Bangkok--9 Jul--KASIKORNBANK
KASIKORNBANK is offering ‘Wow! Step-up Fixed Deposit — 18 months’, an 18-month fixed deposit product with step-up interest rates reaching 15 percent p.a. and averaging 3.61 percent through the term of the deposit paid out every three months. With deposits accepted only through August 31, the Bank is targeting a sweep of 50 billion Baht in deposits.
According to Mr. Pakorn Partanapat, KASIKORNBANK Executive Vice President, the product is intended to provide depositors a secure savings alternative with higher-than-normal returns while interest rates generally are remaining fairly constant. KBank’s ‘Wow! Step-up Fixed Deposit — 18 months’, pays step-up rates peaking at 15 percent p.a. Deposits will earn 1.85 percent p.a. the first through the fifth month, 2.65 percent months 6-9, 3.35 percent months 10-13, 4.15 percent months 14-17 and 15 percent p.a. the 18th month. Average interest for the 18-month term of deposit is 3.61 percent p.a.
Customers can open ‘Wow! Step-up Fixed Deposit — 18 months’ accounts with a minimum 10,000 Baht deposit. Interest will be paid out every three months. Withdrawals before maturity will earn 1.85 percent p.a. for the actual deposit period, still higher than the average savings rate in the market. Deposits will continue to be accepted through August 31, 2012 at any KBank branch nationwide. Customers may call the K-Contact Center at 0 2888 8888 for more details.
Mr. Pakorn adds that the Bank is targeting approximately 50 million Baht in deposits in the ‘Wow! Step-up Fixed Deposit — 18 months’ product, securing the continuing expansion in Bank loan approvals. He believes that this product is one of the best savings choices available, providing the security of a strong secure financial institution while earning high returns in today’s environment of continuing low interest rates. Global economic uncertainties, deriving especially from the European public debt crisis, and the fact that Thailand’s inflation rate has remained within the targeted range, have motivated the Bank of Thailand to hold steady on the policy interest rate.