Private banks boost savings interest rates

Some of the 22 local private banks are offering higher interest rates on saving accounts beginning this month.

The Central Bank of Myanmar (CBM) recently changed the interest rate to control inflation. However, the interest rate for financing has not changed yet. The CBM raised the savings interest rate between 8-13 per cent based on deposit term.
Myawaddy Bank is offering the highest interest rate for fixed and variable savings account holders with 8.5 per cent for a three-month deposit and 8.76 percent for 12 months. For variable regular account holders, the interest rate will be 9 per cent for a month and 10 per cent for fixed savings.

Asia Green Development Bank previously offered interest on regular savings accounts. Now, it is offering 10 per cent on fixed savings accounts for one year.

Ayeyarwady, Kanbawza, Cooperative, United Amara, Myanmar Small Loan, Myanmar Oriental and Innwa Banks have also increased the interest for savings accounts.

Customer should not confuse annual and monthly rates, Thet Ko Ko Myo, the deputy general manager of Kanbawza cautioned.


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