Banks gear up for cash demand
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The banking industry is not only preparing cash via automated teller machines and branches nationwide to facilitate spending during the Chinese New Year, it is also launching campaigns to attract depositors who earn gift money for the festival.
According to a recent survey by the University of the Thai Chamber of Commerce, spending during the festival is expected to surge to Bt45 billion, the highest since 2006, buoyed by higher consumer confidence in the economic outlook as well as the nationwide rise in the minimum wage.
Bangkok Bank has stocked up more than Bt35 billion at its 1,000 branches and more than 7,000 ATMs across the country.
Krungthai Bank has increased cash availability during the event by 10 per cent to Bt22.8 billion to deal with the expected rise in spending from February 1-8 via ATMs and branches.
KTB has introduced an eight-month fixed-deposit scheme called KTB Ang Pao, offering interest of 2.9 per cent per annum. The minimum deposit required is Bt50,000. The interest will be paid every month.
The campaign began on Tuesday and is available until February 28.
Bank of Ayudhya has increased cash reserves by Bt1.52 billion to Bt19 billion. Of total reserves, about Bt1.4 billion is prepared at ATMs and Bt5 billion via its branches.
Krungsri FirstChoice, the consumer-finance subsidiary of BAY, is offering a 24-month instalment loan with 0.69-per-cent interest rate for gold buyers during Chinese New Year. The promotion is available until March 31.
CIMB Thai Bank has prepared cash via ATMs and branches nationwide of about Bt4 billion for customers to withdraw during Chinese New Year. The bank is also presenting ang pao red envelopes to customers at branches nationwide.
CIMB Thai Bank has launched several campaigns under the theme “Chinese New Year in Love”.
The attractive deposit products include a 15-month stepped deposit, offering an 8-per-cent rate at the top step. The average rate is 3.5 per cent per annum. The minimum deposit is Bt50,000.
