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Recently, The Government Financial Institutions Association (GFA) has agreed with the government to cut interest rates by 0.25% for six months, starting from May 1 onward to help retail customers and vulnerable groups.
After six state-owned financial institutions which are the Government Savings Bank, Government Housing Bank, Small and Medium Enterprise Development Bank of Thailand, Export-Import Bank of Thailand, Thai Credit Guarantee Corporation, and Islamic Bank of Thailand, cut their benchmark interest rates by 0.25% for every group of their retail customers.
All retail customers include MRR-Minimum Retail Rate, Prime Rate, and SPR-Standard Profit Rate for Prime Retail Customer, effective May 1, 2024, for six months.
With details of all conditions as follows
GSB announced an MRR rate cut by 0.25% per year after the rate cut to 6.595%, the lowest in terms of MRR compared to large commercial banks. This is the second cut in the MRR in 2024, a total of 0.40% drop in the MRR interest rate, effective on May 1, 2024. Customers do not have to contact the bank.
Announced that the MRR rate will be cut by 0.25% per year, effective on May 1, 2024, and will help increase savings income for the general public by introducing savings products with a high interest rate of 1.95% per year. People can open a deposit account from May 7 to December 30, 2024.
Announced that the MRR interest rate will be cut by 0.25% per year from 8.05% to 7.80% per year for six months, effective from May 1, 2024 onward. In addition, “Funding along developing”, a loan product, is also available in all business segments, such as “SME Refinance” to help SME operators with a fixed interest rate. The interest for the first year is 2.99% per year with a loan of 5 – 50 million baht, up to 15 years of installment, and a 12-month grace period.
Announced that the prime rate will be cut by 0.25% per year from 6.60% to 6.35% per year (the interest rate used by EXIM Thailand for general and SME customers is equivalent to the MRR of commercial banks), which is the lowest interest rate in the system for six months, effective April 30, 2024.
The new prime rate cut is an additional rate cut from the cut of 0.15% per year on April 18, 2024, as a gift to entrepreneurs during the Songkran festival.
When combined with this interest rate cut, EXIM Thailand has cut its total interest rate by 0.40% per year to help ease the burden on entrepreneurs, especially vulnerable groups and SMEs.
Announced that the prime rate will be cut by 0.25% to help vulnerable entrepreneurs, effective May 1, 2024.
Announced that it has cut its Standard Profit Rate for Prime Retail Customer (SPRR) by 0.25% for six months from the current 8.50% per year to 8.25% per annum, effective May 1, 2024, over six months. ibank also has a home loan program that gathers high debt burden to be at ibank only.
Meanwhile, the Bank of Agriculture and Agricultural Cooperatives also cut interest rates for vulnerable customers by 0.25% for six months, because the previous suspension of farmers’ debts was made.
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