Bangkok--12 Jul--Siam Commercial Bank
Starting July 14, Siam Commercial Bank (SCB) will offer a special 11-month term deposit featuring bonus interest for 11 additional days, or 3.46% per year upon maturity, and a new special 7-moth term deposit with attractive interest of 3.30% per year at SCB branches nationwide.
Talking about the new deposit offers, SCB Executive Vice President and Head of the Wealth Division Smith Banomyong said, “Since the global economy remains volatile in the second half, savings accounts continue to be a popular investment option due to stable yields, as seen from the ongoing deposit competition among banks. For customers looking for term deposits with not too long a period and featuring high interest, SCB offers a special 11-month term deposit catering to their needs, with a bonus of 11 additional days for interest calculation. This strategy will absorb the impact of rising deposit interest rates on loan interest. Deposit customers can gain satisfactory interest, while there is no interest impact on loan clients. Another product is a special 7-month term deposit for those who want to keep pace with the direction of the deposit protection policy. We expect a warm response from customers, and target deposits of 1.6 trillion baht by the end of the year.”
For the special 11-month term deposit, the base interest rate is 3.35% per annum (p.a.), and SCB will add a bonus of 11 days of additional interest calculation. Depositors will gain an increased yield of 0.11% p.a., while the deposit period remains the same. Average interest for the whole deposit term is 3.46% p.a. The minimum deposit for account opening is 50,000 baht and 1,000 baht for subsequent deposits. The maximum deposit amount is 30 million baht. Compound interest is paid upon maturity. For the special 7-month term deposit, the interest rate is 3.30% p.a. The minimum deposit for account opening is 1 million baht, and compound interest is paid upon maturity. For more information, contact the SCB Call Center at 02-777-7777.