More Thai banks lift interest rates

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More Thai banks lift interest rates 
Bangkok Post: 11 Mar 2011

Three more banks lift rates
SCB, KTB and TMB follow BBL and KBank

Siam Commercial Bank, Krung Thai Bank and TMB Bank yesterday increased their interest rates across the board, following moves the day before by Bangkok Bank and Kasikornbank.

BBL and KBank had reacted within hours of the Bank of Thailand's decision on Wednesday afternoon to increase its benchmark interest rate by 25 basis points to 2.50%.

Effective today, SCB is increasing its deposit and lending rates in a range of 0.10 to 0.25 percentage points.

The bank's savings rate will rise to 0.75% per year from 0.62% currently, and its fixed-deposit rates will be in the range of 1.25% to 3.10%, up from 1.15% to 2.7%, depending on the term.

Prime lending rates will be lifted by 0.25 points. The new minimum lending rate (MLR) is 6.625%, minimum overdraft rate (MOR) 6.875% and minium retail rate (MRR) 7.3%.

SCB president Kannikar Chalitaporn said in a statement that the bank's rate adjustments reflected the central bank's policy rate increase.

The bank also aims to attract more deposits with a new promotion for a 15-month-fixed account offering an attractive rate of 2.80% per year.Krung Thai Bank, meanwhile, is increasing its savings rate by 0.125 percentage points to 0.75%, and its fixed-deposit rates in a range of 0.10 to 0.30 percentage points.

Prime lending rates will rise by 0.25 percentage points, with MLR moving up to 6.625%, MOR to 6.875% and MRR to 7.35%.

TMB raised its deposit interest rates in the range of 0.13 to 0.55 points and loan rates rose 0.25 points. The new savings rate is 0.75% and fixed rates range from 1.50% (three months) to 2.90% (24 months). The MLR is now 7%, MOR 7.25% and MRR 7.625%.

The central bank said on Wednesday that the increase in the policy rate was needed to curb inflation.

Bangkok Bank on Wednesday lifted its savings rate by 0.125 points to 0.75% while fixed-deposit rates rose in a range of 0.375 to 0.625 points. It increased its MLR by 0.25 points to 6.625%, MOR to 6.875% and MRR to 7.25%. The new rates took effect yesterday.

Kasikornbank increased its savings rate by 0.12 points to 1.3%, and fixed-deposit rates by 0.15 to 0.35 points.

Lending rates rose 0.25 points, bringing its MLR to 6.625%, MOR to 6.88% and MRR to 7.35%.

KBank is also promoting a 16-month fixed deposit with a maximum interest rate of 6% per year subject to certain conditions. If depositors withdraw their money before maturity, the rate will fall to 1.75%.

http://www.bangkokpost.com/business/economics/226071/three-more-banks-lift-rates