Stanchart offers lowest interest on customers’ deposits – BoG report

Standard Chartered Bank has been named as the bank with the lowest interest on customer deposits.

According to the Bank of Ghana’s latest Annual Percentage Rates (APR) and Average Interest (AI) report, Standard Chartered Bank offered 4.3 percent on deposits of its customers as at end of January 2017.

The report which contained the rates offered by thirty-one banks however shows that Sovereign Bank offers the highest interest on customer deposits.

The bank’s rate on deposit stood at 19.5 percent above the industry’s average of 11.9 percent as at end of January this year.

This was followed by Capital Bank with 18.7 percent.

Stanbic Bank, OmniBank, Unibank, First National Bank followed as third, fourth and fifth with 16.8, 15.8 and 14.1 percent respectively.

Also, GN Bank placed 6th with 14.0 percent; First Atlantic Bank 7th with 13.7 percent.

The eighth, ninth and tenth positions were occupied by Access Bank, UT Bank and Fidelity bank with 13.6, 13.3 and 13 percent respectively.

UBA, Bank of Baroda and Barclays Bank placed 11th, 12th and 13th with interest rates of 12.9, 12.7 and 12.4 percent respectively.

Meanwhile at the 14th, 15th, 16th and 17th positions are the Royal Bank, NIB, Bank of Africa, Zenith Bank, Sahel Sahara and Prudential Bank Limited with 12.3, 12,11.9 and 10.8 percent in that order.

From the bottom, Standard Chartered Bank offers the lowest rate on deposits; its rate is 4.3 percent.

It is immediately preceded by Energy bank, ADB and GT Bank with 5.7, 6.7 and 7.3 percent respectively.

Other banks offering lower than the industry average include; Societe General, HFC, FBN Bank and GCB Bank with 10.6, 10.2, 10 and 9.6 percent respectively.

The remaining are UMB and Ecobank with 9.5 and 8.4 percent in that order.

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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