Average deposit rate drops again in 2017

The average interest offered by banks on customer deposits has dropped by about 0.4 percent between February and March this year.

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.

According to the report, Access Bank offers the highest interest rates on customer deposits as at end of March this year.

Customers’ deposits at the bank attracted interest rate of 16.4 percent.

But Standard Chartered Bank however remained as the bank with the lowest interest on customer deposits for the same period.

Its rate on customer deposits is at 3.4 percent.

This is a further drop from the 6.04 percent it recorded in February 2017.

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.

According to the report, Access Bank is immediately followed by Omni Bank in the second position with 16.0 percent.

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.

This is followed closely by Capital Bank and Stanbic Bank occupying the 5^th positions with their interests at 14.1 percent each.

At the 6^th, 7^th and 8^th 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.

Also, with 12.9, 12.8, 12.6 and 12.0 percent, Sovereign Bank, First Atlantic Bank, Unibank Bank and UT Bank placed 9^th, 10th, 11^th and 12^th positions respectively.

Also, Zenith Bank, Sahel Sahara Bank, HFC, NIB Bank and First National Bank occupied the 13^th, 14^th, 15^th and 16^th slots with interests on customer deposits at 11.7, 11.6, 11.4 and 11.1 percent respectively.

Prudential Bank and Universal Merchant Bank occupy the 17^th position with 10.9 percent.

From the bottom however, Standard Chartered Bank offers the lowest rates on your deposits.

It places 28^th with 3.4 percent.

It is immediately preceded by Energy Bank and ADB at 27^th and 26th positions with 6.1 and 6.2 percent respectively.

Meanwhile, Fidelity Bank, GT Bank, GCB Bank and Cal Bank come in at 25th, 24th, 23^rd and 22^nd positions with interest rates on customer deposits at 6.9, 7.4, 8.3 and 9.0 percent respectively.

The 21st, 20^th, 19^th and 18^th 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.

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By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana