Deposit, lending rates of NBFIs go up
The interest rates of deposits and loans in the non-bank financial sector of Bangladesh have increased despite the cut in margins since the benchmark rate is on the rise.
According to a notice issued yesterday by the central bank, the highest interest or profit rate on deposits offered by non-bank financial institutions (NBFIs) will be SMART plus 2.5 percent, down from 2.75 percent in November.
The lending rate against loans, leases, or investments will be SMART plus 5.5 percent. The margin was 5.75 percent earlier.
SMART refers to the Six-Month Moving Average Rate of Treasury Bills. The current SMART is 9.61 percent, up from 7.72 percent in November.
Consequently, the deposit rate will now be a maximum of 12.11 percent against 10.47 percent in November. Similarly, the lending rate will be 15.11 percent, an increase from 13.47 percent.
The new rates will be applicable for new deposits and loan disbursements, the BB said.
Earlier on February 28, the BB cut the lending rate margin by 25 basis points for banks as well.
Now, banks are allowed to impose a 3.5 percent margin with SMART in the case of loans, down from 3.75 percent previously.
The lending rate margin has been set at 2.5 percent instead of 2.75 percent in the case of loans for pre-shipment export and agriculture.
Comments