SCB raises deposit and lending rates in line with the MPC’s interest increase by 0.25%

 

          Siam Commercial Bank (SCB) has announced increases in deposit and lending rates, following the Monetary Policy Committee’s resolution on 25 January 2023 to increase the policy rate by 0.25% p.a. Effective 30 January 2023 onward, SCB will raise deposit interest rates up to 0.25% to promote long-term savings and more earnings for depositors, and the Minimum Loan Rate (MLR), Minimum Overdraft Rate (MOR), and Minimum Retail Rate (MRR) will be raised by 0.10% - 0.20% p.a., in line with the policy rate and reflecting the actual financial costs.

 

 

           SCB Chief Executive Officer Mr. Kris Chantanotoke said, “As the Thai economy is gradually recovering amid high inflation rate, it leads to a policy rate hike and higher financial costs for the banking industry. To maintain the bank’s effective operations in line with the country’s domestic interest trends and reflect the higher financial costs in the industry, SCB needs to raise lending rates while also helping ease client’s interest burden. SCB decides to raise the Minimum Loan Rate (MLR), the Minimum Overdraft Rate (MOR), and the Minimum Retail Rate (MRR) by 0.10% - 0.20% p.a. As a result, the Minimum Retail Rate (MRR) will be raised to 6.620% p.a. from the current 6.520%. The Minimum Loan Rate (MLR) will be raised to 6.350% p.a. from the current 6.150%. The Minimum Overdraft Rate (MOR) will be raised to 6.895% p.a. from the current 6.745%. As for deposit interest, to promote long-term savings and more earnings for depositors in line with the policy rate hike, SCB decides to raise deposit interest rates by 0.05 - 0.25% p.a. All the new interest rates shall take effect from 30 January 2023 onward.”
 

           SCB is aware of impacts on clients due to this lending interest hike and will continue special measures to support fragile clients, keeping their potential and opportunity to adapt in the future in mind. Clients can seek advice and assistance by contacting SCB via the contact channel they are using, or by calling the SCB Call Center at 02-777-7777.