Commercial Banks Announce An Increase In Savings Interest

Krung Thai Bank announces it will increase interest rates

Krung Thai Bank has increased its savings interest by 0.25 to 0.50% per year, and it loan interest by 0.25% per year, the alterations to take effect on March 16.

The Market Public Relations Department of Krung Thai Bank revealed that the bank will increase its savings program interest rate by 0.50% per year. Bank customers using the bank's 3 month savings program with total savings of less than 1 million baht, will have 3% of total interest per year.

For customers holding from 1 million baht to 10 million baht in savings, the bank will expedite interest rates of 3.50% per year.

Bank customers with more than 10 million baht in savings can expect interest rates of 3.75%. Krung Thai Bank will also increase the savings interest for its 12 month and 24 month savings program by 0.25% per year, respectively.

Loans taken from the bank, MLR, MOR, and MRR types will each see a 0.25% increase in interest rates. MLR will fall at 7.25% per year, MOR at 7.50% per year, and MRR at 7.75% per year. These changes will take effect today.

Source: Thai National News Bureau Public Relations Department - 16 March 2006