CIMB Thai Bank (CIMBT) launched a new current account that features a step-up interest rate of up to 1.2% per year and free online banking transactions, aiming at luring 10,000 accounts this year.
CIMB Biz Account, a current account targeted at small and medium-sized enterprises (SMEs), offers 0.55% per year in interest for balances between 200,000 and 1 million baht, and 1.2% for 1 million or above, said Paisan Thumpothong, executive vice-president and acting head of transaction banking.
However, the bank pays zero interest to account balances lower than 200,000 baht.
The 1.2% interest rate lasts until the end of this year, dropping to 1.15% for balances between 1 million and 5 million, and 0.375% for amounts starting from 5 million.
Interest is paid monthly.
No interest is paid for conventional current accounts.
CIMB Biz Account holders are also entitled to an online banking transaction fee waiver for statement reports, payroll, intra-bank money transfers, baht fund transfers, and outward remittances with a special foreign exchange rate.
He said following the launch of CIMB Biz Account, the bank hopes to acquire 10,000 new current accounts this year, of which 95% would likely be new SME clients who are either new to the bank and customers of other banks.
In another development, Mr Paisan said CIMBT expects its online banking transactions to continue to increase in the wake of both the government's national e-payment scheme and rising awareness of the private sector.
CIMBT, a small bank, has 10,000 SME customers, of which 20% are active in making online transactions.
Apart from its aim to double the number of its SME clients to 20,000 accounts by the year-end, the bank targets increasing its online active users to 50%.
CIMBT shares closed un‑ changed yesterday on the Stock Exchange of Thailand at 77 satang in trade worth 217,000 baht.
