“Commercial Bank – State Bank” Simmers Competition, Opens Battle to Win Deposits to Cope with Economy in Year of the Rabbit

side “Rice Bank as Kasikorn Bank” Not least, the increase in interest for large customers, MLR and MOR by 0.25%, taking the MLR interest rate from 5.72% to 5.97%.

MOR interest rate from 6.09% to 6.34%, while MRR increased by 0.13% from 5.97% to 6.10% and raised interest rates on fixed deposits by 0.10%- 0.40% from 8 December.

bank “Krung Thai” Increase the fixed interest rate on deposits to a maximum of 0.50% per annum to increase income with depositors. and strengthen life-saving discipline Regarding MLR and MOR loan interest, they increased by 0.25%, taking MLR to 5.75% pa and MOR to 6.32% pa.

While the MRR only increased by 0.15% per year, it was 6.37% per year, lower than the official rate increase. Effective 9 Dec.

part “Bualuang Bank like Bangkok Bank Introduction of savings deposits e-Savings with an interest rate of 1.50% pa for deposits not exceeding 1 million baht and for an amount in excess of 1 million baht at an interest rate of 0.50% annual.

from the side of the state bank “Government Bank” (GHB) launches “ECO Savings Deposits”, offering high returns with a special interest rate of up to 1.75% per annum for those with a balance of less than 5 million baht.

from those who have a deposit balance of more than 5 million baht Receive interest rate returns equal to with the bank’s highest announced savings interest rate

while the bank preferred by farmers “Bank for Agriculture and Agricultural Cooperatives” (BAAC) launch instant interest deposits, deposit immediately, receive interest in advance to spend in the new year immediately 1.25%, set a minimum deposit limit of 100,000 baht, a maximum of 20 million baht, except interest for individuals.

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In addition, if you look back at the commercial banking system depository data The latest of the Bank of Thailand (BOT) in September 2022 found that the number of customer accounts increased by 119,535,556 accounts, amounting to 16.61 trillion of baht in deposits.

Compared to the same period in 2021, the number of accounts was 111,573,563, equivalent to 15.92 trillion baht in deposits.

For the savings basis, the number of accounts is 108 million accounts from the original 100 million accounts, the limit is 11.49 trillion baht, compared to the same period in 2021 at 10.80 trillion baht.

While fixed deposit accounts for more than 3 months – 6 months are 867,461 accounts, the deposit limit is 748,112 million baht, compared to the same period in 2021, deposits are 849,164 accounts, the deposit limit is 611,840 million of baht.

Reflecting on the image that banks have started to take more deposits Special time deposit products are being issued in particular. tax-free deposit Because they want to maintain their current deposit customer base, do not flee to deposit money into the state-owned bank’s savings lottery. In addition to receiving interest, there is also a handicap to winning prizes.

This corresponds to information from the “Kasikorn Research Center” that the number of special deposit campaigns has been crammed since last October.

New special deposit campaigns by commercial banks and SFIs totaled more than 20 campaigns, mostly from large and small commercial banks.

that although a portion of it may be issued to offset the project Term deposit campaign or prepare to be due But net of these factors, there are still signs of accelerating the launch of deposit campaigns.

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In addition, the newly launched campaign offers a higher return rate of approximately 0.36-1.00% compared to the campaign launched in June 2022.

Furthermore, interest rates on deposits are expected to increase more markedly. This was driven both by the increase in official rates and by commercial bank interest rates. (Prior to the program to increase the rate of contributions to the FIDF by 0.23% in early 2023)

Therefore, the deposit rate is likely to increase by more than 0.50% by Q1 2023.

As regards domestic registered banking system deposits at the end of 2022, it is expected to be around 3.5-3.7% (vs. 4.0% at the end of 2021 and 3.6% at the end of September 2022), before a slight increase. within a range of 4.0-5.5% in 2023

according to the economic direction that is expected to gradually recover and liquidity preparation to support loan growth

There are many types of deposit interest rates, usually depending on the deposit period and withdrawal conditions, such as the interest rate of a savings account that can withdraw money at any time. The interest rate will be lower than the interest on fixed deposits for 3 months or 6 months.

While fixed deposits, even with high interest rates But if you withdraw before maturity, the interest may not be received at the rate announced by the bank.

Therefore, when choosing to save, we must consider which form of deposit is right for us. because in addition to receiving interest as expected it must not be too burdensome AND can be withdrawn to spend in an emergency or need ….

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