Bangkok: TMB Thanachart, also known as TTB, has declared a reduction in interest rates for all loan types by up to 0.25% per year, effective from November 1, 2024. This move is aimed at easing the debt load on the public and includes extended support measures for vulnerable customers until December 31, 2024, amid ongoing economic challenges.
According to Thai News Agency, the decision by TTB follows the Monetary Policy Committee (MPC) of the Bank of Thailand’s resolution to lower the policy interest rate from 2.50% to 2.25% per annum. This adjustment aligns with the current economic scenario that continues to struggle and aims to alleviate the public’s debt burden. Mr. Piti Tantiyaksem, CEO of TMB Thanachart, emphasized the bank’s commitment to its customers and its readiness to align with such policies by reducing the MOR, MLR, and MRR loan interest rates effective from the specified date.
TTB has also prioritized assistance for retail and SME customers in vulnerable groups, acknowledging the persistent is
sues of household debt and the sluggish economy. The bank has not only reduced interest rates but also extended previous support measures set to expire on November 15, 2024, to the end of December 2024. This extension will further reduce interest rates for these customers by an additional 0.25%, totaling a reduction of 0.375-0.50% per year.
Furthermore, TTB offers a special fixed deposit account known as Up and Up 24 months, catering to both short-term and long-term depositors. This account features escalating interest rates starting at 1.5% per annum for the initial six months and can reach up to 2.0% per annum. It also provides the flexibility of early withdrawal, making it an attractive option for various depositors.
In addition to these financial solutions, TTB continues to support its customers through debt consolidation and transfer solutions, aimed at lowering interest rates, reducing interest burdens, and enhancing liquidity. The bank also focuses on providing financial education to ensure customers
manage their debt responsibly and sustainably.