Average Deposit rate drops again to 11.2 percent

The average deposit rate offered by banks to their clients has fallen by about 0.4 percent between February and March 2017.

At the end of February 2017, the deposit rate was 11.6 percent. This has reduced to 11.2 percent in March 2017.

This was contained in the latest Annual Percentage Rates (APR) and Average Interest (AI) report issued by the Bank of Ghana (BoG).

Standard Chartered still remained as the bank which offered the lowest interest rate of 3.4 percent. This is a drastic decline from the 6.04 percent it recorded in February 2017.

Meanwhile, Access Bank offers the highest interest rates of 16.4 percent.

Omni Bank follows with 16.0 percent interest. They are immediately followed by Bank of Baroda and the Royal Bank who offer 15.5 percent and 14.9 percent respectively on depoits.

The 5th position is occupied by Capital Bank and Stanbic Bank with 14.1 percent interest on deposit each.

At the 6th, 7th and 8th positions are UBA, Bank of Africa, and GN Bank with interests on deposits at 13.6, 13.4 and 13.2 percent in that order.

Sovereign Bank, First Atlantic Bank, Unibank Bank and UT Bank placed 9th, 10th, 11th and 12th positions respectively with interest rates of Also, with 12.9, 12.8, 12.6 and 12.0 percent.

Meanwhile, Zenith Bank, Sahel Sahara Bank, HFC, NIB Bank and First National Bank occupied the 13th, 14th, 15th and 16th slots with interests on customer deposits at 11.7, 11.6, 11.4 and 11.1 percent respectively.

In all the Central Bank conducted this survey using thirty-one (31) banks to promote transparency in the pricing and provision of banking services.

Energy Bank and ADB occupied the 27th and 26th positions with 6.1 and 6.2 percent respectively.

Meanwhile, Fidelity Bank, GT Bank, GCB Bank and Cal Bank are at the 25th, 24th, 23rd and 22nd positions with interest rates on customer deposits at 6.9, 7.4, 8.3 and 9.0 percent respectively.

Ecobank, SG Bank, FBN- Ghana and Barclays Bank occupied the 21st, 20th, 19th and 18th positions with 9.2 percent, 9.7 percent, 10.3 and 10.4 percent in that order.

Average Deposit rate drops again to 11.2 percent

The average deposit rate offered by banks to their clients has fallen by about 0.4 percent between February and March 2017.

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