SCB offers progressive interest-rate deposits

The "Fixed Rising Rate Deposit 15 Months" will provide higher interest rates every three months and require a minimum deposit of Bt50,000.

In the first three months, the deposit rate is set at 2.75 per cent, and will rise to 3 per cent in the fourth to sixth months, 3.25 per cent in the seventh to ninth months, 3.5 per cent in the 10th to 12th months, and 4 per cent in the 13th to 15th months.

The bank said it would automatically credit the interest every three months to the customers' saving accounts.

SCB has targeted mobilising Bt20-30 billion from the "Fixed Rising Rate Deposit 15 Months" scheme.

The new deposit product is available from today until July 31.

SCB executive vice president Adisorn Sermchaiwong said the new product is being launched as commercial banks are competing strongly to attract deposits. The bank also wants to promote long-term savings, he said.