Bank deposit rate falls by 265bps in Nov

MG News | December 18, 2024 at 05:33 PM GMT+05:00

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December 18, 2024 (MLN): The return on bank deposits has decreased by 265 basis points to 7.45% in November 2024 compared to the deposit rate of 10.10% last month, according to the latest official data.

On a yearly basis, the weighted average rate paid for deposits by the banking sector has decreased by 330bps compared to the return of 10.75% last year.

Meanwhile, the lending rate for all scheduled banks stood at 14.65%, down 69bps compared to October. While it fell 646bps compared to the same month of last year.

Accordingly, the banking sector spread increased by 196bps to 720bps in November 2024 compared to a spread of 524bps last month.

The total stock of deposits has risen 19.10% to Rs30.6 trillion in a year.

However, the real deposit rate, after adjusting for inflation, stood at 0.00%, an increase of 639bps compared to last month. While it rose 1,963bps compared to the same month of last year.

Despite the increase, depositors are still losing money after adjusting for one of Asia's highest inflation.

The real lending rate stood at 0.00%, increased of 139bps compared to last month. While it increased 928bps compared to the same month of last year.

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