Three banks raise interest rates

Krung Thai Bank, Kasikornbank and Tisco Bank announced increases in deposit and lending rates yesterday after the Bank of Thailand raised its policy interest rate.

KTB jacked up its fixed deposit rates by 1025 basis points, while the lending rate rose by 12.5 basis points. Its threemonth fixed deposit rate went up to 1.501.70 per cent and the minimum lending rate (MLR) increased to 6.75 per cent.

KBank raised its deposit rates by 1025 basis points, while the lending rate increased 1215 basis points. Its threemonth fixed deposit rate rose to 1.351.70 per cent and the MLR increased to 6.75 per cent.

The rate rises of KTB and KBank take effect today. (April 22).

Tisco Bank increased its fixed rates for deposits of one to 36 months by 25 basis points to 2.153.25 per cent. The rate rise came into effect yesterday.

BoI goes to Africa

The Board of Investment will send a delegation to Uganda and Kenya from April 24 to 30 to survey investment opportunities for Thai investors in these two coun�tries.

According to the BoI, these two emerging markets in East Africa show demand for invest�ment in the agricultural, food and construction sectors. Thai investors can also use the two countries as springboards to dis�tribute their products to other African countries.

FIDF keeps land

The Financial Institutions Development Fund has decided not to sell 46 rai of land in Phuket, after failing to draw high prices at an auction on Wednesday.

Thongurai Limpiti, manager of the fund, said the auction drew three bids but all proposed unat�tractive prices. The FIDF board decided to keep the land. If it fails to find a buyer before the FIDF is dissoved, the land will be transferred to the Finance Ministry. Located in Muang dis�trict, the land was first put up for auction early last year but attracted no bids.

Limited protection

The Deposit Insurance Agency said yesterday that once the Deposit Insurance Act takes effect on August 11, only deposits would be under protection, not savings through bills of exchange and fixedincome funds.

Nonresident deposits also do not fall under the protection scheme.

New UOB product

United Overseas Bank (Thai) has launched "UOB Platinum Savings", a highyield savings product offering up to 2percent interest per annum with unlimit�ed withdrawal transaction benefits.

Yuttachai Teyarachakul, executive director for personal financial services, said UOB (Thai) had continually developed new products to serve the market, especially in this highly competitive segment in the industry. The Platinum Savings package for individual customers and nonprofit organisations is tailored to serve clients who have operating cash of about Bt1 million and above.

The bank hopes the new prod�uct will bring in deposits worth of Bt10 billion through 10,000 accounts. - The Nation