Post by mangomoney on Jun 5, 2016 20:58:51 GMT 7
TMB quickly calls off 0% savings interest rate
Published: 3/06/2016 at 05:11 PM
Online news:
TMB Bank made a quick about-turn on Friday, cancelling the 0% savings account interest rate imposed on Wednesday, saying clients were not ready for it. The 0.125% rate was restored.
In a statement issued Friday afternoon, TMB said some clients were not ready to accept the financial management approach that it proposed, so it restored the 0.125% interest.
It also said clients were eligible for the 0.125% rate backdated to June 1. It said it paid a low interest rate on savings accounts in exchange for exempting customers from fees for money transfers and payments.
The interest rate flip-flop followed heavy criticism on social media.
Finance permanent secretary Somchai Sujjapongse announced earlier today that the TMB had informed the Finance Ministry, its major shareholder, of the 0% rate imposed from June 1. He viewed it as a temporary measure by TMB to manage its excess liquidity.
Thailand's financial system has excessive liquidity, but has no problem of instability, Mr Somchai said.
Savings account interest rates of other banks range from 0.25% to 1.5%.
www.bangkokpost.com/news/general/1000897/tmb-makes-rate-u-turn
Published: 3/06/2016 at 05:11 PM
Online news:
TMB Bank made a quick about-turn on Friday, cancelling the 0% savings account interest rate imposed on Wednesday, saying clients were not ready for it. The 0.125% rate was restored.
In a statement issued Friday afternoon, TMB said some clients were not ready to accept the financial management approach that it proposed, so it restored the 0.125% interest.
It also said clients were eligible for the 0.125% rate backdated to June 1. It said it paid a low interest rate on savings accounts in exchange for exempting customers from fees for money transfers and payments.
The interest rate flip-flop followed heavy criticism on social media.
Finance permanent secretary Somchai Sujjapongse announced earlier today that the TMB had informed the Finance Ministry, its major shareholder, of the 0% rate imposed from June 1. He viewed it as a temporary measure by TMB to manage its excess liquidity.
Thailand's financial system has excessive liquidity, but has no problem of instability, Mr Somchai said.
Savings account interest rates of other banks range from 0.25% to 1.5%.
www.bangkokpost.com/news/general/1000897/tmb-makes-rate-u-turn
