GSB, SCB pass on rate cuts to customers

GSB, SCB pass on rate cuts to customers

Siam Commercial Bank and Government Savings Bank will cut its rates after the Monetarpy Policy Committee slashed the policy interest rate on Wednesday. (Bangkok Post photo)
Siam Commercial Bank and Government Savings Bank will cut its rates after the Monetarpy Policy Committee slashed the policy interest rate on Wednesday. (Bangkok Post photo)

Government Savings Bank (GSB) and Siam Commercial Bank (SCB) have taken the lead in passing on the central bank's rate cut to customers.

State-owned GSB will slash its prime lending rates by 12.5 basis points but keep deposit rates unchanged, effective from Nov 11.

SCB will pass on the Bank of Thailand's 25-basis-point rate cut in full to customers, trimming its minimum retail rate (MRR) to 6.87% and fixed deposit rates across the board, effective from Nov 8.

After the rate cut, GSB's MRR and minimum overdraft rate will be 6.745%, and the minimum lending rate will be 6.375.

Chatchai Payuhanaveechai, GSB president and chief executive, said the bank will leave its deposit rates unchanged until early next year.

The Monetary Policy Committee (MPC) voted on Wednesday to cut the policy interest rate, matching the record low of 1.25% from the 2009 global financial crisis, in an effort to nudge Thailand’s economic growth impetus and support a targeted increase in headline inflation.

Do you like the content of this article?
COMMENT (1)