SCB to follow lead of central bank

SCB to follow lead of central bank

Siam Commercial Bank (SCB), the country's third-largest lender by assets, has become the first commercial bank to at least partly follow the central bank's 25-basis-point rate cut.

It has trimmed its minimum lending rate (MLR) and fixed-deposit accounts by 20 basis points, effective Thursday. The new MLR rate is 6.55%.

Rates of its fixed deposit accounts for three months are now at 0.9% to 0.95%, six months at 1.15% to 1.2% and 12-months at 1.5%.

Its minimum retail rate, minimum overdraft rate and savings rates are unchanged.

Kasikornbank has slashed its deposit rate for amounts starting from 50 million baht by juristic persons by 13 basis points to a range of 0.37% to 2.3%, also effective today, but left rates for key lending and other deposit accounts unchanged.

Krungthai Bank (KTB) is expected to cut its lending and deposits rates next week, first senior executive vice-president Kittiya Todhanakasem said.

She said KTB's savings rate would remain unchanged.

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