Siam Commercial Bank to end fixed-account deposit rate

To manage cost of fund.

According to Maybank Kim Eng, Siam Commercial Bank (SCB) has stopped offering interest rate on fixed-deposits in the tier of THB500m to THB1bn to manage cost of fund following the flood of liquidity amid decelerating loan extensions.

Here's more:

Executive vice-president Smith Banomyong said the bank was considering lower interest rates for customers with deposits lower than THB500m and don't have other products at the bank.

SCB's current cost management strategy is aimed at maintaining its current and savings account (CASA) depositors, who are also the bank's cross-selling customer base, while letting large deposit customers who receive high deposit rates but never buy any other financial products flee to other banks.