Business News of Fri, 19 May 20173

Average deposit rate increases marginally; Stanchart still offers lowest rates

The average interest offered by banks on customer deposits increased by 1 percent between March and April 2017.

According to the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the Bank of Ghana, the figure went up from 11.2 percent as at the end of March 2017 to 11.3 percent as at end of April.

Per the report, Capital Bank offers the highest interest rates on customer deposits.

Customers’ deposits at the bank attracted interest rate of 17.4 percent.

Capital bank is followed at the 2nd position, by Access Bank with 16.4 percent.

The Royal Bank and the Bank of Baroda come in with the third and fourth positions with interests on customer deposits at 15.5 and 15.4 percent.

They are followed by Stanbic Bank and First Atlantic Bank which occupy the 5th and 6th positions with their interests at 14.1 percent and 13.8 percent respectively.

At the 7th, 8th 9TH and 10th positions are UBA, GN Bank, Bank of Africa and Sovereign Bank with interests on deposits at 13.6, 13.2, 13 and 12.9 percent in that order.

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Also, with 12.7, 12.5, 11.8 and 11.6 percent, Fidelity Bank, Unibank, Zenith Bank and UT Bank occupy the 11th,12th 13th and 14th positions resepctively.

HFC Bank and NIB occupied the 15th position with 11.4 percent.

Also, First National Bank, Prudential Bank and Sahel Sahara Bank took the 16th and 17th slots with interests on customer deposits at 11.1 and 10.9 percent.

Barclays Bank, Universal Merchant Bank, FBN Ghana, SG Bank and Ecobank placed 18th, 19th, 20th, 21st and 22nd with 10.4, 10.2, 9.8, 9.7 and 9.2 percent in that order.

Occupying the 23rd, 24th and 25th positions are Cal Bank, GCB Bank and GT Bank with 9, 8.3 and 7.4 percent on customer interest.

Meanwhile, ADB, Energy Bank and Standard Chartered Bank come at the 26th, 27th and 28th positions with interests on customer deposits at 6.2, 6 and 3.4 percent in that order.

Thirty banks were surveyed in the report.

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