The average interest offered by banks on customer deposits has dropped by about 2.5 percent between January and February this year.<\/p>\n
[contextly_sidebar id=”nrrV70v5F8jbeYniVYzccGHgQT57oyDt”]The figure declined from 11.9 percent as at end of January 2017 to 11.6 percent as at end of February; the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the BoG has shown.<\/p>\n
According to the report, the Royal Bank offers the highest interest rates on customer deposits as at end of February this year.<\/p>\n
Customers\u2019 deposits at the bank attracted interest rate of 17 percent.<\/p>\n
Standard Chartered Bank however remained as the bank with the lowest interest on customer deposits for the same period.<\/p>\n
Its rate on customer deposits is at 6.04 percent.<\/p>\n
Thirty-one banks were surveyed in the report the publication of which the central bank is to promote transparency in the pricing and provision of banking services.<\/p>\n
According to the report, the Royal Bank is immediately followed by Sovereign Bank with 16.7 percent; down from the 19.5 percent it offered in January.<\/p>\n
Stanbic Bank and OmniBank come in with the third highest rate on customer deposits at 15.2 percent each.<\/p>\n
This is followed closely by Bank of Baroda, First Atlantic Bank and GN Bank at 4th<\/sup>, 5th<\/sup> and 6th<\/sup> positions with interest rates at 14.4, 14.2 and 14.0 percent respectively.<\/p>\n At the 7th<\/sup>, 8th<\/sup> and 9th<\/sup> positions are Access Bank, Barclays Bank, Bank of Africa and Unibank with interests on deposits at 13.8, 12.4 and 12.3 percent in that order.<\/p>\n Also, with 12.1, 12 and 11.9 percent, First National Bank, Zenith Bank, UT Bank, UBA and HFC Bank place 10th<\/sup>, 11th<\/sup> and 12th<\/sup> positions respectively.<\/p>\n Also, NIB, Sahel Sahara Bank, Fidelity Bank and Ecobank Ghana occupied the 13th<\/sup>, 14th<\/sup>, 15th<\/sup> and 16th<\/sup> slots with customer deposits interest at 11.4, 10.9, 10.6 and 10.4 percent respectively.<\/p>\n From the bottom however, Standard Chartered Bank offers the lowest rates on your deposits.<\/p>\n It places 25th<\/sup> with 6.04 percent.<\/p>\n It is immediately preceded by Energy Bank and ADB at 24th<\/sup> and 23rd positions with 6.4 and 6.5 percent respectively.<\/p>\n Meanwhile, GT Bank, Prudential Bank Limited and GCB Bank come in at 22nd<\/sup>, 21st<\/sup> and 20th<\/sup> positions with interest rates on customer deposits at 7.3, 9.4 and 9.6 percent respectively.<\/p>\n The 19th<\/sup>, 18th<\/sup> and 17th<\/sup> positions are occupied by CAL Bank, Societe General and FBN Ghana with 9.8 percent, 10.1 and 10.3 percent in that order.<\/p>\n Two banks; Universal Merchant Bank and Capital Bank could however not confirm their interest rates on customer deposits with the Bank of Ghana.<\/p>\n –<\/p>\n By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":" The average interest offered by banks on customer deposits has dropped by about 2.5 percent between January and February this year. [contextly_sidebar id=”nrrV70v5F8jbeYniVYzccGHgQT57oyDt”]The figure declined from 11.9 percent as at end of January 2017 to 11.6 percent as at end of February; the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[121,32,171,11],"tags":[],"yoast_head":"\n