On November 7, 2019, Mr. Chatchai Payuhanavichai, Director of the Government Savings Bank, announced that in response to the direction of policy interest rates and the importance to the public, especially retail and SME loan customers, the bank has reduced its loan interest rates by 0.125%. This adjustment results in the interest rate for prime retail loan customers (MRR) decreasing from 6.87% to 6.745%, while the minimum interest rate for overdraft loans (MOR) has dropped from 6.50% to 6.375% per year, effective from November 11, 2019.

           As for deposit interest rates, the bank will delay any reductions, maintaining the current rates for all types of deposits until the end of 2019. After that, the interest rate for fixed deposits will be reduced by 0.125%, effective January 1, 2020.

           “Today, customers who deposit with the Government Savings Bank will continue to receive the same interest rate for nearly two more months. The bank has a policy to delay reducing deposit interest rates as much as possible to encourage continuous savings. Therefore, we urge customers and the public to deposit their money with the Government Savings Bank before the interest rates are lowered on New Year's Day 2020. We recommend long-term deposits to receive more favorable interest rates before the adjustment on January 1, 2020,” Mr. Chatchai stated.

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