Krungthai Bank ups interest rates in line with BOT hike


Krungthai Bank from next Tuesday will increase its interest rates for both deposits and loans in line with the Bank of Thailand (BOT)’s latest policy rate hike.

The central bank’s Monetary Policy Committee raised the key interest rates on Wednesday by 25 basis points to 2% in a bid to tame inflation.

The committee also projected a 3.6% growth this year on the back of the tourism industry’s recovery and consumption.

Payong Srivanich, Krungthai Bank’s president, said the bank will increase the interest given for deposits to between 0.05% and 0.25% from June 6 onwards. Interest on loans, meanwhile, will also rise by 0.2%.

“We will continue providing debt-restructuring programmes for both business and individual customers suffering from the impact of the economic crises, using a variety of financial tools to reduce their repayment rate and financial burden,” he added.

The Minimum Loan Rate (MLR) for loans of a specific duration will be 6.80% per annum, the Minimum Overdraft Rate (MOR) will be set at 7.27% per annum, while the Minimum Retail Rate (MRR) for retail clients with a good credit history will be 7.32% per annum.

Call the Krungthai customer centre at (02) 111 1111 for more information.

Bangkok Bank also raised its policy rate for both deposits and loans by 0.05-0.25% and 0.20% respectively in line with the central bank’s rate adjustment.

This is the third time this year that BOT has hiked the rate. The previous two 25-basis-point hikes were in January and March, which pushed the key interest rates to 1.50% and 1.75% respectively.