GSB to cut loan interest rate next week

THURSDAY, November 07, 2019

The Government Savings Bank (GSB) will reduce its loan interest rate by 0.125 percentage point starting on November 11, president and chief executive Chatchai Payuhanaveechai said on Thursday (November 7).
The cut will lower MMR (Minimum Retail Rate) and MOR (Minimum Overdraft Rate) interest from 6.87 to 6.745 per cent and MLR (Minimum Lending Rate) interest from 6.50 to 6.375 per cent.
The deposit interest rate will remain unchanged until the end of the year in keeping with the bank’s mission to encourage people to save, Chatchai said.
“We’ll lower the deposit rate by 0.125 percentage point on January 1,” he said, “so our customers can enjoy the current rate for another two months. I’d like to invite our existing and new customers to deposit their savings with us before the New Year, especially in long-term accounts that yield more interest.”
The adjustments follow Wednesday’s announcement from the Bank of Thailand’s Monetary Policy Committee that the policy rate was being dropped from 1.5 to 1.25 per cent effective immediately.
“As a state-backed bank with a mission to promote the economy and the saving habit among Thai people, we will comply with Bank of Thailand’s policy while prioritising the needs of our customers, who are mainly private individuals and SME operators,” said Chatchai.