Krungthai Bank (KTB) increased its deposit interest rates by up to 0.825% yearly while freezing its loan interest to help small debtors.
Announcing the deposit rate increase, KTB president Payong Srivanich said the Monetary Policy Committee increased the policy rate for the second time this year, by 0.25% per year, to control inflation and maintain the stability of prices and economy.
In response, KTB would raise its interest rates gradually to protect vulnerable customers, he said.
KTB announced to increase its fixed deposit interest rates by 0.15-0.825% per year. The rate for 24-month and 36-month fixed deposits rises by the highest increment of 0.825% per year to 1.20%. That was intended to raise the income of depositors and promote long-term savings, Mr Payong said.
Meanwhile, the bank kept its minimum retail rate (MRR) unchanged to help vulnerable customers and raised only the minimum loan rate (MLR) and the minimum overdraft rate (MOR) by 0.25% per year on Oct 4. (TNA)
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