Big banks cut rates by 40 basis pointsSiam Commercial Bank is among six largest commercial banks to trim prime lending rates by 40 basis points to blunt the coronavirus impact on debtors. (Bangkok Post photo)The country’s six largest commercial banks have passed on cost savings after the Bank of The country’s six largest commercial banks have passed on cost savings after the Bank of Thailand lowered their required contribution to the Financial Institutions Development Fund (FIDF), trimming prime lending rates by 40 basis points to blunt the coronavirus impact on debtors. Kasikornbank (KBank), Bangkok Bank (BBL), Krungthai Bank (KTB), Siam Commercial Bank (SCB), Bank of Ayudhya (BAY) and TMB-Thanachart Bank on Thursday announced lending rate cuts, effective Friday. KBank’s minimum lending rate (MLR) is reduced to 5.60% from 6%, the minimum overdraft rate (MOR) to 6.22% from 6.62% and the minimum retail rate (MRR) to 6.10% from 6.50%, said KBank co-president Predee Daochai. The bank’s deposits rates will remain unchanged, he said.

Source: Bangkok Post April 09, 2020 05:26 UTC