The Thai Military Bank made an about-turn on Friday regarding its recent decision to cut the interest rate for savings accounts to zero percent from 0.125 percent effective as of June 1.
The abrupt reversal was announced after the bank came under heavy criticisms from netizens, many of them believed to be the bank’s customers, questioning the bank’s rationality to bring the rate to zero which was unprecedented.
In the announcement, the bank said that the interest rate cutback for savings accounts was intended to bring about the utmost benefits for its customers in the management of their deposits.
However, since there are customers who are not ready yet to accept the bank’s new form of financial management, the bank decided to reverse to the old interest rate for savings accounts which is 0.125 percent.
All customers who have savings accounts with the bank are entitled to interest rate for their deposits with the bank, said the announcement.