Rival banks battle for investors' deposits

Customers now have more choices of saving tools, as Bank of Ayudhya (BAY) yesterday issued two- and 12-month non-transferable bills of exchange offering 3.1-3.65 per cent of return annually.

The bills of exchange are registered under the name of the holder.

The two-month bill of exchange offers interest of 3.1 per cent per annum for a minimum investment of Bt500,000, while the 12-month one offers interest of 3.5-3.65 per cent subject to the investment amount. For deposits of Bt500,000 but not more than Bt10 million, the rate is 3.5 per cent; deposits of Bt10 million and up will enjoy a 3.65-per-cent interest. The principle repayment and interest payment will be automatically transferred to the BAY savings account of the customer on the date of maturity.

"We advise the two-month bill of exchange for customers seeking short-term investment and the 12-month bill of exchange for those who prefer longer term," said Roy Gunara, head of consumer banking.

Subscriptions for two- and 12-month bills of exchange are open to both retail and institutional investors from now until July 11.

Meanwhile, Krung Thai Bank (KTB) yesterday introduced its "KTB Savings Fair" at all 780 branches nationwide, offering deposit products with interest of 3.5-4.2 per cent and available until July 4.

The bank's KTB Dee Jang is an 18-month deposit package offering a return of 3.5 per cent with a minimum deposit of Bt10,000, while its 30-month deposit product offers a return of 3.75 per cent and its 42-month deposit a return of 4.2 per cent.

KTB also provides seven-day, 14-day, and one-month bills of exchange with interest of 2.75 per cent per year on a minimum amount of Bt10 million.

The bank's three-month bills of exchange with investment of Bt100,000 to Bt1 million offer a 2.75-per-cent rate of return, while investment of more than Bt1 million will receive 3-per-cent interest. Six-month bills of exchange with investment amounts of Bt100,000 to Bt1 million provide a return of 3 per cent, while investments over Bt1 million will receive 3.25 per cent. The bank's 12-month bills of exchange offer 3.25 per cent for Bt100,000 to Bt1 million of investment and 3.5 per cent for more than Bt1 million.