SME Development Bank raises deposit and loan rates by 0.25%
The Small and Medium Enterprise Development Bank of Thailand has raised its deposit and minimum lending rate by 0.25% following the recent 0.25% policy interest rate hike by the Bank of Thailand. 1.75% to 2.00% on May 31 by the Bank of Thailand's Monetary Policy Committee.
This adjustment by the state-run bank aligns with market interest rates and steady growth of the Thai economy, driven by tourism, private consumption, and improving export trends, it said.
It announced the following rates on June 15:
Fixed deposit interest rates for savings accounts and fixed deposit certificates have risen up to 0.25%.
The minimum lending rate has risen 0.25%, from 7.25% to 7.50%.
The bank is aware of the challenges faced by small and medium-sized enterprises (SMEs), and is trying to minimise the financial burden SME operators face. Interest rates on loans to SMEs that are still in the process of recovering from the pandemic and are prime retail customers will remain unchanged, it said.
The bank offers low-interest loans of up to 50 million baht for all business sectors with a grace period for principal repayment of 24 months, as well as loans to help businesses comply with the Bio-Circular-Green economic model.
The bank also provides development services through a coaching programme in which SME operators receive comprehensive advice on upgrading machinery to reduce operating costs, promoting the use of alternative energy, and expanding market opportunities through business matching activities with major retail companies.
The bank also offers alternative deposit services for juristic persons and SME operators at special interest rates for amounts of more than 10 million baht.
