, and 1.75% for 36-months. The e-Savings deposit rate is set at 1.50% per year for amounts up to 1 million baht, and 0.45% for amounts exceeding 1 million baht.