Bangkok--1 Apr--Bank of Ayudhya
Bank of Ayudhya Plc. announced the launch of “9-month Step Up Time Deposit”, offering an interest rate up to 9% per annum. Responding to growing customer demand for high returns, the bank expects to attract deposits of about Baht 15-20 billion. The product is now available at every Krungsri branch nationwide.
Mr. Kris Chantanotoke, Executive Vice President of Wealth Management Division, Bank of Ayudhya Plc., said: “The 9-month Step Up Time Deposit is an option for customers who are seeking high returns on savings. It is also aimed at maintaining the bank’s market share of deposit products as well as supporting the bank’s lending activities this year. The product is designed to reinforce other Krungsri deposit products, Mee Tae Dai Saving and Jad Hai Saving.”
The “9-month Step Up Time Deposit” offers high returns in graduated steps: 2.1% interest rate per annum for the 1st to 3rd months; 2.4% for the 4th to 6th months; 2.7% for the 7th and 8th months, and 9% in the 9th month. The minimum deposit required is Baht 10,000. Interest will be calculated on a monthly basis and transferred to a customer’s current or savings account. If a customer needs to withdraw cash before the account matures, interest will be calculated on a real-time basis.
“In terms of the deposit trend this year, we’ll continue to see fierce competition, reflecting the need to mobilize deposits to create the liquidity essential to the growing lending activities of commercial banks,” added Mr. Kris. “This is in line with the country’s economic expansion rate and the government’s investment policy.”
For its deposit strategy this year, Krungsri will continue to focus on its two main products: “Mee Tae Dai Saving” offering high interest rates and “Jad Hai Saving” which was designed as well to respond to customer demand to make bill payments free of charge. Response has been good since the accounts were launched last year. The success of these two savings products validates the bank’s deposit strategy, which is able to answer customers’ needs well,” said Mr. Kris. “Dedicated to providing consultation on appropriate savings and investments to its customers, the bank also offers more varied options for savings by consistently introducing new deposit products to the market.”
Customers can open a “9-month Step Up Time Deposit” at every Krungsri branch nationwide from now. For more information, please Call Center 1572.