The average interest offered by banks on customer deposits dropped marginally to 10.8 percent in August from the 10.9 percent it recorded in July this year.
According to the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the Bank of Ghana(BoG).
First Atlantic Bank took over from Stanbic Bank as the bank that offers the highest interest rates on customer deposits at 18.9 percent.
It is followed at the 2nd and 3rd position by Premium Bank, Bank of Baroda and the Royal Bank with 14.8 and 14.5 percent.
The 4th and 5th positions are taken by Bank of Africa, GN Bank and United Bank for Africa with interests on customer deposits at 14.1 and 13.3 percent.
Occupying the 6th, 7th and 8th positions are Sovereign Bank, uniBank, OmniBank and First National Bank with interest on customer deposits at 12.9 percent, 12.6 percent and 11.7 percent respectively.
Zenith Bank, National Investment Bank, and Prudential Bank came in 9th and 10th with interest of 11.6 and 10.9 percent.
In the 11th, 12th and 13th positions were Barclays Bank, FBN Bank Ghana and Fidelity Bank with 10.4 percent, 10.3 percent and 10.1 percent interest on customer deposits.
The 14th and 15th positions are BSIC, Ecobank and Societe Generale Bank. Their interests on customer deposit are 9.9 and 9.7 percent.
At the 16th,17th and 18th positions are Heritage Bank, Stanbic Bank, Cal Bank, ADB Bank and GCB Bank with interest at 9.5, 9.0 and 8.7 percent.
Meanwhile, according to the figures from the Central bank Standard Charted Bank offers the lowest interest on deposits at 4.9 percent, this is followed by Energy bank at 5.7 percent.
Guaranty Trust Bank and Universal Merchant Bank also offer low rates as compared to their peers at 7.4 and 7.2 percent respectively, placing them at the 4th and 3rd positions.
Occupying the fifth position from the bottom is HFC bank with its customer deposit still at 8 percent.
In all, Thirty one banks were surveyed in the report.
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By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana.
