The Government Savings Bank has reduced interest rates in accordance with the direction of the Bank of Thailand's Monetary Policy Committee (MPC) to help alleviate the impact of the COVID-19 virus while supporting retail customers. The bank announced a reduction in loan interest rates by 0.10-0.25% and a decrease in deposit interest rates, with some types seeing reductions of up to 0.25%, effective March 26, 2020.

Dr. Chatchai Payuhanaveechai, Director of the Government Savings Bank, stated that the bank's main mission is to promote the country's economy in line with government policy. In light of the current situation and in accordance with the direction of the monetary policy, the bank aims to ease the burden on customers and the public. Therefore, it has adjusted both loan and deposit interest rates effective from March 26, 2020.

The loan interest rates have been reduced by 0.10-0.25%, including the minimum lending rate (MLR) which has decreased from 6.375% to 6.275% (a reduction of 0.10%), the minimum overdraft rate (MOR) which has decreased from 6.495% to 6.245% (a reduction of 0.25%), and the minimum retail rate (MRR) for good retail customers which has decreased from 6.495% to 6.370% (a reduction of 0.125%).

For deposit interest rates, the bank has reduced rates by 0.00-0.25% across all types. For individual accounts, the rates have decreased from 0.50-1.875% to 0.375-1.625% (depending on the deposit amount). For corporate accounts, the rates have decreased from 0.37-0.925% to 0.25-0.675%. For government agencies, state enterprises, and public organizations, the rates have decreased from 0.37-0.925% to 0.25-0.725%. For financial institutions, savings cooperatives, and agricultural cooperatives, the rates have decreased from 0.37-0.925% to 0.25-0.675%.
However, for non-profit corporate depositors, such as religious organizations, foundations, associations, the Thai Red Cross, the Deposit Protection Agency (DPA), and the Government Pension Fund (GPF), the bank has not reduced interest rates, maintaining them at 0.50-1.475%.

“The COVID-19 outbreak has impacted the economy and the livelihoods of the people. The Government Savings Bank hopes that this interest rate reduction will help alleviate the burden on the public and our customers, even if just a little,” Dr. Chatchai said.