Average interest rate on deposits drops marginally in June

average interest drops

The average interest offered by banks on customer deposits dropped by 2.67 percent between May and June 2017. According to the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the Bank of Ghana, the figure declined from 11.2 to 10.9 percent within the one month period.

Although its rate has dropped marginally, Omnibank still offers the highest interest rates on customer deposits at 17.3 percent. It is immediately followed at the 2nd and 3rd position, by Bank of Baroda and the Royal Bank with 15.4 and 14.7 percent respectively.

The 4th and 5th positions are occupied by Stanbic Bank and First Atlantic Bank, with interests on customer deposits at 14.1 and 13.8 percent respectively. They are followed by the United Bank for Africa and GN Bank which occupy the 6th and 7th positions, with their interests at 13.6 percent and 13.3 percent.

At the 8th, 9th,   10th and 11th positions are Bank of Africa, Capital Bank, Unibank, UT Bank and Zenith Bank, with interests on deposits at 13.0, 12.6, 11.6 and 11.5 percent in that order.

Also, with 11.4, 11.1, 10.9 and 10.5 percent, HFC Bank, National Investment Bank, First National Bank, FBN Bank, Prudential Bank and Sovereign Bank occupy the 12th, 13th 14th and 15th positions in that order.

Barclays Bank and Fidelity Bank occupy the 16th and 17th position with 10.4 and 10.0 percent respectively.

Furthermore, Access Bank, Societe General, and Heritage Bank take the 18th, 19th and 20th slots with interests on customer deposits at 9.8, 9.7 and 9.6 percent in that order.

Ecobank, ADB Bank, BSIC, Cal Bank and GCB Bank placed 21st, 22nd, 23rd, 24th and 25th with 9.2, 9.1, 9.0, 8.7 and 7.6 percent in that order.

Occupying the 26th and 27th positions are Guaranty Trust Bank and Standard Chartered Bank with 7.4, and 5.9 percent on customers’ deposits.

The 28th position is filled by Energy Bank with 5.7 percent interest on customers’ deposits.

In all, thirty two banks offer an average interest of 10.9 percent on customers’ deposits, according to the Bank of Ghana.

 

Credit: citibusinessnews.com