SCB - Siam Commercial Bank pcl

06/08/2023 | Press release | Distributed by Public on 06/08/2023 03:35

SCB raises deposit rate and lending rates

SCB raises deposit rate by 0.25% and lending rates between 0.18%-0.20%, effective 9 June 2023



Siam Commercial Bank (SCB) has announced a raise in deposit and lending rates, following the Monetary Policy Committee's (MPC) unanimous resolution effective 31 May 2023 to increase the policy rate by 0.25% p.a. from 1.75% to 2.00% p.a. in line with upward interest trends and economic expansion. Effective 9 June 2023 onward, SCB will raise deposit interest rates up to 0.25% p.a. to promote long-term savings and increased earnings for depositors, and the Minimum Loan Rate (MLR), Minimum Overdraft Rate (MOR), and Minimum Retail Rate (MRR) will be raised by 0.18% - 0.20% p.a., in line with the Bank of Thailand's monetary policy rate and interest direction of the overall banking industry.



SCB Chief Executive Officer Mr. Kris Chantanotoke said, "The Thai economy is continuously expanding, while the headline inflation tends to drop within the target range of the Bank of Thailand. In line with the MPC's policy rate hike, SCB has therefore decided to raise deposit interest rates by 0.05% - 0.25% p.a. Lending rates are also being raised to reflect higher financial costs in the industry. The Minimum Retail Rate (MRR) will be raised to 7.05% p.a. from the current 6.87%; the Minimum Loan Rate (MLR) will be raised to 6.80% p.a. from the current 6.60%; and the Minimum Overdraft Rate (MOR) will be raised to 7.325% p.a. from the current 7.145%. All the new interest rates shall take effect from 9 June 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.