SCB first to raise interest rates after Bank of Thailand rate hike
Siam Commercial Bank (SCB) on Wednesday raised its interest rates for both deposits and loans, the first bank to do so following the Bank of Thailand (BOT)’s latest policy rate hike.
BOT’s Monetary Policy Committee (MPC) on November 30 raised the policy rate 0.25 points to 1.25% amid an inflation outlook that is declining but still higher than the BOT’s target.
SCB announced it was raising its deposit interest rate to 0.25-1.4% per year and loan interest rate to 0.125%-0.25%, effective today (December 7).
Meanwhile, SCB’s minimum retail rate (MRR) will be raised from 5.995% to 6.12% per year, and the minimum loan rate (MLR) will go up from 5.5% to 5.75%. Finally, the minimum overdraft rate (MOR) will go up from 6.095% to 6.345% annually.
“SCB has always realised that the recovery of Thailand’s economy will happen gradually and not in all sectors at once. Therefore, we will continue to offer special measures to minimise the burden from the loan interest rate on our customers as much as we can,” said the bank’s CEO Kris Chantanotoke.