BAAC cuts deposit rates

The Bank for Agriculture and Agricultural Cooperatives (BAAC) on Wednesday announced that it is cutting its saving and fixed deposit interest rates to nearly the same levels as those of commercial banks, Prachachart Thurakij online reported.

The bank’s deputy managing director Somsak Kangtheerawat said interest rates for fixed deposits will be reduced to 0.05% to 0.25%, and savings interest will be lowered to 0.62% from 0.75% at present.

The new interest rates were effective from Wednesday, Dec 18, he said.

Mr Somsak said BAAC has kept its loan rates unchanged because they are already lower than other banks.

At present time, the bank’s minimum loan rate (MLR) stands at 5% and minimum retail rate (MRR) is set at 7%.

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