ABA reduces saving rate to 0.25 per cent
Advanced Bank of Asia Ltd (ABA Bank), a member of the National Bank of Canada Group, will halve the interest on savings or current plus’ accounts from 0.50 per cent to 0.25 per cent annually with effect from November 5.
The bank said the change is due to the excess liquidity in the domestic banking and the financial market.
Steady economic growth and investment in the Kingdom have caused many banks to reduce their saving account interest.
“ABA Bank found itself in the over liquidity position as well. This is not only due to the overall growth of the economy but also due to ABA shareholders’ capital investments, credit lines from international capital markets, increasing credibility of ABA having the highest credit rating, and continuous branch network and Business expansion,” it said.