Wow, if this is true it's a big deal... as far as I could tell Prasac currently has the highest interest rates and it looks like they are going to cut it quite dramatically.Rama wrote:I popped into my local Prasac after work today to open another term deposit account.
Whilst I was there the teller told me that they are adjusting their rates for term deposits on September 1st.
I asked if she knew if they would be increasing or decreasing the interest rate and she showed me the internal memo; they will be reducing their rates quite dramatically. Most account options were about 3/4% less than their current rates. The account type I had just opened, a 36mth Riel account currently offers 10.3% it will be reduced to 7.4%.
I didn't get a chance to look at the document closely, the teller was verbally reprimanded by her supervisor and she withdraw the memo from the counter and apologised.
I assume that current rates would continue to apply to deposits that have already been made before Sep. 1st?