Siam Commercial Bank cuts rates
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Siam Commercial Bank on Wednesday cut the minimum loan rate (MLR) and the minimum overdraft rate (MOR) and deposit rate by 0.125 per centage point in response to stiff competition in the market.
The rate cuts will tke effect immediately.
"To keep pace with the market competition, the bank decides to slash interest rates for loans and deposits in line with the Bank of Thailand’s monetary policy," said SCB President Kannikar Chalitaporn.
As a result of the adjustment, MLR will decrease to 7.125 per cent per annum and MOR to 7.425 per cent. The savings rate will stay at 0.75 per cent.
To draw more deposits, SCB is also offering a special 7-month and 10-month fixed deposit campaign with returns of 3.30 per cent and 3.40 per cent per annum, respectively.
Among large-sized commercial banks, Bangkok Bank was the first to axe the lending rates. Kasikornbank followed with a cut in both lending and deposit rates.
