The average interest offered by banks on customer deposits dropped by 2.67 per cent between May and June 2017.
According to the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the Bank of Ghana (BoG), the figure declined from 11.2 to 10.9 per cent within the one month period.
Although its rate has dropped marginally, Omnibank still offers the highest interest rates on customer deposits at 17.3 per cent.
It is immediately followed at the 2nd and 3rd position, by Bank of Baroda and the Royal Bank with 15.4 and 14.7 per cent 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 per cent.
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 per cent and 13.3 per cent.
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 per cent in that order.
Also, with 11.4, 11.1, 10.9 and 10.5 per cent, 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 occupied the 16th and 17th position with 10.4 and 10.0 per cent.
Also, Access Bank, Societe General and Heritage Bank took the 18th, 19th and 20th slots with interests on customer deposits at 9.8, 9.7 and 9.6 per cent.
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 per cent in that order.
Occupying the 26th and 27th positions are Guaranty Trust Bank and Standard Chartered Bank with 7.4, and 5.9 per cent on customer interest.
The 28th position was filled by Energy Bank with 5.7 per cent interest on customer deposit.
In all, thirty two banks offer average interest on customer deposits, according to the Bank of Ghana.
|Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.|