Interest rates on deposits remain at 10.4 %

The average interest rate among commercial banks remained unchanged at 10.4 percent in October 2017.

According to the Bank of Ghana’s Annual Percentage Rate (APR) and Average Interest (AI) report, Bank of Africa and Bank of Baroda offer the highest interest rates on customer deposits at 16.1 percent.

At the second position is Omni Bank with 28 percent interest rate.

Following at the third and fourth highest positions are the Royal Bank and Premium Bank.

Their interest rates are 14.5 and 13.6 percent respectively.

Unibank Bank placed fifth with its interest rate at 13.4 percent.

At the sixth, seventh and eighth and positions are GN Bank, Barclays Bank, Stanbic Bank and BSIC Bank with interest rates at 13.3, 12.4 and 12.2 percent.

The ninth position is occupied by First National Bank at 11.7 percent.

The tenth position is occupied by Zenith Bank  with an interest rate of 11.6 percent.

National Investment Bank, United Bank for Africa and Prudential Bank placed 11^th, 12^th and 13^th with 11.4, 10.6 and 10.5 percent interest rate.

Fidelity Bank came in at the fourteenth position with its percentage on interest rate at 10.1 percent.

While Access Bank occupies the fifteenth position with their percentage on interest rate at 10.0 percent

Occupying the sixteenth to twentieth positions are HFC Bank, EcoBank, FBN Bank, Societe General  and First Atlantic  Bank.

Their interest is at 9.9, 9.6, 9.4, 9.2 and 9.1 percent respectively.

At the 21^st, 22^nd, 23^rd and 24^th positions are CAL Bank, BSIC, GCB Bank and Guaranty Trust Bank with interest rates of 9.0, 8.9, 8.7 and 7.3 percent.

Also, with, 7.1, 6.3, 5.6 and 4.9 percent, Universal Merchant Bank, ADB Bank, Energy Bank Standard Chartered Bank occupies the 25^th, 26^th, 27^th and 28^th positions.

In all, thirty one banks were surveyed.

Source: citibusinessnews.com