Siam Commercial Bank : SCB raises lending rates in line with FIDF contributions
December 28, 2022
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SCB raises lending rates in line with FIDF contributions, which resume at the regular rate
Siam Commercial Bank (SCB) has announced a raise in lending rates in line with the Financial Institution Development Fund (FIDF) contribution, which resumes at the regular rate. Effective 1 January 2023 onward, the Minimum Loan Rate (MLR), Minimum Overdraft Rate (MOR), and Minimum Retail Rate (MRR) will be raised by 0.40%.
SCB Chief Executive Officer Mr. Kris Chantanotoke said, "The Bank of Thailand has required banks to resume making FIDF contributions at the regular rate of 0.46% of their deposits from January 2023, from the reduced rate of 0.23% between 2020 - 2022 under relaxed measures to assist clients during the COVID-19 pandemic. As a result, SCB needs to raise MLR, MOR, and MRR by 0.40% to the rates before FIDF contributions were reduced in April 2020."
Effective 1 January 2023 onward, the Minimum Loan Rate (MLR) will be raised to 6.52% p.a from the current 6.12%, the Minimum Overdraft Rate (MOR) will be raised to 6.15% p.a. from the current 5.75%, and the Minimum Retail Rate (MRR) will be raised to 6.745% p.a. from the current 6.345%.
SCB is aware of impacts on clients due to this interest hike and will continue special measures to support fragile clients, keeping their potential and opportunity to adapt in the future in mind. Clients can seek advice and assistance by contacting SCB via the contact channel they are using, or by calling the SCB Call Center at 02-777-7777.
SCB - Siam Commercial Bank pcl published this content on 29 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 January 2023 03:47:02 UTC.
SCB X Public Company Limited is a Thailand-based holding company. The Company operates through three segments: Banking Services, Consumer and Digital Financial Services, Digital Platforms, and Digital Assets. The Banking Services segment conducts core banking services under SCB Bank, this business generation involves integrated banking services, which include deposit-taking, secured consumer credit, business loans, payments, and foreign currency exchange as well as wealth management. The Consumer and Digital Financial Services segment includes Card X Company Limited, which offers digital financial platform providing credit card and personal loan products; Auto X Company Limited, which offers auto title loan to unbankable customers, and Monix Company Limited and SCB Abacus Company Limited, which operates in the digital lending business. Its Digital Platforms, and Digital Assets segment businesses serve as a growth accelerator for the Companyâs data and technology capabilities.