TMB abolishes zero-savings rate plan
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TMB Bank has abolished the plan to cut the savings rate to zero per cent, the lowest in Thai history.
In a bank statement, it said the plan was announced earlier today to encourage customers to switch their deposits from savings accounts to other accounts that offer higher returns. For example, TMB No Fixed accounts offer 1.4 per cent per annum while ME by TMB accounts offer 1.8 per cent. It said that switching deposits to these accounts would ensure higher efficiency in financial management.
The zero-per cent savings rate was supposed to take effect retroactively on June 1.
"However, it turns out that some customers are not yet ready to do so, after the zero-per cent savings rate was announced. The bank would thus maintain the savings rate at 0.125 per cent," it said.
