The average interest offered by banks on customer deposits has dropped by about 0.4 percent between February and March this year.<\/p>\n
[contextly_sidebar id=”nrLQSHqq8TocD3FPR7doxu018EzWl9qU”]The figure declined from 11.6 percent as at end of February 2017 to 11.2 percent as at end of March; the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the BoG has shown.<\/p>\n
According to the report, Access Bank offers the highest interest rates on customer deposits as at end of March this year.<\/p>\n
Customers\u2019 deposits at the bank attracted interest rate of 16.4 percent.<\/p>\n
But 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 3.4 percent.<\/p>\n
This is a further drop from the 6.04 percent it recorded in February 2017.<\/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, Access Bank is immediately followed by Omni Bank in the second position with 16.0 percent.<\/p>\n
Bank of Baroda and the Royal Bank come in with the third and fourth highest rates on customer deposits at 15.5 percent and 14.9 percent respectively.<\/p>\n
This is followed closely by Capital Bank and Stanbic Bank occupying the 5th<\/sup> positions with their interests at 14.1 percent each.<\/p>\n At the 6th<\/sup>, 7th<\/sup> and 8th<\/sup> 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.<\/p>\n Also, with 12.9, 12.8, 12.6 and 12.0 percent, Sovereign Bank, First Atlantic Bank, Unibank Bank and UT Bank placed 9th<\/sup>, 10th, 11th<\/sup> and 12th<\/sup> positions respectively.<\/p>\n Also, Zenith Bank, Sahel Sahara Bank, HFC, NIB Bank and First National Bank occupied the 13th<\/sup>, 14th<\/sup>, 15th<\/sup> and 16th<\/sup> slots with interests on customer deposits at 11.7, 11.6, 11.4 and 11.1 percent respectively.<\/p>\n Prudential Bank and Universal Merchant Bank occupy the 17th<\/sup> position with 10.9 percent.<\/p>\n From the bottom however, Standard Chartered Bank offers the lowest rates on your deposits.<\/p>\n It places 28th<\/sup> with 3.4 percent.<\/p>\n It is immediately preceded by Energy Bank and ADB at 27th<\/sup> and 26th positions with 6.1 and 6.2 percent respectively.<\/p>\n Meanwhile, Fidelity Bank, GT Bank, GCB Bank and Cal Bank come in at 25th, 24th, 23rd<\/sup> and 22nd<\/sup> positions with interest rates on customer deposits at 6.9, 7.4, 8.3 and 9.0 percent respectively.<\/p>\n The 21st, 20th,<\/sup> 19th<\/sup> and 18th<\/sup> positions are occupied by Ecobank, SG Bank, FBN- Ghana and Barclays Bank with 9.2 percent, 9.7 percent, 10.3 and 10.4 percent in that order.<\/p>\n –<\/p>\n By: Jessica Ayorkor Aryee\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":" The average interest offered by banks on customer deposits has dropped by about 0.4 percent between February and March this year. [contextly_sidebar id=”nrLQSHqq8TocD3FPR7doxu018EzWl9qU”]The figure declined from 11.6 percent as at end of February 2017 to 11.2 percent as at end of March; 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