Latest figures released by the Bank of Ghana have shown that, the average interest rate customers get on money deposited at banks reached 10.4% in September 2017.
According to the Annual Percentage Rates (APR) and Average Interest (AI) report, the figure is down from the 10.8% recorded in August 2017.
The decrease also represents a drop of about 30% for the one month period. Whilst the recent survey which was carried on 31 Banks in Ghana showed that, with an interest rate of 14.8% on customer deposits, Premium Bank topped as the bank with the highest interest rate on deposits.
It took over from First Atlantic Bank who topped August with interest on deposits at 18.9%. And the 2nd position goes to Omnibank with 14.7% with the Royal Bank and Bank of Baroda placing 3rd with a 14.5% interest rates on deposits.
Marginally followed at the 4th and 5th positions are GN Bank and United Bank for Africa who will offer you interest rates on monies you deposit with them at 13.3 and 13.1% respectively.
Sovereign Bank, Unibank and Stanbic Bank also at 6th, 7th and 8th with interest rates at 12.9%, 12.6 and 12.4% in that respect.
Nonetheless, the 9th, 10th and 11th highest interest rates on customer deposits are offered by Zenith Bank, National Investment Bank and First National Bank, while Barclays Bank whose interest is same as the industry average of 10.4% is at the 13th position, Fidelity Bank and BSIC with interest rate on deposits at 10.1 and 10% in that order.
The banks with the 6 lowest interest rates on customer deposits are; Standard Chartered Bank leading with interest on deposits at 4.9%, 2nd and 3rd positions by Energy Bank and FBN Bank Ghana with interest of 5.7 and 5.3% also in that manner.
Meanwhile, ADB Bank, Universal Merchant Bank and Guaranty Trust Bank have their interest rates at 6.2, 6.6 and 7.4% respectively at the 4th to 6th positions.
The Bank of Ghana aims to promote accountability of its decision making and to build understanding of the monetary policy formulation process among stakeholders through the publication of these documents.
By:Sammy Adjei/Newsghana.com.gh
