More join the rate-hike merry-go-round
Bank of Ayudhya (BAY) and Siam City Bank (SCIB) announced that they would raise deposit and lending rates by up to 25 basis points today following Kasikornbank's rate hike last week.
BAY, the country's sixth-biggest bank, announced yesterday that rates on its 12-month, 36-month and 48-month term deposits would climb. The bank's 12-month deposit rate will increase from between 3 and 3.75 per cent to between 3.25 and 4 per cent depending on the amount deposited, the 24-month rate will climb from 3.75 per cent to 4 per cent, and the 36-month and 48-month rates will rise from 4 per cent to 4.25 per cent. Moreover, the bank's minimum lending rate (MLR) will be raised to 7.25 per cent from 7 per cent. Its minimum overdraft rate (MOR) and minimum retail rate (MRR) will be increase to 7.75 per cent from 7.5 per cent. Meanwhile, SCIB will only raise its 12 month rate - from 3 per cent to 3.25 per cent. The bank's three-month, six-month, 24-month and 36-month rates will be left unchanged at 2.5 per cent, 2.75 per cent, 3.75 per cent and 4 per cent, respectively. SCIB's lending rate will climb by 25 basis points as will its other rates. The bank's MLR will jump to 7.25 per cent, while its MOR and MRR will be adjusted to 7.5 per cent. Citibank's Bangkok branch also joined the rate hike party by increasing its deposit rates. The bank's "Flexible Time Deposit" product will provide three-, six-, 12- and 18-month rates of 3.75 per cent, 4 per cent, 4.25 per cent and 4.25 per cent, respectively. The bank will also raise its "Rising Rate Time Deposit" product's rates. The new 24-month rate will be 4 per cent and its 36-month rate will guarantee the highest interest rate in the market- 5 per cent. This will take effect today.
Somruedi Banchongduang The Nation
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