Two financial institutions raise interest rates

BANGKOK, 11 March 2011 (NNT) – Two financial institutions, Siam Commercial Bank (SCB) and Krung Thai Bank (KTB), have announced an increase in their interest rates in line with the recent policy interest rate adjustment of the Monetary Policy Committee (MPC).

SCB President Kannikar Chalitaporn said the bank has raised its interest rates for saving deposits, fixed deposits and loans by 0.10%-0.25% per year based on financial amount and deposit period.

Meanwhile, the state-owned KTB has increased its savings interest rate by 0.125%, and fixed deposits by 0.10%-0.30%. Loans interest rate has also been raised by 0.25%.

The new interest rates of both giant banks are effective from 11 March 2011 onwards.

The MPC recently decided to increase the policy interest rate by 0.25% to stand at 2.50% in a bid to counter the mounting inflation in the country.