Banks Compete wihtโฃ Rising Interest Rates on Term Deposits in Peru
LIMA, Peru – Peruvian banks are currently engaged in aโ competitive pushโ to attract depositors with increased interest rates on term deposits, offering rates up to 5.20% for specific terms and amounts. This surge in rates comes as institutions adjust to recent movements in the Central Reserve Bank of Peru (BCRP) reference rate, though analysts predict potentialโ declines in October.
The competition offers savers opportunities to maximize returns, but rates and termsโข vary significantly.The Limaโ Metropolitan Box is offering a 5% rate for deposits up โtoโฃ S/ 25,000 for 360 days,increasing to 5.10% for deposits up to S/ 50,000 and 5.20% for deposits up to S/ 100,000,as part of a โขcampaignโ running until September 30. Banco โCompartamos provides a 5% rate forโค 360-day deposits between S/ 20,000 andโฃ S/ โข99,999,โข falling toโ 4.65% for smallerโข amounts.
FINANCIAL RICH currently โoffers a 5% rate on 360-day deposits โคstarting at S/ 20,000, with lower amounts earning only 3.50%. banco Ripley is running a campaign through the end of Septemberโฃ offering 5%โฃ for deposits exceeding S/ 1,000 for six months, decreasing to 4.75%โฃ for twelve-month terms.
According to Cรฉsar huiman, a โฃsenior analyst at Equity Research โof Rent4 SA, “The banksโข will accommodate their fees according to the movement of the reference rate. The credits will cost less and also lower the savings rates.” This suggests โpotential rate reductions in October, aligning with the recent downward trend of the BCRP’s โฃreference rate.