Siam Commercial Bank – Kasikorn Bank” announced a maximum reduction in the lending interest rate of 0.25% per year to be in line with the direction of the Monetary Policy Committee (MPC)’s policy interest rate reduction, which resolved to reduce the policy interest rate by 0.25% from 2.50% to 2.25% per year, effective 1 November 2024.
Mr. Kris Chantanotok, Chief Executive Officer, Siam Commercial Bank PCL, said that the overall Thai economy this year tends to expand at a low rate, close to the Bank of Thailand’s assessment, and the inflation rate is expected to return to the target range by the end of the year. In response to the MPC’s interest rate cut, Siam Commercial Bank has considered reducing the maximum lending rate by 0.25% per year to help alleviate the debt burden of retail customers and business operators by reducing the interest rate for prime large customers in the overdraft category (Minimum Overdraft Rate) from the current 7.575% to 7.325% per year, the interest rate for prime retail customer
s (Minimum Retail Rate) from the current 7.30% to 7.175% per year, and the interest rate for prime large customers in the term loan category (Minimum Loan Rate) from the current 7.05% to 6.925% per year.
Previously, the Bank had issued special measures to help vulnerable customers, both individual customers and SMEs, from May 16, 2024 to November 15, 2024. The Bank has considered extending such assistance measures until December 31, 2024. The Bank is ready to provide continuous support to customers while taking into account the potential and opportunities for customers to adapt in the future.
Mr. Jongrak Rattanapian, President of Kasikornbank (KBANK), said that the bank is ready to respond to the MPC’s policy interest rate cut, so it has reduced the maximum lending rate by 0.25% to help take care of and increase liquidity by alleviating the interest burden for all customer groups, especially retail customers and small entrepreneurs whose income is still recovering and whose debt burden is still high. It als
o helps support and maintain economic stability so that it can grow sustainably.
In addition, the Bank has extended the project to assist vulnerable customers until December 31, 2024 to further assist customers to adapt during the economic situation that is still growing differently in each sector and is still exposed to risks from many factors. The Bank has reduced
the lending interest rate as follows: The interest rate for prime large customers, term loan type (MLR), has been reduced by 0.12% from 7.27% to 7.15%.
The interest rate for prime large customers in the overdraft category (MOR) has been reduced by 0.25% from 7.59% to 7.34%. The interest rate for prime retail customers (MRR) has been reduced by 0.12% from 7.30% to 7.18%. Meanwhile, the deposit interest rate has not been reduced in any way. It will be effective from November 1, 2024 onwards.
Source: Thai News Agency
